In a notable ruling relating to the Customs Act of 1962, the Supreme Court on Tuesday (July 23) held that the importer would be liable to pay customs duty in addition to fines and other charges upon redeeming the confiscated goods.The Court considered the following questions :i) Whether there is a liability to pay customs duty when the confiscated goods are redeemed after payment of fine…
‘Customs Duty’ refers to the tax imposed on the goods when they are transported across the international borders. The objective behind levying customs duty is to safeguard each nation’s economy, jobs, environment, residents, etc., by regulating the movement of goods, especially prohibited and restrictive goods, in and out of any country.
Every good has a predefined rate of duty that is determined based on various factors, including where such good was acquired, where such goods were made, and what these goods is made of. Also, anything that you bring into India for the first time should be declared as per the customs rules. For instance, you need to declare the items purchased in a foreign country and any gifts which you acquire outside India.
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