Custom Duty
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Settlement order brings entire dispute to an end including co-noticee
CBIC Amends notification no. 48/2022–Customs (N.T.), dated 31.05.2022
CBIC Amends notification no. 47/2022–Customs (N.T.), dated 31.05.2022
Extension of Requirement of Health Certificate accompanied with import of food consignments-reg
Integration of ICEGATE with AQCS-ICS effective 01.12.2022
ADD on Cast Aluminum Alloy Wheels or Alloy Road Wheels used in motor vehicles
Custom Broker License cannot be revoked if genuineness of exporters have been established
Clarification on import of goods in setting up of Solar Power Plant under PIR, 1986
Re-examining the issuing authority unnecessary as duty demand not contested
Once application for SEZ LOP is accepted, unit attains SEZ status and entitled for exemption u/s 26 of SEZ Act
Data Centre Switch Router models lassifiable under sub-heading 85176290
Data Center Switch models capable to be used as carrier ethernet switches classifiable under sub-heading 85176290
Mould Base merit classification under Sub-heading 84807900
Classification of Laser Jet Printer should be based on its primary function
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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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