Custom Duty
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No Validity Limit for Self-Sealing Facility Due to Absence of Prescribed Period: CBIC
Smuggled Gold Confiscation Upheld for Fabricated Explanation by Appellants
PVC Extrusion Line Classifiable as Extruder Due to Continuous Manufacturing Process: CAAR Mumbai
Smart Ring Classifiable as Measuring Device Due to Sensor-Based Functionality: CAAR Mumbai
Kitchen Exhaust Hoods Classified Under Residual Entry Due to Absence of Fan: CAAR Mumbai
Dashcams Not Eligible for Nil Duty as They Function as Video Recorders: CAAR Mumbai
AAR Plea on Classification of Palm Oil Effluent, UCO & FWO Withdrawn by Applicant
Side Key FPCB Classifiable as Smartphone Part Due to Exclusive Use: CAAR Delhi
Display Assemblies Classifiable Under CTH 8524 Due to Retention of Display Functionality: CAAR Delhi
CAAR Allows Withdrawal Because No Advance Ruling Was Pronounced
CAAR Delhi Rejected Advance Ruling as Classification Issue Already Decided by HC
CAAR Delhi Allows Application Withdrawal as No Advance Ruling Was Pronounced
ATF Imports Exempted from Additional Customs Duty
Ease of Customs Duty Payment – Introduction of Payment Aggregator
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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