Custom Duty
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Amendment in Export Policy of Items under HS Code 1101
Customs Broker Licence cannot be canceled by mere Allegations
Customs Faceless Assessment – Standard Examination Orders through RMS
Foreign Currency in excess of permissible limit liable for confiscation
Factum of actual payment of price in terms of addendum cannot be ignored while determining value of vessel
B&D spares of Interceptor Boats to Cost Guard eligible for exemption Notification No. 12/2012-Cust
Refund cannot be denied on hyper-technical objection of not been filed before competent authority
Enhanced value for imports cannot be adopted merely based on acceptance by importer
CESTAT upheld absolute confiscation of smuggled gold bars
CESTAT condones delay of 2644 days in filing appeal by sick unit before BIFR under SICA
Concessional rate benefit of 2.5% basic customs duty available on import of power tillers
Differential classification of same goods imported at different places would negate very purpose of Tariff Act
Gangavaram Port Designated as Customs Port for Unloading & Loading of Goods
Amendment in Compounding procedure of offenses under Customs Act, 1962
Latest Custom Duty News
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Custom duty is an indirect tax which is applicable on goods which are imported into India and a few goods which are exported out of India. Globally, countries levy custom duties over import and export of goods for raising revenue and also for shielding their domestic companies from competitors from several other countries. Custom duty in India is imposed on almost universally all the goods which are imported into India. Export duties are imposed on few goods as provided under Second Schedule. These duties are not imposed on few items such as lifesaving drugs or equipment, food grains, fertilizers etc. Import duties are divided into basic duty, true countervailing duty, additional customs duty, protective duty, anti-dumping duty and education cess.
Customs duty in India is imposed according to the value of the goods or their weight, dimension and other various criteria as per the goods. Where the duties are based on goods value, then the custom duties are known as ad valorem duties, and where the duty is based on quantity or weight, the duties are known as specific duties.
Customs Act, 1962 empowers the government of India for levying customs duty, prohibiting import and export of goods, framing policies for exporting and importing and penalties, offences etc. All the matters which are related to custom duty comes under the CBEC (Central Board of Excise & Customs). The Central Board of Excise & Customs also formulates policies with respect to custom duty rate, smuggling prevention and administrative decisions that are related to customs formations.
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