Custom Duty
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Circular Cannot Introduce New Exemption Conditions: CESTAT Kolkata
Rejection of declared value based on NIDB data on similar goods unsustainable
Gross Negligence, Not Collusion: CESTAT Hyderabad Reduces Penalty
Revised All Industry Rates of Duty Drawback from 30th October, 2023
Transaction value will be assessable value when buyer and seller are unrelated and price is sole consideration
Rendering decision on goods that are yet to be provisionally assessed is premature intervention
Customs Exchange Rates effective from 20th October, 2023
Notification No. 50/2017-cus Benefit cannot be denied for Goods Used in Loan Licensee’s Factory
Imposition of anti-dumping duty on import of Mono Ethylene Glycol based on selective examination unjustified
Amendments to GST Rates on Goods: Notification No. 60/2023-Customs
CESTAT Emphasizes Caution in Disciplining Customs Brokers
Circular cannot impose new condition and restrict scope of exemption notification
Confiscation of 1942 Vintage Plate Leveler Lacks Legal Basis under Customs Act, 1962
Verify Data from Balance Sheet as SVB Findings Not Binding: CESTAT
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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