Custom Duty
Log in to FollowCustom Duty Meaning, Calculators, Rules, exemptions Articles Notification, Circulars, Recent Changes, Duty Drawback Rates, Custom Rates, Anti-Dumping Duty
CBIC Norms for Cost Recovery Charges Exemption at AFS
CCAR Ruling: Exemption Benefit for Imported Off-Highway Equipment Turbochargers
CAAR Ruling: Applicability of Duty Rates for X-Ray Tube & Spare Parts
Revocation of Customs Broker Licence unjustified without active or passive facilitation in mis-declaration/ undervaluation
Non-allowance to cross-examination person whose statement is relied upon makes entire adjudication proceedings bad
Allegation of undervaluation of imported goods based on retracted statements unsustainable
Commissioner (A) cannot change product classification without affording opportunity
Smuggling of contraband gold from third country of origin liable to absolute confiscation
CESTAT Bangalore allows refund of Additional duty paid on Timber Import
HC quashed order denying Duty Drawback without considering uploaded BRS
Attachment of bank account and detention of goods without duty demand unjustified
Linear Accelerator merit classification under Heading 9022: CAAR Mumbai
Foil Balloons Made of Nylon/HDPE for Party Decoration – Classification under 9505.9090
Lenovo’s Interactive Large Format Displays merit classification under sub-heading 84714190
Latest Custom Duty News
Read all the headlines and latest custom duty news, updates and announcements regarding Customs Act, changes in custom duty rates and custom duty challans only at Taxguru.com
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.
