Custom Duty
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Import benefit extended to DLP data projectors with video port as classified under CTH 8528 6100: CESTAT Bangalore
Penalty u/s. 114 imposable on custom broker and intermediary for not fulfilling KYC requirement: CESTAT Kolkata
Price cannot be enhanced merely on the basis of DGOV circular: CESTAT Ahmedabad
CBIC Extends Countervailing Duty on Copper Wire Rod Imports
Classification of Furniture/Display Cases Imported from Singapore in CKD/SKD Condition
Differential duty demand confirmed as brush cutter mis-declared as power operated reapers: CESTAT Bangalore
Notification granting SAD exemption doesn’t require declaration of MRP in Bill of Entry: CESTAT Bangalore
Wood roughly squared & not further manufactured classifiable under heading 4403.99: CESTAT Ahmedabad
Amendment of Customs Notifications to Align HS Codes | Effective Oct 2024
Tariff Values Updated for Oils, Gold, Silver & Nuts WEF 1st October 2024
Classification Dispute: Bombay HC set-aside Customs Order on Centrifuges Import
Oil in Bunker Tanks is Part of Ship for Customs Duty: CESTAT Ahmedabad
Digitization of Customs Bonded Warehouse Procedures: Licensing, Bond-to-Bond Movement & Monthly Returns
Rejection of refund claim on procedural ground invalidated: CESTAT Mumbai
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.
