Custom Duty
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CBIC revises effective duty for certain products wef 6th September, 2023
Conversion of shipping bills from drawback to DEPB Scheme Allowable
Dismissal of appeal by Tribunal without hearing matter on merits unjustified
Extended Amnesty Scheme for Export Defaults by Advance & EPCG Holders
Customs Duty Amendments for Textile Machinery Exemptions
Penalty u/s 114 imposable on CHA who abetted or facilitated illegal attempted export of prohibited goods
In-bond manufacturing scheme under Customs – A hidden Gem
Filing of refund claim u/s 27 after one year of date of excess duty payment is barred by limitation
CESTAT upholds redemption fine & penalty on Restricted Second-Hand Goods ETL Liners Import
Merely based on bill of landing origination of goods cannot be inferred
Section 128(1) of Customs Act, allows appeals against communication denying DFIA exemption
Penalty u/s 114AA leviable on person who causes to have made, signed or used any false declaration or fraudulent document
Union Home Minister’s Special Operation Medal
Sending order without ‘registered post with acknowledgement due’ is invalid service of order
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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