Custom Duty
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Regulation 10(n) not mandate Customs Broker to physically verify address correctness
Burden to demonstrate dispatch of order by speed post with acknowledgment lies with revenue
CESTAT Chennai Reduces Fine in Kiwi Fruit Re-export Delay Case
CAAR Classifies Roasted Areca Nuts Under CTH 20081920 in Favor of Perfect Trading Co.
Customs Implements Stringent Verification Protocols for Milk & Milk Product Exports
CESTAT Grants CVD Refund Despite Minor Procedural Issues
Appellant’s Credibility Prevails Despite Vendor’s Pricing Discrepancy: CESTAT Chennai
No Redemption Fine & Penalty if Customs Notification Compiled: CESTAT Kolkata
Customs Notification Eligibility: CESTAT Mumbai Orders Remand in Oki India Pvt Ltd Case
Shipping Bill Assessment cannot be Challenged Without Final Order: CESTAT
Areca Nuts Import: Madras HC Directs Swift Verification for Customs Exemption
Valuation of iron ore set aside due to inordinate delay in testing samples
ICEGATE Advisory for E-scrip to avail Export Incentive Schemes (RoSCTL, RoDTEP)
CESTAT Upholds Reassessment Order in Customs Duty Refund Case
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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