Custom Duty
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CBIC Notifies Rate of Exchange of Foreign Currencies Wef 19.02.2021
Principle of unjust enrichment not applicable to pre-deposit made under protest during pendency of appeal
Mismatch between Shipping Bill & GST returns to cost Rs. 1000
CBIC exempts import of Gold & Silver & their dore under Export promotion schemes from AIDC
Notification No. 17/2021-Customs Dated: 17th February, 2021
CBIC allows Officer Interface on permanent basis with fees for resolving invoice mis-match errors
Anti-dumping investigation – Imports of Plastic Processing Machines
Denial of IGST refund for availing Drawback: HC directs Commissioner to dispose IGST refund claim
Sanction of IGST refund where records not transmitted to ICEGATE
Streamlining of Customs Post Clearance Audit work Instructions
Detention Order under COFEPOSA ACT cannot be quashed merely for delay in Execution
Waste Paper Import-End Use Certificate Ends
Tariff Notification No. 16/2021-Customs (N.T.), Dated: 15.02.2021
Sunset review investigation concerning imports of Polytetrafluoroethylene
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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