Custom Duty
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CESTAT Set Asides Confiscation of Gold Biscuits for Lack of Illegal Smuggling evidence
Declared value cannot be rejected solely based on NIDB data: CESTAT Chennai
Service Tax Obligation for Map Making Sub-Contract Work: October 2007 to March 2008
Smart Watch is classifiable under 8517 6290 and not under 9102 1900
Customs Exchange Rates effective from 8th December, 2023
CBIC exempts imports of Yellow Peas from BCD & AIDC up to 31.03.2024
Denial of benefit of project import regulations and concessional rate unjustified
Most appropriate classification of canned pineapple slices is CTH 0804
CESTAT accepts Bona fide Request request for provisional release of goods
CESTAT Chennai Allows Provisional Release of goods u/s 110A of Customs Act
Demand invoking extended period unsustainable without proving willful mis-statement or suppression
License Revocation Unjustified: No Evidence of Customs Broker’s Misdeclaration Awareness
CESTAT Imposes Penalty on Commissioner for Non-Compliance
CESTAT Chennai Grants Relief to Hyundai Motors in Customs Duty Dispute
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.
