Custom Duty
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Immediate suspension of customs broker license after lapse of long period of time not sustainable
Recovery Before Custom Appeal Period Completion Invalid: Chennai CESTAT
Process and expediting assessment in FAG – Classification of LED Chips
Customs Broker doesn’t have expertise to identify mis-declaration of goods: CESTAT Mumbai
Exporters Can Claim Notification Benefit Later for Reimported Goods if not availed initially
Department cannot insist provisional assessment of goods due to pendency of appeal: Delhi HC
Decoding Bill of entry (BOE): Understanding its key terms
India Imposes Anti-Dumping Duty on Telescopic Drawer Sliders
Role and Responsibilities of Customs Brokers with Penalties for Law Infractions
Revocation of customs broker license without providing relied upon document not justified: CESTAT Delhi
Court cannot decide dispute between private parties under Article 226 of Constitution
Customs Restrict Manufacturing for Solar Projects in Warehouses
Penalty u/s. 112 and 114AA duly imposed for mis-declaration of nature of goods in BOE: CESTAT Delhi
Iron Ore Export- CRCL/Customs Lab report cannot be basis for Final Assessment
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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