Custom Duty
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Procedure for utilising MEIS Scrip for payment of customs duty
Notification No. 89/2021-Customs (N.T.), Dated: 02.11.2021
CBIC Notifies Rate of Exchange of ‘South African Rand’ wef 30.10.2021
DRI not a ‘Proper Officer’ to issue Show Cause Notice under Customs Act, 1962
HC allows provisional release of goods detained by Custom Dept for re-export
Tariff Notification No. 87/2021-Customs (N.T.) | Dated: 29.10.2021
ADD on ‘Seamless tubes, pipes and hollow profiles of iron etc.
Discretion lies with Confiscating Officer to either impose fine in lieu of confiscation or to order absolute confiscation
Reducing compliance burden regarding registration of Authorised Couriers
Courier Imports and Exports (Clearance), Amendment, Regulations, 2021
Courier Imports and Exports (Electronic Declaration and Processing), Amendment, Regulations, 2021
Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Second Amendment Rules, 2021
Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidized Articles and for Determination of Injury) Second Amendment Rules, 2021
Import of crushed & de-oiled GM soya cake – Import Policy Relaxation
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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