Custom Duty
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Bank Account Attachment Quashed as Six-Month Section 110(5) Limit Expired Without Extension
No Customs Duty Notification Benefit for Chicken Sausages; CESTAT Chennai Rejected Appeal
Custom Penalty Set Aside Due to Lack of Evidence of Knowledge of Prohibited Goods Origin
Gauhati HC Allows Challenge to Customs Jewellery Seizure Due to Denial of Opportunity by Lower Court
Imported Natural Rubber Liable for Additional Duty Due to Binding Precedents: CESTAT Chennai
CESTAT Allowed Home Consumption for Confiscated Goods Due to Beneficial Notification Amendment
Customs Refunds & Unjust Enrichment: Export Proceeds vs FOB Value, Burden of Tax & Legal Tests
RoDTEP and RoSCTL Benefits Allowed on Full FOB Value Subject to 12.5% Limit: CBIC
CBIC Allows LEO Cancellation Due to Strait of Hormuz Disruption for SEZ Export Cargo
CESTAT Delhi Dismissed Customs Appeals as Penalty Below ₹50 Lakh Threshold
Shipping Bill Conversion Allowed Beyond 3 Months as Circular Time Limit Not Binding: CESTAT Bangalore
Absence of COO Marking Not Sufficient to Deny Duty Exemption Benefit: CESTAT Chennai
CESTAT Set Aside Vehicle Confiscation as Customs Failed to Prove Foreign Origin of Goods
Customs Demand Set Aside Due to Failure to Prove Suppression Despite Valuation Dispute
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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