Custom Duty
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Customs Duty: Section 114A Prescribes Penalty Equivalent to Duty or Interest, as Applicable
Exclude Transportation Cost from Remnant ATF in Assessable Value: CESTAT
ABB Limited’s Static Convertors Classifiable Under 8504: CESTAT Bangalore
CESTAT Upholds Nil BCD on ‘Bakery Shortening’ Classification
Delhi HC sets aside Circular curbing adjudicating authority’s discretion
CESTAT Clears Customs Broker of License Revocation in Absence of Mala Fide & Wilful Misrepresentation
CESTAT Revokes Courier License for Intentional Fraud
India-Hong Kong TBML Crackdown: 4 Held in Diamond Trade Scheme
Provisional Collection of Taxes Act, 2023
Amendment in Anti-Dumping Duty on Electrogalvanized Steel Imports
Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold & Silver wef 30.12.2023
Notification No. 68/2023-Customs, Dated: 29th December, 2023
Notification No. 67/2023-Customs Dated: 29th December, 2023
Conditional release of seized Gold and Gold Items inspite of Customs Appeals by Revenue
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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