Custom Duty
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Penalty u/s. 114AA of Customs Act unsustainable as department failed to prove mis-declaration: CESTAT Ahmedabad
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Delhi HC allows Interest on Delayed Refund: Section 27-A of Customs Act
Electronic Cash Ledger (ECL) Implementation for Courier Imports, Effective March 1, 2024
Roasted Areca Nuts Classification: CAAR Delhi Ruling
Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold & Silver wef 01.03.2024
CAAR Delhi Ruling on Whey Protein Classification
Operation Theatre Lights’ merit classification under CTH 9018 CAAR Mumbai
Nokia Solutions & Networks: Classification Dispute on DWDM & OTN Technology- CAAR Delhi
Customs Brokers’ Responsibilities Limited to Document Authenticity, Not Physical Verification: CESTAT
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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