Custom Duty
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Anti-dumping duty on import of 1-phenyl-3-methyl-5-Pyrazolone extended
In absence of ‘intent to conceal’ cannot be construed as smuggled: CESTAT
Jurisdiction of Commissioner (Appeals) to assessment orders passed by Faceless Assessment Groups
1st phase of All India roll-out of Faceless Assessment by CBIC
Customs officers empowered to conduct faceless assessment of Bills of Entry
1st phase of All India roll-out of Faceless Assessment- Arrangements
CBIC notifies Rate of Exchange of Foreign Currencies wef 05.06.2020
Govt imposes anti-dumping duty on Electronic Calculators
Govt extends anti-dumping duty on ‘Hot Rolled Flat Products of Stainless Steel of ASTM Grade 304
Extension of validity of AEO certification for easing renewal process
Govt temporarily reduce import duty on Lentils (Mosur) till 31.08.2020
DGOV guidelines not overrules Customs Valuation Rules
Tribunal can direct provisional release of seized gold, jewelry lies
24×7 Customs clearance at all Customs formations till 30.06.2020
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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