Custom Duty
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New Forex Rates from 4th August 2023: CBIC Notification 57/2023
No interest or penalty on late payment of surcharge, CVD, SAD & IGST: Bombay HC
Expansion of Auto LEO Facility in ECCS – Circular 19/2023-Customs
CVD Exemption under Notification No. 30/2004-CE Valid for Trader not Availing CENVAT Credit
Refund sanctioned after due verification cannot be withhold on Vague allegations
CESTAT Quashes Penalty for Ship Chandler’s Revocation: Non-Violation of Customs Act, Section 89
Conversion of Shipping Bills cannot be denied for non-examination of goods
Uncorroborated Statements: No Basis for CHA License Revocation
Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold & Silver amended wef 01.08.2023
CESTAT Chennai: External Hard Disc Drives Eligible for Customs Duty Exemption
Equipment on board cannot be treated as independent of barge without evidence
CESTAT Ahmedabad Reduces Bank Guarantee for Provisional Release Based on Precedent
Service Tax Exempt on Gujarat State Police Housing Corporation’s Residential Complex
Anti-Dumping Duty Not Applicable to Import of Used Machinery: CESTAT Chennai
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.
