Custom Duty
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Madras HC Quashes Customs Prosecution After DRI Allegations Found False
Patna HC Quashes Customs Betel Nuts Seizure Memo for Lack of Recorded Reasons
Illegal Red Sanders Export: Delhi HC Upholds ₹10 Lakh Freight Forwarder Fine
Conflicting Lab Reports: Madras HC Orders Provisional Release of Imported Roasted Areca Nuts
Penalty for Importer Fraud on Custom Broker: Madras HC Waives Deposit
Delhi High Court to Review CESTAT’s Jurisdiction on Anti-Dumping Duty Notifications
Single Rolex Watch For Personal Use Not ‘Commercial Quantity’: Delhi HC
Delhi HC Directs Expedited Adjudication of Customs SCN for Imported Gas Lighter Parts
No concessional rate benefit on import of rectangular shape gold bars as serial numbers not engraved
CAAR Rules on Classification of Ultrasonic Parking Sensors under Customs Tariff
Inquiry report under Regulation 17 quashed as submitted beyond 90 days
Provisional Release conditions for imported fabric was modified and substituted Rs. 22 Lakh of Bank Guarantee with Bond
Penalty u/s. 117 of Customs Act imposed on courier agency for lack of due diligence
Only DGFT empowered to cancel or suspend MEIS certificate
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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