Custom Duty
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Customs IGST on Petroleum Goods Raised to 18%
OTR Mining Tyres Classifiable Under HS Code 4011 80 00: CAAR Mumbai
Corn Silk Extract Falls Under 1302, Gets Duty Exemption: CAAR Mumbai
Agatti Island Notified as Customs Port in Lakshadweep
Customs Notification Adds Defense Items to Exemptions
Depreciation on EOU Capital Goods Allowed Only Till Debonding, Not Duty Payment: CESTAT
Import exemption cannot be denied when DGFT licence was valid at time of import but cancelled later
Delhi HC Directs Customs to Set Up Passenger Grievance Counters at IGI Airport
Delhi HC Sets Aside Penalty on Teen Taekwondo Player in Gold Smuggling Case
Gauhati HC Grants Anticipatory Bail in DRI Cigarette Seizure Case to Vehicle Owner
Bombay HC Allows Accused to Travel Despite Customs Prosecution
HC Allows Appellate Remedy in Case of Seizure of Perishable Meat Goods
CESTAT Mumbai Reduces Customs Penalty/Fine from Rs. 19.5 Lakh to Rs. 16,582
Madras HC condones delay in filing Customs appeal due to employee illness
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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