Custom Duty
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Delhi HC Grants Liberty to Appeal Against Confiscation of Body-Concealed Gold
Re-Export of Seized Goods Allowed on Bond & Bank Guarantee Pending Adjudication
Error in Invoice Number Does Not Bar Fresh Request for Bill of Entry Amendment: Madras HC
Customs Penalty of ₹1.57 Cr Quashed as Department Ignored Assessee’s Valuation
Penalty Quashed for Denial of Mandatory Cross-Examination Under Customs Law
CESTAT Chennai Set Aside Customs Valuation for Failure to Follow Rule 12 Procedure
Customs Exemption Allowed as Job Work not Transfer Under Target Plus Scheme: CESTAT Chennai
No Proof of Forged Signature: Return of Seized Gold Denied Due to Approved Extension Under Customs Law
Freight Addition Based on Assumptions Unsustainable; Co-Noticee Penalties Set Aside: CESTAT Mumbai
Investigation Deposits Are Revenue Deposits; CESTAT Orders 12% Interest on Refund
CAAR Classifies Lithium-Ion Battery Inputs Under Specific Tariff Headings
Thermostat Addition Does Not Change Heating Resistor Classification: CAAR Delhi
Standardised Wheat Seed Oil Ceramides Not Classifiable as Vegetable Extracts: CAAR Mumbai
Electrical Components Not Classifiable as EV Parts Due to Specific Tariff Coverage: CAAR Mumbai
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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