Custom Duty
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Notification No. 30/2014-Customs Dated- 20th October, 2014
Technical grade/ material verification on Import of Pesticides-reg.
Rate of exchange of conversion of each of foreign currency wef 17.10.2014
Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001
Purchaser of VABAL not liable to prove export obligation for availing benefit of Notification
SCN issued with predetermined conclusions & closed mind is not valid
Tribunal can’t order pre-deposit of both duty as well as penalty at a time
One Year Imprisonment to Then Superintendent of Bangalore Customs in Bribery case
Customs – Rate of exchange of conversion of each of the foreign currency with effect from 2nd October, 2014
Notification No. 43/2014-Customs (ADD) Dated: 30.09.2014
No redemption fine can be imposed on goods which were exported without furnishing bond
Dept cannot initiate proceedings when assessee had time to fulfill statutory obligations
Notification No. 95/2014-Customs (N.T.) Dated: 30.09.2014
Notification No. 94/2014-Customs (N.T.), Dated: 29.09.2014
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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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