Custom Duty
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Mis-classification of Imported Goods- HC permits re-export of good on Furnishing of Bank Guarantee
Setting up of CRU at central location, and CRU Email address for each Commissionerate of Mumbai Customs Zone-II
Specially Distinguished Record of Service Medal to 29 CBIC Officers
Anti-dumping Duty on Import of ‘Axles for Trailers’ from China
CBIC rescinds Notification levying ADD on PVC Flex Films
I-MAS POS consisting of Nickle/Cobalt Hydroxide, Graphite & moisture classifiable under CTH 28254000
Extortion of money in the names of Customs Officers
CBIC Notifies Rate of Exchange of Foreign Currencies wef 21.01.2022
Imported Base Oil can be used as HSD or Automotive fuel in internal Combustion Engines: HC
Evans Consoles merit classification under heading 8537
Classification of GPON ONT (Gigabit Passive Optical Networks Optical Network Termination))
Alignment of AEO Circulars with CAROTAR, 2020 – Reg
Classification by taxpayers is correct or not becomes immaterial if classification proposed by Revenue is incorrect
CBIC exempts BCD & IGST on goods imported for AFC Women’s Asian Cup India
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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