Custom Duty
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Rejection of transaction value in absence of contemporaneous import is unsustainable
Customs (Compounding of Offences) Amendment Rules, 2022
Undue export benefit allegation based on corroborated statements not sustainable
Not following order of HC or SC amounts to rectifiable mistake/error
Customs duty on Display Assembly of a cellular mobile phone
Customs Exchange rate for Import & Export wef 19th August, 2022
Provisional ADD on UDCA import from China and Korea
Revised rate of import duty not applicable to bill of entry presented before issuance of notification
Refractory bricks used for re-lining of furnace are eligible for EPCG scheme
Rejection of request for conversion of free shipping bills to advance authorization scheme shipping bills not justified: CESTAT
Applying CAROTAR maintaining consistency with provisions of relevant trade agreement or its Rules of Origin – reg
Innocent party should not suffer for inaction of his consultant: HC
Revised Guidelines for Arrest & Bail for offences under Customs Act,1962
Guidelines for launching of Prosecution for offences under Customs Act
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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