Custom Duty
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Verify Data from Balance Sheet as SVB Findings Not Binding: CESTAT
Confiscation of immovable property without prior notice is invalid: CESTAT Mumbai
Goods imported by research institution is exempt from payment of customs duty
Absolute confiscation of smuggled gold ordered based on documentary evidences
Enhancement of imported goods invoking rule 8 of Customs Valuation Rules without any evidence is unjustified
Initiation of proceedings against Customs Broker unjustified as he is not part of mis-declaration
Revocation of customs broker licence for violating obligation under regulation 10 of CBLR, 2018 unwarranted
Confiscation & penalty justifiable due to illicit smuggling of gold without valid documents
Notification No. 75/2023-Customs (N.T.): Tariff Values for Edible Oils, Brass Scrap, Areca Nut, Gold, Silver
Extension of Export Duty on Parboiled Rice up to April 1, 2024
Common Adjudicating Authority Appointed for SCNs to M/s Ind-Aust Maritime Pvt. Ltd
Anti-dumping Duty on Imports of Flax Yarn from China PR
New Shipping Bill Check: Impact on CIF and FOB Values
Suspension of Customs Broker licence justified for facilitating fraudulent exports
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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