Custom Duty
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‘Indra Smart Pro’ EVSE merits classification under subheading 85371000
Drugs seized in 8 cases from Gujarat Ports in 2021 & 2022 by DRI
DRI’s Existential Crisis: Governmental Blunder or Judicial Overlook?
Customs: Objection to sanction for prospection for corruption is to be raised during trial
Passenger Name Record Information Regulations, 2022
Tax on domestically produced Crude Petroleum & export of Petrol, Diesel & ATF
Advisory for Anonymised Escalation Mechanism for delayed Bill of Entry
Electric Vehicle kits imported in disassembled state falls under CTH 8703
Cr.P.C. Proceedings initiated without recording statements is unsustainable in law
Import of gold is not prohibited but the same is restricted to prescribed quantity
Antecedents of an importers cannot be evidence for undervaluation of goods
Customs Exchange rate for Import & Export wef 5th August, 2022
Onus is on Revenue to establish that alleged goods are received in clandestine manner
Seized goods can be released on provisional basis inspite of pending adjudication proceedings
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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