Custom Duty
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Draft Regulations for Amendment of Customs Import Documents Timeline
Weekly Newsletter from Chairman CBIC, Dated 29/07/2024
Notification No. 40/2024-Customs – Amends UAE CEPA)
Classification of Bottom and Top Enclosures for C6X Wi-Fi Receiver and Back and Middle Enclosures for A6 Wi-Fi Transmitter
IC-Codecs are classifiable under CTH 8542 and are exempt from payment of customs duty: CESTAT Delhi
Comprehensive Analysis of Indian Customs & GST Reforms in 2024 Budget
Kerala HC Directs Customs Authorities to Process Refund of 4% SAD Despite Annulled Circular
Customs duty and interest payable even when confiscated goods are redeemed after payment of fine: Supreme Court
Notification No. 52/2024-Customs (N.T.) Dated: New Adjudicating Authority
Budget 2024: Customs Duty Amendments – Key Changes and Rates
Budget 2024-25: Changes under Customs & Excise
Customs Tariff Amendment Rules 2024: CVD & Injury Determination
Notification No. 39/2024-Customs Extends Re-import Period
CBIC amends 32 Custom duty notifications to extend their validity
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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