Custom Duty
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General spray purpose Aaerosol valves merits classification under heading 8424
IGST on import of footwear having a sale value not exceeding Rs.1000 per pair
CAAR Mumbai rejects application on the ground of non-prosecution
Audio Receiver/Transceiver & Amplifier merit classification under sub-heading 85176290
All about Customs Authority for Advance Rulings (CAAR)
Goods pilfered after order of clearance by Custom Officer not the responsibility of Custodian
CBIC instruction on Submission of Intimation of Arrest Report under Customs
CESTAT ask registry to adhere to SC direction on period of limitation
Conclusion based on test report cannot be applied to earlier cleared consignments and and case to be dropped where classification proposed by Revenue is incorrect
Anti dumping duty on ‘ceramic tableware & glassware extended
ADD on import of Jute products import from Bangladesh & Nepal extended
RoDTEP Scheme Issues & Suggestions
RoDTEP Scheme w.e.f. 01.01.2021
RoSCTL Scheme on export of apparel/garments/made-ups w.e.f. 01.01.2021
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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