Custom Duty
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Customs law and Baggage rules do not restrict foreign tourist from wearing gold ornaments: Delhi HC
Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold & Silver wef 14.12.2024
Differential Duty Demand on Subsequent Car Purchaser Unjustified if Importer Retains Ownership: SC
Pre-deposit can be waived off in certain circumstances in Customs Appeals: Bombay HC
Anti-Dumping Duty Exemption for Resin allowed Manufacturer’s Name Discrepancy
Customs Clarifies Insurance and Bond Value for CCSPs
Impact of Reduced Apple Import Duty on Domestic Farmers
No Section 112(b) Customs Penalty on co-noticee Without Positive Knowledge: CESTAT Mumbai
CESTAT Restores Appeal After Notice Sent to Wrong Address
No confiscation u/s. 111 without misdeclaration of value: CESTAT Delhi
Customs duty not leviable on personal jewellery having a used personal effect: Delhi HC
Interest u/s. 28AA of Customs Act not leviable on person ineligible for benefit under FTP: Kerala HC
Corrigendum to Notification No. 26/2024-CUSTOMS (ADD)
Refund of excess payment of customs duty rejected as time barred: CESTAT Hyderabad
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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