Custom Duty
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CESTAT upheld penalty against importer for using fake/forged BIS certificate
CBIC extends exemption from BCD & AIDC upon import of Raw Cotton
Withdrawal of Public Notice No-92/2021 on Utilisation of MEIS scrip- Reg.
Continuous surveillance of client by customs broker is not mandate under regulation 10(n)
Reassessment of Bills of Entry involving Refund Claim of Excess Duty paid
Exemption cannot be denied merely based on heading of Notification or Budget Speech not forming part of Notification
HC allows re-Export of goods subject to Authority of dept to impose penalty for irregularities
Instruction on amendment in Export Policy of motor gasoline & gas oil
Should Cess and Surcharge Be Permanent?
No penalty on confiscated gold bar in the presence of cogent evidence
Maximum time limit is 60 days for demurrage & detention charges waivers
Cess of Rs. 23,250 per tonne imposed on crude; import of crude not to be subject to this cess
Order without finding for deciding the classification of goods – CESTAT remands matter back
Regulatory framework for e-commerce exports of jewellery through Courier mode
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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