Custom Duty
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Customs Brokers Licensing (Amendment) Regulations, 2022
Interest on Refund of Excess Duty Paid cannot be rejected
Classification of inkjet printer’ and ‘ink-jet printing machine’
Restrictions on import of products made of plastic
Custom broker mandatorily needs to verify credentials of importers
Customs Summons u/s 108 directly to Managing Director untenable
Customs: Section 111 & 112 attracted only when goods are improperly imported
CESTAT imposes penalty for Sale of Gas Cylinder without scrapping as per Gas Cylinder Rules, 2004
Penalty cannot be imposed by Corrigendum to Original Order
Spot coolers merit classification under subheading 84158290
Laden/unladen IBCs imported into India are eligible to avail exemption
No evidence that LOP terms are violated; demand unsustained
No limitation period for refund claim on duty paid twice on import Bill of Entry
Penalty u/s 114 leviable on CHA for mis-declaring goods
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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