Custom Duty
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PM chairs meeting on increase in supply of oxygen & related equipment
Petitioner (Fraud Victim) entitled for refund of Customs duty paid in good faith
LCD modules classifiable under Tariff Item No. 9013: CESTAT
Treat Request for Reassessment as Application for amendment of Bill of Entry: CESTAT
Clearance of Pigeon Peas was allowed as there was valid registration of Advance Payment Certificate
High priority to Customs clearances of goods related to COVID 19 pandemic
No rejection of request for conversion to drawback-cum-advance authorization’ shipping bills without giving proper opportunity of hearing
DRI seizes more than 300 kg of cocaine valued at approx. Rs. 2000 crore
Customs duty on import of Remdesivir waived off
Anti-dumping duty on imports of nylon filament yarn
Anti-dumping investigation on imports of ‘Plain Medium Density Fibre Board
Order refusing to entertain appeal cannot be treated as order on merits
Report Major/Important cases on Daily Basis: CBIC instruct Officers
Initiation of Sunset Review investigation on imports of ‘Axle for Trailers’ from China
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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