Custom Duty
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CBIC Issues Import Compliance Checklists for Drugs, Cosmetics & Medical Devices
Customs SCN Cannot Be Reopened After Settlement Election: Delhi HC
CESTAT Sets Aside Chapter 78 Classification for Imported Lead-Bearing Material
Revenue Withdraws UPS Customs Exemption Appeals After Issue Settled: CESTAT Mumbai
CESTAT Bangalore Upholds Customs Duty & Interest, Reduces Redemption Fine on Smuggled Bike
Rajasthan HC Quashes Drawback Recovery Made Without Prior Customs Reassessment
CBIC Rationalizes EMI Scheme Documentation Requirements for Eligible Manufacturer Importers
CESTAT Grants 12% Interest on Redemption Fine Refund from Deposit Till Payment
SC Upholds Port Trust Custodian Notification Under Section 45(1) for Pilfered Goods
CESTAT Chennai Upholds Reclassification of Imported Lauric Acid Under Tariff Item 29159090
Delhi HC Upholds Customs Broker Licence Revocation for Unauthorized Licence Use
CBIC Implements SCMTR 2018 Across Ports in Phased Manner
Customs Detention Waiver Certificates Bind CCSPs After Importer Succeeds: Madras HC
Gauhati HC Sets Aside Release of Vehicle Seized Under Customs Act by Criminal Court
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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