Custom Duty
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Higher redemption fine and penalty imposable for repeated violation of Minimum Import Price
Importer cannot be forced to follow non-beneficial provision: CESTAT Kolkata
‘Frequency converter’ is rightly classifiable under Chapter Heading 8504
Confiscation u/s 111(m) of Customs Act invocable only upon material particulars being misdeclared
Valuation of Fuel & Diesel Oil for Coastal Vessel Runs using ‘Residual Method
Voluntary payment of differential duty doesn’t confirm acceptance of undervaluation
Customs broker cannot be held liable for violation of post import condition by importer
Customs Notification 62/2023: Exemption of Export Duty on Onions
CBIC Rescinds Notification No. 48/2023 of 40% Export Duty on Onions
Revision of All Industry Rates (AIRs) of Duty Drawback-reg
Customs Duty Drawback: Revised Rates and Implications
Corrigendum-II dated 26.10.2023 to notification No. 33/2022-Customs (ADD)
Social Welfare Surcharge will be NIL when Basic Customs Duty is NIL
Penalty imposed on customs broker for not pointing out non-compliance in export transactions
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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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