Custom Duty
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Advisory for faster assessment and clearance of Imported goods in Faceless Assessment
Anti-Dumping Duty Imposed on Vietnamese Steel Imports
Promotional & Management Service Fees Not Part of Customs valuation: CESTAT Delhi
FOB Value was protected by privity of contract and couldn’t be modified by stranger
Madras HC Orders Customs Authority to Complete Pending Gold Seizure Case
Proforma Invoices Can’t Replace Negotiated Commercial Invoices: CESTAT Delhi
No Circular Trading in Diamond & Gold Exports: CESTAT Dismisses Revenue Appeal
Wi-Fi Extenders Using MIMO Technology Eligible for Custom Duty Exemption: SC
Transaction Value Can’t Be Rejected Without Specific Doubt: CESTAT Quashes 44 Duty Demands
Trampolines and Tag Arenas Eligible for ASEAN Duty: CESTAT Bangalore
CESTAT Quashes Customs Demand for Failure to Issue Mandatory Section 28(6) Notice
Delhi HC Slam Customs for Illegal Disposal of Seized Gold & Withholding Refund
CESTAT Upholds Redemption Fine for Import of Yogurt Milk Drinks via Unauthorized Port
Customs Instructions Sync ITC (HS) Import Policy with Finance Act
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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