Custom Duty
Log in to FollowCustom Duty Meaning, Calculators, Rules, exemptions Articles Notification, Circulars, Recent Changes, Duty Drawback Rates, Custom Rates, Anti-Dumping Duty
Classification & notification applicability on import of Samsung Smart Monitors
CBI Cases: Superintendent of Customs & Companies Under Scrutiny
Sanitaryware meant for use in kitchen, toilets or bathroom falls under Chapter 74
Customs exchange rate for Turkish Lira effective from 26th August 2023
Amendment to Exemption for Certain Rice Varieties
Export Duty Levied on Parboiled Rice: Customs Update
Delay in filing appeal beyond extended period of 30 days not condonable
Customs dues do not impact the rights of secured creditors
Overvaluation Allegation: Demand rejected due to Unexamined Bank Realisation Certificate
Roasted areca/ betel nut is specifically covered under CTH 2008 19 20
Snow goggles are classifiable under residual CTH 90049090
Importer’s Value Accepted Amid Department’s Failure to Provide Documents
Dual Demand of Central Excise Duty on Raw and Finished Goods: A Flawed Approach
Imported lawn mowers classifiable under CTH 8433 1110
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.
