Custom Duty
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Section 17(4) of Customs Act is not made for reopening or reviewing any issued final assessment order
Anticipatory bail in customs duty evasion allowed as applicant likely to pursue compounding of offences
Flavoured supari eligible for customs duty exemption under Notification 68/2012-Cus
Flavoured supari is classifiable under 2106 9030, not raw areca nuts: CAAR Delhi
Customs Appeal Limitation Starts From Date of Delivery, Not Order Date: CESTAT Kolkata
Delhi HC Orders Release of Seized Gold on Payment of Duty, Fine & Penalty
India Extends Anti-Dumping Duty on China FKM
India Extends Anti-Dumping Duty on TDI Imports
Stay of order cannot be granted based on probability of revenue succeeding
Paytm soundbox eligible for concessional rate of BCD as works with 2G device
India Exempts Cotton Imports from Customs Duty
Customs Duty on Iron Ore Fines was to be determined on Wet Metric Ton (WMT) and not on Dry Metric Ton (DMT) basis
CBIC Newsletter Highlights GST, Rankings and Tax Evasion
Inconsistent stand at different stages of proceedings not permissible: Orissa 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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