Custom Duty
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Tugboats covered under Chapter 8904 are not eligible for benefit of notification 72/2017
Penalty Cannot Be Based on Statements or WhatsApp Messages Without Following Legal Procedure
29-Year-Old Customs Case: Supreme Court Rejects Writ for Confiscated Silver
Customs Broker ₹17.7 Crore Penalty Challenge Dismissed by Allahabad HC, Appeal Directed
HC Allows Transfer of SEZ Goods to Bonded Warehouse During DRI Adjudication
Madras HC Dismisses Writ Petition Filed After Missing Statutory Revision Deadline U/s. 129DD of Customs Act
Madras High Court Allows Assessee to Respond to SEIS Benefit Query Letter
Duty Exemption Denied Under MOOWR Scheme Due to Incompatibility of Benefits
Concessional Duty Denied Because Imported Lithium Cells Not Used in ‘Manufacture’ Under IGCR Rules
Customs second enhancement of assessed value without new evidence is unsustainable
CESTAT Chennai Upholds Revocation of Customs Broker Licence Suspension
Statement-Bill Discrepancy Cannot Justify Rejection of Genuine Bills of Entry: CESTAT Delhi
Customs Cannot Confiscate Goods Re-Exported Before Revenue’s Appeal: CESTAT Mumbai
Cap on Value of Gold Jewellery at Airports: Delhi HC directs CBIC to Finalise Rules
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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