Custom Duty
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CBIC Extends CVD on Copper Wire from 4 Indonesia, Malaysia, Thailand & Vietnam
Advance authorization benefits available on import of decalcified fish scale
Customs to Verify Plastic Importers on EPR Portal
Penalty on customs broker justified for failure to intimate department about mis-declaration
Royalty payment not includible in assessable value as not connected with sale condition
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Testing of moisture and ash content must for classification of roasted areca nuts: Matter remitted
Confiscation of crude gold bar justified as burden of proof u/s. 123 of Customs Act not discharged
India Restricts Bangladesh Imports to Nhava Sheva Seaport
Notification 153/93-Cus benefit on import prior to CMDA approval granted as other substantial conditions satisfied
GSM, LTE, NR, NB-IoT & GPS Modules falls Under CTH 8517 as Communication Apparatus: CAAR
IGST 5% on Marine Engines & Parts for Fishing Vessels: CAAR
Apple HomePod Customs Classification Upheld by CAAR
Penalty u/s. 114AB of Customs Act merely based on statement u/s. 108 cannot be sustained
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.
Get all the latest custom duty news and updates here at Taxguru. We offer a cohesive and detailed analysis of the relevant updates and announcements related to custom duties. We keep our site updated with all the latest updates, announcements and news on custom duty. Get to know about all the changes and updates to the custom duty challan and other such specific details.
