Custom Duty
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Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold & Silver wef 16.01.2024
CBIC notifies export duty of 50% on exports of Molasses (HS 1703)
Extension of Concessional Import Duties on Edible Oils up to 31st March 2025
Advisory for Electronic Cash Ledger (ECL 2.0) on ICEGATE
Absence of Mensrea: Penalty Set Aside in Red Sanders Export Case
CESTAT deletes penalty as statement lacked corroboration & was insufficient to sustain penalty
Vakrangee Hardware: Withdrawal of Advance Ruling Application – CAAR Mumbai
Mayur Glass Industries: Withdrawal of Application – CAAR Mumbai
Classification of Projectors in Case of Ingram Micro India Private Limited
Classification of Tire Pressure Monitoring System & Differential Pressure Sensors
X-MAS: Streamlining Customs License Processes at Jawaharlal Nehru Custom House
Attempt to smuggle gold is liable for absolute confiscation
Classification of Roasted Areca Nut/Betel Nut: In re Perfect Trading Co. (CAAR Delhi)
Regulation 10(n) not mandate Customs Broker to physically verify address correctness
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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