Custom Duty
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CAAR Mumbai Disallows Roasted Areca Nut Advance Ruling Under Section 28-I(2)(b)
Customs Duty Demand for Alleged Fake DEEC Exports Set Aside by CESTAT Chennai
SC Sets Aside ₹425 Crore Customs Penalty Due to Fake AI-Generated Case Laws
CESTAT Mumbai Deletes Section 112(a) Penalty on Customs Hawaldar for Lack of Proof
Customs Cannot Indefinitely Detain Imported Car Without Seizure Order: Gujarat HC
Condonation of 968-Day Customs Appeal Delay Denied for Prolonged Inaction: Delhi HC
Forged Duty Scrip Liability Upheld but Section 112 Custom Penalty Set Aside: Delhi HC
FTWZ Clearance Is Fresh Import, Delhi HC Denies Re-Import Exemption
Madras HC Quashes ₹4.56 Crore Customs Duty & Penalty Demand Against Clearance Facilitator
CESTAT Remands Customs Broker Licence Revocation for Denial of Statements
Magistrate Cannot Release Customs-Seized Vehicles Under CrPC: Meghalaya HC
CBIC Launches NAC Portal for Customs Assessment Information
CBIC Issues Import Compliance Checklists for Drugs, Cosmetics & Medical Devices
Customs SCN Cannot Be Reopened After Settlement Election: Delhi HC
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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