Custom Duty
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Rectification facility extended to match invoices with shipping bills
Pending IGST refunds due to mismatches between GSTR-1 & 3B- Reg.
Customs duty increase – Effect of notification issued late after BE filed on same day
Anti-dumping duty on imports of Chlorinated Polyvinyl Chloride Resin
Notification No. 38/2019-Customs (N.T./CAA/DRI): Appointment of CAA by DGRI
Notification No. 37/2019-Customs (N.T./CAA/DRI): Appointment of CAA by DGRI
No redemption fine when confiscation remains unchallenged
EOU – CST refund when goods cleared in DTA – FTP to prevail over HoP Appendix
Tariff Notification No. 61/2019-Customs (N.T.) Dated 14.08.2019
CBIC notifies Rate of Exchange of Foreign Currencies wef 15.08.2019
Recovery of export benefits given under Incentive /Reward Schemes
Classification of goods – No estoppel to raise dispute in subsequent import
Amendment in Exchange Rate of Swiss Franc for imported and export goods notified
Anti-dumping duty on imports of Homopolymer of vinyl chloride monomer (suspension grade)
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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