Custom Duty
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Notification No. 17/2020-Customs (N.T./CAA/DRI), Dated: 03.03.2020
Reg. Imposition of Safeguard Duty on imports of Solar Cells
Order passed by CESTAT without considering case on merits should be re-considered
Import of capital goods under EPCG Scheme was exempt from additional duty
Fable of tumbling Indian SEZ
Implementation of Customs automated clearance on All-India basis
Tariff Notification No. 18/2020-Customs (N.T.), Dated: 28.02.2020
Negetive List of Duty Drawback (Section-76) under Custom Act,1962
Notification No. 17/2020-Csutoms (N.T.) dated 25th February, 2020
Separate notice not required for personal hearing post section 110(2) amendment
Penalty justified for evading customs duty by wrongly availing benefits
Transportation of goods to and from India through a foreign Territory
Sunset Review of Anti-Dumping Investigation concerning imports of ‘Sheet Glass’
Transportation of Goods (Through Foreign Territory), Regulations, 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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