Custom Duty
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ICES Advisory for different facets of faceless assessment
A cheating racket who used to dupe people for custom duty/charges busted by DIU, IGI Airport
Customs seizes smuggled textiles worth Rs 3.3 crore
Value declared in Bills of Entry cannot be rejected without following Rule 12ibid
Notification No. 43/2020-Customs (N.T./CAA/DRI); Dated: 10.09.2020
CBIC Appoints CAA in case of M/s Esprit Overseas
Child parts used in manufacture of parts of motor vehicle seats are classifiable under Heading 9401
A critique on ‘Sea Cargo Manifest & Transhipment Regulations, 2018’
ADD Investigation on imports of Certain Flat Rolled Products of Aluminium
Anti-dumping duty on imports of DPP Red 254- Reg.
Allahabad HC rejects Bail plea of person accused of Smuggling Gold Biscuit
Investigation on imports of PVC Suspension Grade Resin- Reg.
Prohibited goods can be provisionally released under Customs Section 110A
HC Quashes Order of Commissioner of Customs freezing Bank A/c beyond 1 Year
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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