Custom Duty
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DRI seizes 395 kg of thread laced with heroin at Pipavav Port, Gujara
CBIC Notifies Rate of Exchange of South African Rand wef 30.04.2022
Tariff Notification No. 37/2022-Customs (N.T.), Dated: 29.04.2022
CBIC Notifies Rate of Exchange of Norwegian Kroner wef 29.04.2022
CBIC imposes CVD on imports of Copper Tubes and Pipes
CBIC imposes anti-dumping duty on N,N-Dicyclohexyl Carbodiimide
COVID-19 Custom Duty Exemption – CBIC directs Implementation of Rules
Notification No. 35/2022-Customs (N.T.), Dated: 26.04.2022
CAAR allows withdrawal of Application for Advance Ruling
Applicant can withdraw application before pronouncement of advance ruling
CAAR rejects application as dispute already attained a formal status
CAAR rejects application as question raised was already pending before a Custom officer
Refund amount credited to Consumer Welfare Fund, on failure to discharge burden of unjust enrichment
CESTAT upheld admissibility of CA certificate along with original sale invoice- Allows SAD Refund
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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