Custom Duty
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Notification No. 86/2015-Customs (N.T.) Dated: 04/09/2015
Anti-dumping duty on imports of Acrylonitrile Butadiene Rubber
Notification No. 85/2015-Customs (N.T.), Dated-4th September, 2015
CBEC- Reg. Mechanism to monitor Query raised & reply received
Rate of exchange of conversion of foreign currency wef 4th September, 2015
Recovery cannot be made from bonfide purchaser of DFIA/DEPB license – CESTAT
Notification No. 83/2015-Customs (N.T.), Dated: August 31, 2015
Endorsement on bill of entry amount to raising demand under customs law and not mere a provisional assessment
Exemption Notification cannot discriminate between persons paying duty under different methods permissible under law
Interest payable if drawback not paid within one month from the date of filing a claim – HC
Rate of exchange of conversion of foreign currency wef 26th August, 2015
Custom Duty- Measures taken for ease of doing business in India
Settlement Commission has no jurisdiction to decide smuggling cases of goods specified U/s. 123 of Customs Act
Basmati Rice satisfying both length & component parameters can only be exported- HC
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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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