Custom Duty
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CESTAT Mumbai quashes order on royalty inclusion in import valuation
Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold & Silver from 15.02.2025
Resuscitation of stillborn show cause notice: DRI officers are proper officers of customs
Agricultural Infrastructure Development Cess on Bourbon whiskey Revised
No Unfettered Cross-Examination Rights Under Customs Act Sec. 138(B): Delhi HC
Delhi HC Orders 30% Bank Guarantee for Seized Goods Release
Baggage Rules doesn’t apply to jewellery worn in person: Madras HC
Import Duty & GST Exemptions on Life-Saving Drugs for Rare Diseases
Exemption notification Conditions Must Be Met for Excise Exemption: CESTAT Chennai
Communication modules are classifiable under CTI 8517 70 90: CESTAT Delhi
Supreme Court Directs Mandatory E-Filing for Tax Appeals
Classification of Medical Examination Rubber Gloves: CAAR Mumbai Ruling
Quick Lime Classifiable under CTH 25221000, not 28259090: CESTAT Hyderabad
Delhi HC Directs Customs, DRI, DGGI & CGST to Develop Unified SOP for Timely Counsel Instructions
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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