Custom Duty
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Customs Introduces ICEGATE Voluntary Payment System
Delhi HC directs CBIC to Review Baggage Rules to Prevent Harassment
Customs: Enforcement of Investigating Agency’s Classification violates Self-Assessment Process
CBIC Should Review Baggage Rules for Carrying Gold: Delhi HC
Clarification on Fee for Extension of Time for Brand Rate Duty Drawback Application
No confiscation of seized Gold under Customs Act based on invalid Letter Of Approval
CESTAT Delhi remands LG TV Panel Undervaluation Case
CESTAT Condones Delay in Appeal Filing Due to Unclear date of Service of order
CESTAT Remands CBLR Security Deposit Forfeiture Case After Appellant’s Exoneration
CESTAT Deletes Penalty on Aircraft Import, No Personal Use Found
CESTAT Remands SAD Refund Claim for Fresh Consideration based on new evidence
Department cannot adopt conflicting positions on same issue in separate cases
Recovery of encashment of bank guarantee cannot be made effective until expiry of appeal period: Delhi HC
Custom Circular: Extension of SCMTR Implementation for Certain Ports
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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