Custom Duty
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Customs Suggested list of items in toolkit for Anti evasion teams
Bill of Entry can be modified to correct clerical error in Quantity
CBIC Notifies Rate of Exchange of Foreign Currencies wef 04.03.2022
Reduction of Compliances Relating to Import of Goods at Concessional Rate of Duty
DRI doesn’t have jurisdiction to issue SCN under Custom Act
Redemption fine is payable only when importer consciously suppresses facts or misrepresents
Amendment in Notification No. 12/97-Customs (NT) dated 2nd April, 1997
Notification No. 2/2022-Customs (N.T./CAA/DRI) Dated: 03.03.2022
Advisory for IGCR Admin officers to access IGCR Module at ICEGATE
Advisory for Importers to avail benefit of IGCR Rules
Antenna for base station classifiable under customs 85177090 as parts
No Redemption Fine when Goods allowed to be Re-Exported
Tariff Notification No. 12/2022-Custom (N.T.), Dated: 28.02.2022
Export Certificate for Passengers departing India for high value items
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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