Custom Duty
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Proceedings for confiscation & penalty not sustainable once duty demand dropped
Proceedings for confiscation & penalty cannot sustain if duty demand fails
Customs duty already discharged cannot be re-collected from new purchaser
Revocation of customs broker’s license on non-production of KYC documents of exporter is valid
CBIC notifies Rate of Exchange of Turkish Lira wef 26.11.2021
CBIC Notifies Rate of Exchange of Foreign Currencies wef 25.11.2021
CBIC instruction on Import of teas from Nepal as Darjeeling Tea
Regarding extension of validity of NOC for Bottled Alcoholic Beverages
Boiled/flavored/unflavored Supari classifiable under heading 0802
Smart plugs classifiable under sub-heading 85371000
Networking Device classifiable under sub-heading 85176290
CAAR ruling on classification of networking device & passive antennas
Unpreserved & Unprocessed dried Pumpkin Seeds kernels classifiable under CTH 12129990
Optoma X400LVe projectors classifiable under sub-heading 85286200
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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