Custom Duty
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Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001
Recovery proceedings against assets of another unit of Group Companies is not permissible in absence of evidence that entire import was at instance of Group Companies
Exporter not barred from seeking determination of Brand Rate of drawback even if he already applied at all India rates
Bill of Entry can be re-assessed even though the goods were no longer under the charge of Customs authorities
Rate of exchange of conversion of each of foreign currency WEF 5th September, 2014
Refund of excess duty paid on provisional basis won’t attract doctrine of unjust enrichment
Seeks to Amend Notification No.12/97-Customs (N.T.) dated 2nd April, 1997
Notification No. 73/14-Customs (N.T.) Dated: 29/08/2014
Seeks to levy provisional safeguard duty on imports of Saturated Fatty Alcohols
Exchange Rate of Foreign Currency Relating to Imported and Export Goods wef 22.08.2014
Regarding increase in custom duty duty on raw as well as refined/white sugar
Guidelines for considering request for exemption from payment of Customs Duty under Section 25(2) of Customs Act, 1962
4% ACD/SAD Refund Procedures under Notification No. 102/2007 Custom
Amends Notification No. 36/2001-Customs (N.T.), Dated: 03.08.2001
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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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