Custom Duty
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CESTAT Remits Unreasoned Rejection of Interest Waiver for Power Project
Enhanced rate of notification 87/2017-Cus. doesn’t apply where date of entry inwards are prior to 20.11.2017
India Imposes Anti-Dumping Duty on Solar Glass Imports
Anti-Dumping Duty Extended on Sodium Citrate from China
Anti-Dumping Duty on Glufosinate from China
Customs Must Refund Excess Ilmenite Duty Paid Under Protest: Madras HC
Patna HC refused to interfere in seizure proceedings of Customs due to ongoing investigation
Engineering and technical service fee includible in assessable value due to direct nexus with import of goods
CESTAT Reduces Personal Penalty in Decades-Old Customs Case
CESTAT Orders Release of Export Goods for Lack of Basis for Seizure
India-Pakistan Travel via Attari ICP Allowed: CBIC
Delhi HC Quashes Customs Confiscation Order Over Invalid Waiver of SCN
Customs Must Differentiate ‘Jewellery’ & ‘Personal Jewellery’: Delhi HC
Delhi HC Orders Release of Personal Gold Jewellery Seized at Airport
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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