Custom Duty
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Snow goggles are classifiable under residual CTH 90049090
Importer’s Value Accepted Amid Department’s Failure to Provide Documents
Dual Demand of Central Excise Duty on Raw and Finished Goods: A Flawed Approach
Imported lawn mowers classifiable under CTH 8433 1110
CESTAT reduces Redemption Fine & Penalty for imported used multifunction machines
Implementation of Supreme Court’s Pre-Import Condition Directive
Redemption fine and penalty justified as FTP condition to import Light Oil not satisfied
Onions Export Duty Set at 40% till 31st Dec 2023: Notification No. 48/2023-Customs
Amendment to Customs Tariff Act: Export Duty on Onions Imposed
Case Law on confiscation of Iron Ore Fines in account of FE Contents more than 64%
Customs Exchange Rate Notification No. 61/2023-Cus (NT) dated 17.08.2023
Enhancement of assessable value without details of relied upon contemporaneous price unjustified
Rejection of transaction value without providing details of contemporaneous import unsustainable
Gold cannot be said to be smuggled merely on the basis of its purity
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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