Custom Duty
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CBEC notifies All Industry Rates (AIR) of Duty Drawback w.e.f. 22.11.2014
Amendment to Rule 7 of Customs, Central Excise Duties & Service Tax Drawback Rules 1995
Doctrine of unjust enrichment applies to pre-deposit amount & can be substantiated by CA certificate
Penalty not warranted when importer was not having any knowledge of mis-declaration of goods
Refund of excess duty paid cannot be denied merely on the ground of non-production of original invoices
Transaction value cannot be rejected on mere doubt, without any reasonable & justifiable evidence
Notification No. 108/2014-Customs (N.T.), Dated: 14.11.2014
CBEC clarifies on Method of calculation of safeguard duty
Customs duty exemption on importation of bunker fuels used in ships/ vessels
Notification No. 107/2014-Customs (N.T.) Dated: 07.11.2014
Notification No. 106/2014-Customs (N.T.) Dated: 07.11.2014
Notification No.105/2014-Customs (N.T.) Dated: 07.11.2014
Notification No. 104/2014-Customs (N.T.) Dated: 07.11.2014
Notification No. 103/2014-Customs (N.T.)Dated: 07.11.2014
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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