Custom Duty
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Notification No. 66/2020-Customs (N.T./CAA/DRI), Dated: 14.12.2020
Notification No. 65/2020-Customs (N.T./CAA/DRI), Dated: 14.12.2020
Notification No. 64/2020-Customs (N.T./CAA/DRI) Dated: 14.12.2020
4 Years Imprisonment To 2 Customs Official in A Bribery Case
DFIA benefit eligible on import clearance of in shell walnut
CVD/Anti-subsidy investigation on imports of Textured Tempered Glass
Notification No. 111/2020 – Customs (N.T.), Dated: 11.12.2020
Availment of exemption on temporary import of Durable Containers-Provisions in ICES- Reg.
HC directs Custom authorities to release Vessel MT Global on Furnishing of Bond & Deposit
HC directs Authorities to release seized imported pistachio as detention period exceeded 6 months
Third Party Invoicing in case of Preferential Certificates of Origin issued in terms of DFTP for wholly obtained goods
Customs: Exporter not required to give declaration of technical specification, quality & characteristics of inputs used in resultant product
ADD on imports of Float Glass extended upto & inclusive of 06.02.2021
Invoking of extended period of limitation in case of willful suppression & mis-statement
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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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