Custom Duty
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Customs Broker not required to physically inspect premise of client to ensure their functioning
Imported Aluminium Formworks Classified as Temporary Structures Under CTI 7610: CAAR Delhi
CAAR Mumbai Classifies Mustek Mobile Computers as Data Processing Machines
Fuel Dispenser Display Boards Classifiable as Parts of Fuel Pumps Under CTI 84139190
Barcode/RFID Computers Classified Under 84713090: CAAR
Electricity Clearance from SEZ to DTA Outside ‘Import/Export’ Scope: CAAR rejects application
Review Order Delay Without Board Extension not condonable: CESTAT Chennai
Section 114 Penalty set aside as no fraudulent export evidence recorded: CESTAT Delhi
Re-determination of transaction value based on Different Supplier’s Quotation Not Sustainable
Customs SCN Cannot Be Adjudicated After 14 Years: Delhi HC
CBIC Removes Port & Testing Restrictions on Leather Exports
Availability of alternate remedy under Customs Act: MP HC dismissed writ petitions
Suspension of Customs Broker Licence Without Valid Grounds: CESTAT Sets Aside Suspension
Re-export request allowed as wrong goods sent by supplier under bona fide mistake
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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