Custom Duty
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Customs Brokers Not Liable for Client Background Checks: CESTAT Delhi
CESTAT Appeal Disposal period Doesn’t Count Under Customs Act Section 28(9)
Bombay HC Allows Provisional Release of Premium Cold Coffee
CESTAT Chandigarh directs Release of Seized Garlic on Bond & Bank Guarantee
Non-Furnishing of Bond not amounts to Misdeclaration: CESTAT Chennai
CESTAT Directs Release of Metallic Goods via Mutilation Supervision
Documents conveying right to use software rightly classifiable under CTH 49
Duty-free shop licensee liable to customs duty if violates Customs Act provisions
Foreign Supplier’s Higher Discount Doesn’t Imply Undervaluation: CESTAT Bangalore
Penalty Unsustainable: Lack of Evidence in Prohibited Goods Transportation Case
Declared values can be rejected on solid evidence & not on arbitrary comparisons or databases
‘Let export order’ date is the date for determining Custom duty Rate: CESTAT Bangalore
No Penalty for Pre-SCN Classification Acceptance & Duty Payment: CESTAT Bangalore
CESTAT Upholds Penalty for CB’s Failure to Verify Exporter’s Representative’s Authenticity
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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