Custom Duty
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Aluminium Shelves Classifiable as Structures Because They Lack Mechanical Function: SC
SEZ Electricity Not Liable to Customs Duty Due to No Import Event: SC
Power Distribution Function Classifiable Under Heading 8537: CAAR Delhi
Call back of the Exported Drugs and or Pharmaceuticals Products
EV Inverter Classified Under Chapter 85 Due to Exclusion from Motor Vehicle Parts: CAAR
Micronutrient Fertilizer Classified Under CTH 3824 as Phosphorus Not an Essential Constituent: CAAR
Section 25(4) of Customs Act is arbitrary and contrary to section 25(1) and (2A)
Custom Advance Ruling Declined as Classification Issue Already Settled by Court
Spinal Implant Classified as Artificial Body Part, Not Orthopaedic Appliance: CAAR
Notification and circular under Customs Act cannot take away benefit under FTP and HBP
Duty free import of ‘walnut inshell’ against entry of ‘dietary fibres’ permissible
Anti-Dumping Duty Continued on Flexible Slabstock Polyol Imports from Saudi Arabia & UAE
Order rejecting refund of excess CVD not sustained as amendment of bill of entry is allowed mode of modifying assessment
Rejection of declared value merely based on presumptions and assumptions is not sustainable
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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