Customs Duty
Levy of Customs Duty
The 'charging section' of the Customs Act, 1962 is section 12 which provides for levy of duty on imports as well as on exports at the rates which are prescribed under the Customs Tariff Act, 1975 read along with the relevant exemption notification. The taxable event to attract customs duty is import into or export from India. The export duties are applicable to a handful of commodities. In the case of Apar India Ltd., the Hon'ble Supreme Court has held that rate of duty will be the rate prevailing on the date of filing of bill of entry under section 46 or granting permission for entry inwards whichever is later."
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