Custom Duty
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Cabinet approves Agreement between India and Spain on Cooperation and Mutual Assistance in Customs Matters
Implication of SC judgement in the case of Westinghouse Saxby Farmer Ltd. Vs. CCE
Govt clarifies on increase in rate of duty on imports against certain commodities
CBIC Notifies Rate of Exchange of Turkish Lira wef 04.01.2022
Transaction value cannot be rejected merely on the grounds that transaction is between the related persons
ADG of DRI not a proper officer for issue of SCN as he has not assessed & cleared the goods
Customs Duty exemption on Import of COVID-19 vaccine extended till 30.06.2022
Sea Cargo Manifest and Transhipment (Ninth Amendment) Regulations, 2021
CBIC amends Schedule for Drawback on exports of goods wef 01.01.2022
Tariff Notification No. 107/2120-Customs (N.T.) | Dated: 31.12.2021
SCN not challenged within prescribed time- HC justified in dismissing the writ on the ground of limitation
SCN under Customs issued after six month of confiscation of gold was barred by limitation
CBIC amends FTA/PTA notification to align with HSN 2022 w.e.f. 1.1.2022
DGGI refutes speculative media reports in case of ‘Odochem Industries’
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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