Custom Duty
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Provisional Collection of Taxes Bill, 2023
CESTAT quashes Order Denying Concessional Duty Rate under Preferential Trade Agreement
Once NCLT approves resolution plan, the appeal before CESTAT abates
Veterinary Health Certificate for Import of Milk and Milk Products into India
BIS Registration and Sampling Mandate for Import Goods
Confiscation of silver jewellary alleging to be smuggled without any evidence unsustainable
Penalty duly imposed on customs broker for not being proactive for fulfilling its obligations
Re-determination of value resorting to rule 7 of Customs Valuation Rule justified
Revocation of customs broker license upheld for facilitating fraudulent exports
Steel balls classifiable under Chapter Heading 8482
Security Deposit Forfeiture justified for Customs Broker’s Failure to Proactively Fulfill Obligations
Revocation of customs broker license unjustified as suspension for two years enough
No customs duty demand on import of Antique Finished Rifles without verifying FSL Report
Procedural Lapse Shouldn’t Hinder Customs Duty Benefit: CESTAT Kolkata
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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