Custom Duty
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4th Sunset Review Investigation on imports of Polytetrafluoroethylene
Investigation concerning anti dumping duty on imports of Melamine
‘Senses iPERL smart meter’ merit classification under HSN 90261010
UN Model Tax Convention Vs. OECD Model Tax Convention: Significance of Distinction
Telangana HC directed Customs Commissioner to amend BOE so as to enable importer to take refund of excess CVD paid
CBIC Notifies Rate of Exchange of Foreign Currencies wef 20.08.2021
Notification No. 39/2021-Customs, Dated: 19.08.2021
Anti-dumping investigation on imports of Aceto Acetyl Derivatives of aromatic
Govt reduces BCD on Crude/Refined Soya/Sunflower Oil
Anti-dumping investigation concerning imports of “Polyester Yarn
HC rejects Plea Seeking Waiver Of Detention Charges Imposed By ICDs & CFSs During Lockdown
CBIC restricts Clarifications by Custom Directorates/Commissionerates/Audit
Officers to Forward verification requests on origin of imported goods to CBIC
De-notification of ICDs/CFSs/Air Freight Stations
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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