Custom Duty
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Tribunal dismisses appeal on failure to comply with mandatory pre-deposit requirements
CBEC re-imposes Anti Dumping Duty on Cable Ties
Anti-dumping duty on Sodium Nitrite import from China
SAD Refund application cannot be rejected as time barred if original refund application filed within time, though before wrong Authority
In Foreign Trade Policy matters, DGFT Clarification binding on Customs as against CBEC Clarification
Tribunal can initiate contempt proceedings for non-issue of refund despite its order
Rate of exchange of conversion of each of foreign currency with effect from 05th December, 2014
FM asks Customs Officials to use Latest Technology
Inclusion of Royalty paid for technical know-how in assessable value of imported goods
Suspension order cannot be treated as SCN under Regulation 20(2) of CHA Licensing Regulations, 2004
Inclusion of Service Charges in assessable value of material imported
Notification No. 112/2014-Customs (N.T.), Dated: 28.11.2014
Duty Drawback cannot be denied when goods to be re-exported were brought in Customs area within stipulated time
SAD Refund cannot be denied on sales made to non registered buyer despite no endorsement on invoice
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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