Custom Duty
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Supplementary show cause notice valid even before insertion of second proviso to section 124 of Customs Act
CESTAT Chennai sets aside confiscation of hand tools, deeming them capital goods under FTP
Test reports from laboratories without appropriate testing facilities is untenable for classification
India Bans Import of Ferocious Dog Breeds: Customs Instruction 05/2024
Anti-Dumping Duty on Self-Adhesive Vinyl (SAV) import from China extended
Anti-Dumping Duty imposed on Ethylene Vinyl Acetate (EVA) Sheets import from China
Levy of Anti-Dumping Duty on Para-Tertiary Butyl Phenol (PTBP)
Anti-Dumping Duty imposed on Printed Circuit Boards import from China & Hong Kong
CBIC notifies fourth tranche of India-Mauritius CECPA
Govt amends BCD rates on certain smart wearable devices
Pump for displacing & dispersing lotion/cream classifiable under CTH 84248990
IGST refund on export of certain tobacco products
Export of Molasses For Ethanol
Calculation of time for filing appeal starts from day of communication of order and not from dispatch of order
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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