Custom Duty
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Calcutta HC Directs Customs to Compensate Seized Goods Value
CESTAT having lack of jurisdiction on appeals against Orders of Commissioner (Appeals) on Duty Drawback; refund order was quashed
Mis-Declaration of Maida as Wheat for MEIS Benefit: CESTAT Upholds conditions for release of Seized Export Goods
Anti-dumping duty leviable on reflective glass imported from China
Third Country Invoicing: CAAR ruling on Tripartite Systems & Origin Criteria Under Rules of Origin
Bombay HC directs customs authorities to issue detention charges waiver certificate
Govt imposes Anti-dumping Duty on Chinese Wheel Loaders
CESTAT Remands matter of Redemption Fine on Titanium Powder Re-Export
India Imposes 5-Year Anti-Dumping Duty on Gypsum Tiles from China PR & Oman
Smartra immobiliser a Vehicle Theft Prevention Security Device classifiable under CTH 8708
Advance ruling is binding on authorities in absence of any change in law/ facts
Custom Department’s action in selling gold during pendency of appeal is illegal
CESTAT Ahmedabad Grants Duty Remission to ONGC Petro After SEZ Fire
Benefit of notification no. 4/2006-CE dated 01.03.2006 available on import of specified manganese ore
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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