Custom Duty
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Import licensing requirement from WPC wing for import of wireless equipment
Customs Exchange rate for Import and Export wef 22nd July 2022
Drawback u/s 74 not available to importer availing benefit of notification no. 27/02-Cus
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Customs Authority for Advance Rulings (Amendment) Regulations, 2022
No change in BCD rate for Open Cells used in manufacture of TV panels
TRQ holders can import gold through IIBX under India-UAE CEPA
Ownership of goods post let export order is with importer: CESTAT
Applicability of Customs Duty on Imported Goods as per section 12
Export of goods through post
Import and its categories
Revenue needs proper evidence to reject classification done by assessee
Custom Tariff Notification No. 62/2202-Customs N.T.
Re-determination of value, without any case of mis-declaration & undervaluation, not maintainable
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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