Custom Duty
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Royalty For Technical Know-How was not ‘condition of sale’ even if included in value of Imported Goods
Export of Ladies Garments to Dubai Under Russian Contract Qualifies as Export for Drawback
Customs Assessment Cannot Rely on Unverified CPU Data: CESTAT Delhi
Penalty under Section 117 Unsustainable Without Customs Violation
No penalty u/s 114 &114AA as mere procedural lapse was not penal offence in excess customs duty drawback claim
Orissa HC Grants Interest on 14-Year-Delayed Customs Refund, Caps Rate at 6%
Allahabad HC Quashes 2005 Excise Notice as Time-Barred & Without Jurisdiction
CESTAT Ahmedabad Remands Case on Duty Exemption for Clinical Trial Drugs
Customs Appeal Rejected: Orissa HC Confirms WMT Method for Iron Ore Duty
Delhi HC Orders Release of Seized Gold for Foreign Nationals on Payment of Redemption Fine
Delhi HC Condones Delay in Filing Customs Appeal Due to Change of Counsel
IGST Demand from Pre-Import Breach Not Liable for Penalty: CESTAT Mumbai
Delhi HC Allows Hearing on Seized Gold Chains, Directs Customs to Consider Duty Payment
Delhi HC Quashes Gold Detention for Lack of Show Cause Notice and Hearing
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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