Custom Duty
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Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2022
Sea Cargo Manifest and Transhipment (First Amendment) Regulations, 2022
Tariff Notification No. 55/2022-Custom (N.T.), Dated: 30.06.2022
CBIC continues exemption from IGST & Compensation Cess on goods imported under AA/EPCG/EOU Schemes
CBIC increases BCD rate on Gold imported under TRQ of India-UAE CEPA
CBIC increases rate applicable under BCD exemption on Gold imported under replenishment scheme
CBIC exempt Gold imports from Social Welfare Surcharge
CBIC increase BCD rate on Gold
Exemption from additional Custom duty on imports of Petroleum Crude & ATF
Section 127B Customs: HC explains who can file Application To Settlement Commission
Scented & Flavoured and/or Sweetened Betel Nut’ merit classification under CTH 080280
Adjudicating authority can exercise discretion for provisional release of seized goods
CBIC Notifies Rate of Exchange of Swiss Franc wef 30.06.2022
Depreciation allowable up to the date of payment of import duty
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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