Custom Duty
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CBIC notifies Common Customs Electronic Portal
Filing of Advance Bill of Entry under Section 46 of Customs Act, 1962
Communicate reason for non-issue of SCN to importer if not issued Within 6 Month of Seizure: HC
Anti-dumping duty on imports of PET resin extended for 5 Years
CAG report on Compliance Audit (Department of Revenue- Customs)
Govt impose anti-dumping duty on imports of 2-Ethyl hexanol
CBIC rescinds notification No. 10/2016-Customs (ADD) dated 29.03.2016
Anti-Dumping Duty on Tyre Curing Presses to continue till 30.09.2021
CHA’s licence can be suspended on the basis of voluntary confession
Violation of principles of natural justice in case goods confiscated without providing an opportunity to importer to call the grounds for valuation
Officer who did assessment can only do re-assessment: Madras HC considered Canon Judgment
Notification No. 25/2021-Customs (N.T./CAA/DRI), Dated: 25.03.2021
Customs: Proposed changes to Section 46 related to Bill of Entry
CESTAT confirms Release of Drones, intended for Government to Fight Covid-19
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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