Custom Duty
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Regarding extension of validity of NOC for Bottled Alcoholic Beverages
Boiled/flavored/unflavored Supari classifiable under heading 0802
Smart plugs classifiable under sub-heading 85371000
Networking Device classifiable under sub-heading 85176290
CAAR ruling on classification of networking device & passive antennas
Unpreserved & Unprocessed dried Pumpkin Seeds kernels classifiable under CTH 12129990
Optoma X400LVe projectors classifiable under sub-heading 85286200
PAMAS liquid particle counters classifiable under CTH 90275090
Import of wireless equipment by Telecom Service Providers based on self-declaration
Section 114AA Penalty not leviable in absence of misdeclaration or misstatement
Madras HC directs customs department to check availability of advance authorization scheme
CBIC Notifies Rate of Exchange of Foreign Currencies wef 19.11.2021
Application for Re-Assessment of Bill of Entry can be made Under section 154
Tribunal has no power to decide any rate of interest different than rate prescribed under the statute
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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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