Custom Duty
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Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver
Custom Notification for Limitation on section 124 relating cases of confiscation where entry was made
CBIC assigns proper officers for pending cases
CBIC assigns proper officer for multiple Jurisdictions
CBIC appoints officers for Faceless Assessment
CBIC assign functions to officers and to officers in rank above to them as proper officers
CBIC appoints officers of Revenue Intelligence
CBIC appoint officers at Chief Commissioner of Customs level for field formations except DRI
CBIC appoints Commissioner (Adjudication), Delhi and Mumbai
CBIC appoint officers at the level of Commissioner of Customs and below till AC/DC for zones overseeing Audit
CBIC appoint officers at the level of Commissioner of Customs and below till AC/DC for zones
Exemption from IGST & Compensation Cess on goods imported against AA/EPCG authorizations extended
Exemption from IGST & Compensation Cess to EOUs on imports extended till 30.06.2022
Notification No. 17/2022-Customs Dated: 31.03.2022
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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