Custom Duty
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Definitive anti-dumping duty on imports of Plain medium Density Fibre Board
Increase in Custom Duty on import of wheat to 25%
Notification No. 50/2015-Customs Dated- 16th October, 2015
Adjudicating Authority can reject transaction value if assessee fails to prove that relationship had not influenced price
Valuation of imported second hand machinery for Custom Duty
Rate of exchange of conversion of foreign currency with effect from 16th October, 2015
Notification No. 100/2015-Customs (N.T.) Dated: October 15, 2015
Notification No. 99/2015-Customs (N.T.) Dated- 15th October, 2015
Customs- Introduction of electronic messaging for issue of Delivery Order
Notification No. 98/2015-Customs (N.T.) Dated: October 12, 2015
Writ Petition could be allowed if there is procedural lapse by Authorities: HC
Delayed refund of SAD would entitle assessee to claim interest u/s 27A of Customs Act,1962
CBI files chargesheet against then Commissioner of Customs
Govt. increases Custom duty on ghee, butter & butter oil to 40%
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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