Custom Duty
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Immediate suspension of custodian license is justified where serious lapses found in safety of goods
Summary On Coastal Goods Under Custom Act, 1962
Settlement Commission cannot decide cases related to smuggling of goods
Rate of exchange of conversion of the foreign currency with effect from 2nd October, 2015
CBEC looking to Reduce/ eliminate printouts in Customs Clearance
Notification No. 96/2015-Customs (N.T.) Dated- 30th September, 2015
Notification No. 48/2015-Customs, Dated- 30th September, 2015
Refund/Claim of Safeguard Duties as Duty Drawback
Rate of exchange of conversion of foreign currency wef 30th September, 2015
SAD exemption not applicable when goods sell from a place where no sales tax is chargeable – SC
Anti-dumping duty could not be added for computing customs duty, SCD & SAD: SC
Availability of alternate remedy do not preclude High Court from exercising jurisdiction– SC
Goods imported without valid licence liable to confiscation & redemption fine : SC
Notification No. 47/2015-Customs, Dated- 22nd September, 2015
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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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