Custom Duty
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CESTAT allows Provincial Release of Goods Detained on Execution of Bond, Bank Guarantee
Assessable Value cannot be enhanced on the basis of Price quoted in Proforma Invoice
Tariff Notification No. 91/2021-Customs (N.T.), Dated 15.11.2021
CBIC launches online digital application for scheduling of examination of cargo for traders
CBIC imposes ADD on measuring tapes import from Singapore & Cambodia
Release of seized goods in absence of notice u/s 124 within extended time limit to keep consignments
Seeks to impose ADD on Imports of Untreated Fumed Silica from China PR
CBIC removes levy of ADD on Medium Density Fiberboard
Disposal of hazardous cargo by Indian Customs
Customs: Not providing option to pay fine in lieu of confiscation U/s. 125 not sustainable
Gold hidden in foot band worn for medical purpose cannot be treated as ‘personal effects’
Excise Duty reduction on Petrol and Diesel on the eve of Diwali
CBIC Notifies Rate of Exchange of Foreign Currencies wef 04.11.2021
Judgment cannot be given based on evidence recorded in other trial despite same offence
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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