Custom Duty
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Exports of Iron Ore must be assessed on Wet Metric Tonne (WMT) basis and not on Dry Metric Tonne (DMT) basis
CESTAT Denies Concessional Customs Duty as ABS Components Were Suitable for Use in Motor Vehicles
CBIC Notifies Samrang Border Route as Connectivity With Bhutan Needed Expansion
Customs Broker Cannot Be Penalised Merely for Non-Physical Verification of Client Address
Penalty Under Section 114AA Set Aside as No False Declaration Proven: CESTAT Delhi
Customs Relief Extended Due to Strait of Hormuz Disruptions Impacting Maritime Trade
Generic PVC Fabric Description Not Misdeclaration; NIDB Value Rejection Quashed by CESTAT
No Customs Penalty on CHA Without Clear Evidence of Abetment or Mala Fide Intent CESTAT Chennai
IGST Assessment Falls Within Customs Jurisdiction: Kerala HC
Automation Does Not Change Classification of Safe Deposit Lockers: CAAR Mumbai
CAAR Rejected Advance Ruling Due to Prior HC Decision on Classification Issue
CAAR Denied Advance Ruling Due to Pending Identical Issue Before HC
Advance Ruling Rejected as Warehousing Scheme Issue Falls Outside CAAR Jurisdiction
Customs Penalty Set Aside Due to Lack of Evidence Linking Broker to Fraudulent Exports
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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