Custom Duty
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Confiscation Restored as No One Claimed Rights Over Seized Foreign-Origin Gold: Delhi HC
250 gm Gold Bar Confiscation Upheld for Green Channel Misuse: Delhi HC
Worn Rolex Watch Held as Personal Effect, Customs Detention Set Aside
CVD Liability on Wind Turbine Castings Clarified by CESTAT Chennai
Imported items being classified as parts of router fall under CTI 8517 70 90
DFCE Duty-Free Import of Gold & Silver Bars Valid: SC Rejects Alleged Circular Trading & Fraud
CESTAT rejected duty demands as no evidence of circular trading or overvaluation found
Order suspending customs broker license quashed as timelines not adhered by revenue authorities
Customs Classification Must Follow Tariff Description, Not End Use: SC
CBIC Extends Anti-Dumping Duty on Normal Butanol Imports from Key Countries
Waiver of pre-deposit u/s. 129E under Customs Act not granted in absence of financial distress
CKD Air Conditioners Classified as Complete Units When Imported Together: CAAR Delhi
Onyx Embolization Liquid System classifiable under CTH 9021: CAAR Delhi
Annuloplasty Ring Classified as Residual Medical Implant as It Does Not Replace Body Part
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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