Custom Duty
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Delhi HC Directs Release of B.C. Sanyal Artwork on Ad-Hoc Duty Deposit
Madras HC Directs Passport Renewal Despite Customs Pending Criminal Case
DEPB scrips issued by DGFT cannot be held void by DRI: CESTAT Delhi
Delhi HC: No CESTAT Appeal Without Pre-Deposit, Waiver Denied
SC on Customs Duty Evasion Case: Compliance of Section 138C(4) Key Factor
Geophysical Seismic Survey Equipment Classifiable Under CTH 9015 80 30: CAAR Mumbai
Appeal Limitation Starts from Speaking Order, Not Assessment Date: CESTAT Mumbai
Liability of customs duty on preloaded software on imported navigation devices
Failure to oversee clearance of re-export goods in domestic market is violation on part of Customs Broker
Customs Refund Applications to be Fully Automated
Customs authority cannot question discharge of export obligation given by DGFT under EPCG License
No Penalty on Broker Despite Exporter’s Fake Address, Due Diligence Proven
Revocation of Customs Broker License set aside in absence of any violation of regulation of CBLR, 2018
SC Restores High Court Appeals on Customs Duty Exemption Violations
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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