Custom Duty
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Acceptance of e-COO issued under India-Japan CEPA
Amendment of Notification 19 of 2022 Customs NT dated 30.03.2022
Notification to exempt deposits into ECL till 30th April 2023
Appeal stands abated on death of the appellant: CESTAT
CESTAT deletes penalty as same was imposed without specifying reason
Benefit of NIL duty rate as per notification no. 21/2002-CUS duly available to Cutter Suction Dredger
Phased Implementation of Electronic Cash Ledger in Customs w.e.f 01.04.2023
SC ruling on classification disputes on LCD panels
Separate registration in respect of First time import & export at JNCH
Heading covering specific description is to be preferred over heading covering general description
Launch of Exchange Rate Automation Module (ERAM) – Suggestions invited
Health cess exemption on import of goods for use in manufacture of X-ray machines
BCD exemption on import of specific textile machineries parts & raw material
Issue of mandatory pre-consultation before Issue of SCN: Bombay HC stays SCN
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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