Custom Duty
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CBIC extends Exemption Validity to 30th September, 2024: Amends 33 notifications
CBIC Extends Exemption Validity to 30th September, 2024
CESTAT aside order to initiate contempt proceedings against govt officials considering Apology
Strong Suspicion Cannot Take Place of Proof Beyond Reasonable Doubt: SC
Lab’s inability to test a particular product renders its report unreliable for classification of that particular product
Creative Newtech Withdraws Application for Interactive Display System Import Classification
Customs Duty Exemption for Hearables Import (01.02.2022 – 27.04.2023)
CBIC Exempts Customs Duty on import of Wearables: 01.02.2022 to 27.04.2023
Extended period of limitation cannot be invoked if no suppression or mis-declaration
CESTAT Grants Import Benefit for Watermelon Seeds Amid Transition from Free to Restricted Category
Absence of Cross-Examination: CESTAT Ahmedabad Sets Aside Penalty on Import of Printing Papers
Notify Customs Commissioner for Goods Detained Over 3 Days: CESTAT Mumbai
CBIC imposes AIDC on Precious Metals, Gold, Silver
CBIC exempt certain entries from Social Welfare Surcharge (SWS)
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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