Custom Duty
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CBIC appoint officers at the level of Commissioner of Customs and below till AC/DC for zones
Exemption from IGST & Compensation Cess on goods imported against AA/EPCG authorizations extended
Exemption from IGST & Compensation Cess to EOUs on imports extended till 30.06.2022
Notification No. 17/2022-Customs Dated: 31.03.2022
Changes in Customs Act vide Sections 86, 87, 88 & 94 of Finance Act, 2022
Chapter VIIA of Finance Act, 2018 applicable from 01.06.2022
Preparation of fake TR-6 challans of Custom Duty Payment- CESTAT upheld Penalties
Customs (Electronic Cash Ledger) Regulations 2022
Exemption of deposits under Section 51A of Customs Act, 1962
DRI seized 14 crore sticks of cigarettes in current financial year
Prices of transacted goods can be determined only on transaction date
Customs Broker cannot use IEC of others without their knowledge for import by his client
Small mismatch in case of large variety of goods cannot be treated as deliberate
No unjust enrichment if Appellant borne the incidence of SAD & not passed the same to customers
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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