Custom Duty
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Customs Tariff Values Updated for Oils, Metals & Nuts WEF 31st August, 2024
Streamlining Faceless Assessment for Importers: Chennai Customs
It is not justified to impose redemption fine equal to value of goods: CESTAT Delhi
Rejecting request for amendment of BOE without awaiting outcome of DRI investigation not justified
Goods Seized Under Section 110 as Consignee Failed to Appear or Provide Documents: Calcutta HC
Clear Float Glass is classifiable under Customs Tariff Heading 7005 1090: CESTAT Chennai
Transaction value u/s. 4 of Central Excise Act applicable on import of goods for use in industry
Circular on Automation of Customs Rules for EOUs Starting 01.09.2024
Penalty on employee of CHA not imposable for wrong availment of drawback by exporter: CESTAT Ahmedabad
Revised Duty Drawback Rates for Gold and Silver Jewelry
India Imposes Anti-Dumping Duty on CPVC from China and Korea
Streamlining of the first-time importer mapping with regards to DPD facility
CAAR Ruling: BMW India’s In-House Axle Assembly and Import Classification
CBIC Circular on ICETABs for Efficient Customs Clearance
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.
