Customs duty is a type of indirect tax that is levied on all the goods that are imported to the country as well as some goods exported from the country. The duty levied on the former is referred to as import duty while that on the latter is referred to as the export duty. To simplify it, any tariff that is introduced on goods across national borders is referred to as custom duty.
The duty levied depends on the value of the goods, its dimensions and weight along with a lot of other criteria. While value-based duties are called Ad- valorem duties, quantity-based duties are called specific duties.
Custom Duty in the country falls under the Customs Act, 1962. As per this act, the government levies duties on both import and export of goods along with their procedures, prohibitions, penalties etc. Matters pertaining to this duty fall under the CBEC (Central Board of Excise and Customs), a division of the Department of Revenue of the Ministry of Finance.
The Firm advises on various significant issues like Classification of goods under Customs Tariff; Valuation under Customs Valuation Rules; Eligibility of various exemption benefits; Rebate claim of Customs Duty; Duty Drawback matters; Levy of Anti-dumping and Safeguard Duty; Duty Entitlement Pass Book (DEPB) Scheme; Foreign Exchange Management (FEMA); and Import Compliance Procedure; SVB matters; drafting suitable replies to the notices and show cause notices issued by DRI, Customs, SIIB branch; appeals before appellate authorities, appeals before appellate authorities, writs and SLP before High Courts and Supreme court of India; appearance up to the level of Supreme court; legal opinion on specific issues/ transactions and allied Customs work.
