Custom Duty
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Changes in exemption from Social Welfare Surcharge on Certain Goods
Govt amends Basic Customs Duty (BCD) rates wef 02.02.2022
Tariff Notification No. 06/2022-Customs (N.T.), Dated: 31.01.2022
Bombay High Court orders refund after 23 year delayed proceedings
Revenue is bound by SION norms fixed by Ministry of Commerce
Department not justified in encashing bank guarantee & invoking continuity bonds before expiry of statutory appeal period of 60 days
DGTR issues 56 final findings since April, 2021 in AD/CVD/SG investigations
Mis-classification of Imported Goods- HC permits re-export of good on Furnishing of Bank Guarantee
Setting up of CRU at central location, and CRU Email address for each Commissionerate of Mumbai Customs Zone-II
Specially Distinguished Record of Service Medal to 29 CBIC Officers
Anti-dumping Duty on Import of ‘Axles for Trailers’ from China
CBIC rescinds Notification levying ADD on PVC Flex Films
I-MAS POS consisting of Nickle/Cobalt Hydroxide, Graphite & moisture classifiable under CTH 28254000
Extortion of money in the names of Customs Officers
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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