Custom Duty
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Onus to prove under-valuation is on revenue but once revenue discharges burden of proof by producing evidence of contemporaneous imports at higher price, onus shifts to importer to establish that price indicated in invoice relied upon by him is correct – SC
Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 vide Notification No. 73/2011 – Customs (N. T.)
Export of goods imported under reward schemes and DEPB – Re-credit of duty
Notification No. 97 /2011 – Customs – Amends Notification No. 21/2002-Customs, dated the 1st March, 2002
Seeks to amend notifications no. 67/2006-Cus, 68/2006-Cus (both dated 30.06.2006) and 85/2011-Cus dated 06.09.2011 so as to include Afghanistan as one of the beneficiary countries under SAFTA
Proposed revised draft format of Exchange Control copy of Shipping Bills
CBEC notifies On-site Post Clearance Audit at the Premises of Importers and Exporters Regulations, 2011
Notification No.95/2011-Customs, Dated the 3rd October, 2011
Imposition of anti-dumping duty on imports of Caustic Soda, originating in, or exported from, Korea RP
Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 – Notification No. 71/2011-CUSTOMS (N. T.)
Rate of exchange of conversion of each of the foreign currency with effect from 1st October, 2011
CBEC assigns Adjudicating Authority for another DRI SCN
Regarding Adjudication of appraising related Show Cause Notices -Circular No. 44/2011- Customs,
Removal of Ban on export of Onion – Circular No. 43 /2011-Customs,
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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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