Custom Duty
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Import of Goods at Concessional Rate of Custom Duty- Automation WEF 01.03.2022
Antidumping Duty: HC directs designated authority to pass reasoned order
CESTAT explains Provision of redemption fine in lieu of confiscation under Customs
CBIC extends the levy of ADD on jute products
ADD on Soluble Salt, Double Charge, GVT & PGVT Porcelain/Vitrified Tiles
DRI are not a competent authority to issue SCN : Rajasthan HC
Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022
SCN issued on Directors cannot be treated as SCN issued on Company
CAAR Order on grounds of Awaiting Decision of Delhi High Court
Amazon wireless Speaker device classifiable under heading 8518
HSN mentioned by supplier is just a base, imported goods can be classified under any other appropriate HSN
CAAR closes application of ‘Jabil Circuit India Pvt. Ltd.’ for non-prosecution
Confiscated goods should be returned in case of delayed issuance of notice
Gujarat HC asks Custom Authorities to consider waiving Demurrage Charges in Lieu of Wear & Tear suf-fered by Importer
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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