Custom Duty
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Notification No. 16/2023-Customs (N.T.) Dated : 18th March 2023
Projectors capable of being a video projector, classifiable under 85286900
CBIC notifies Customs Exchange rate for Import & Export wef 17.03.2023
Tariff Notification No. 14/2023-Customs (N.T.) Dated: 15.03.2023
Departmental authorities need to decide on provisional release application filed u/s 110A of Customs Act, 1962
Free export allowable as minor deficiency in processing cannot make leather as not fully finished
Regulation 20 of CBLR mandates issuance & not service of notice within 90 days of receipt of offence report
Betal Nuts (Boiled Supari) classifiable under Chapter 8 of Customs Tariff Act
No independent examination of unjust enrichment aspect – CESTAT directs re-adjudication
CBIC releases technology related descriptions of Telecom equipment
Wrongful MEIS scrip availment – CBIC to take action after DGFT decision
Unjust enrichment not attracted to deposit during investigation or to pre-deposit for appeal
Bulk liquid Cargo duty payable on quantity received in shore tank
Search & seizure proceedings invalid in absence of reasons to believe: SC
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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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