Custom Duty
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Anti-Dumping Duty on Imports of ‘Black Toner In Powder Form’
Anti-dumping investigation on imports of Viscose Staple Fibre – Reg.
Limitation not applicable to refund of customs duty paid in excess
HC places matter of virtual non application of mind and disregard to hierarchy of Courts by Trial Court before Inspecting Committee of HC Judges
CBIC Notifies Rate of Exchange of Foreign Currencies Wef 05.03.2021
CESTAT upheld reasonable penalties imposed for mis-declaration on Importer
CVD/anti-subsidy duty rate for ‘Shandong Haohua Tire Co. Ltd.’- Reg.
Anti-Dumping duty on Phenol import from EU & Singapore extended till 07.06.2021
CVD/Anti-Subsidy Investigation Concerning Imports of Textured Tempered Glass- Reg.
CRCL gets recognised as a RCL of World Customs Organisation
Sunset Review investigation concerning imports of Barium Carbonate
Warehousing / Bonded Movement under Customs Act, 1962 & Provisional Assessment
Sanction of Pending IGST Refund – GSTR-I & GSTR-3B Mismatch Error
Tariff Notification No. 25/2021-Customs (N.T.), Dated: 26.02.2021
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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