Custom Duty
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Advisory for Authorized Dealer Code (ADC) Bank Account Registration
Cenvat credit on capital goods taken and utilized vis-à-vis benefit of higher drawback rate – matter remanded
Initiation of prosecution u/s 135(1)(a) of Customs Act for goods valuing less than INR 1 Crore is bad-in-law
E-commerce exports of Jewellery through Courier mode – reg
CBIC extends ADD on pneumatic tyres of specific specifications
CBIC extends time period for furnishing final Mega power project certificate
Govt rescinds notification Anti-dumping duty on imports of Hydrogen Peroxide
Instructions to FSSAI & Customs Officers on testing of UHT Whipping Cream
ADD on import of Toluene Di-isocyanate (TDI)
Provisional assessment of Saccharin, exported from Thailand into India
CBIC Notifies Rate of Exchange of Foreign Currencies wef 03.06.2022
DRI cannot inspect or seize goods relating to units situated in SEZ
CBIC exempt deposits from provision of Section 51A of Customs Act
Tariff Notification No. 46/2022-Customs (N.T.), Dated: 31.05.2022
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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