Custom Duty
Log in to FollowCustom Duty Meaning, Calculators, Rules, exemptions Articles Notification, Circulars, Recent Changes, Duty Drawback Rates, Custom Rates, Anti-Dumping Duty
Benefit of notification no. 4/2006-CE dated 01.03.2006 available on import of specified manganese ore
SC Dismisses Customs Appeal for huge delay in filing: Relief for Reliance Jio
Customs Exemptions for Echo Dot 4 and Echo Show 5 Among Echo Devices
CESTAT Dismisses Appeal Alleging Non-Adherence to CBEC Circular in Shipping Bill Conversion
CBIC enable gold imports by valid TRQ holders under India UAE CEPA
Anti-Dumping Duty on Industrial Laser Machines import from China
Customs Exchange Rates effective from 22nd December, 2023
Govt Extends Concessional Import Duties on Masur Dal until March 31, 2025
SC Ruling on Canon India Pvt Ltd: Section 96 of Finance Act, 2022 & subsequent Madras HC’s Decision
Soy Protein Nuggets Classifiable under HSN Code 35040091
MEMS Microphone classifiable under HS Code 85181000
ODU Controller PCB classifiable under HSN Code 84159000: CAAR
ViewSonic Interactive Flat Panel (All-in-one computer system) classifiable under HS Code 84714190
YubiKey manufactured by Yubico AB classifiable under HS Code 84718000
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.
