Custom Duty
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ADD on imports of Aluminium foil of thickness ranging from 5.5 micron to 80 micron
Joint commissioner is directed to quantify the duty, bond amounts etc. and release black pepper consignment
CAAR closes application for advance ruling for non-prosecution by applicant
CBIC rationalise AIDC on Crude Palm Oil and Lentils (Mosur)
SC to hear petition on scope of proper officer under Customs
Deltabar Presssure Transmitters- M PMD 55 merit classification under heading 90262000
CESTAT upheld Penalty for negligence by Custom Broker
Customs Broker cannot be penalized for wrong quoting in shipping bill
Social welfare charges on customs
JNCH issues instructions for Expeditious clearance of exports
Govt criminalise illicit publication of Import and Export Data
HC cannot decide on Custom Duty Rate or value of goods for assessment
DRI is not a Proper Office for issue of SCN: CESTAT Delhi
Interactive intelligent panel Having CPU cannot be classified as Monitors
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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