Custom Duty
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Gujarat HC Faults CESTAT for ‘Difficult to Decipher’ Remand Order in Customs Classification Dispute
CESTAT Sets Aside Confiscation of Exotic Birds for Lack of Smuggling Evidence
SC Allows Review, Upholds DRI Powers to Issue Customs Section 28 Notices
CAAR Classifies Magnesium Bis-Glycinate Chelate Under CTH 2922, Not Heading 2106
Aluminium Formwork Is Not Mould for Mineral Materials: CESTAT Kolkata
Failure to Produce Witness or Mere Negligence Does Not Constitute Abetment Under Customs Act: Calcutta HC
CESTAT Sets Aside Customs Duty Enhancement & Confiscation Based Solely on NIDB Data
No Interest on Ex-Bond Clearance of Solar Modules Intended for Warehouse Use: CESTAT Delhi
Madras HC Quashes Customs Duty Demand on Raisin Tariff Classification
Mining Tyres Eligible for Classification Under Customs Tariff Item 40118000: CAAR
Spare Parts of Capital Goods Not Eligible for Duty Exemption Under Notification 24/2005-Cus.: CAAR
Government Imposes Definitive Anti-Dumping Duty on Low Ash Metallurgical Coke Imports
Aluminium Formwork Classifiable as Structure, Not Mould: CESTAT Kolkata Quashes Customs Duty Demand
CESTAT Delhi Upholds Inclusion of Downloaded Software Licence Value In Imported Dongles’ Customs Value
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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