Custom Duty
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No Penal Action for Bonafide Mistake on EPCG License: CESTAT Kolkata
CESTAT Upholds Order in Favor of Assessee for Failure of dept in Submitting Date of Communication
Appeal dismissed as time barred as no evidence of exact date of receipt of OIO by reviewing authority
Digitization of AEO Programme for Ease of Doing Business: Submission of AEO Applications Goes Online
CBIC notifies Exchange rate of ‘South African Rand’ for Import & Export wef 13.06.2023
Interactive Display System (View Board) falls under Heading 8471: CAAR
LED Socket Plug Assembly merit classification under Heading 8512: CAAR
CAAR rejects application on the ground of lack of jurisdiction
Customs: Section 112(a) Penalty on overseas supplier imposable as offences committed within Indian territory
CESTAT allows Interest on Auction Sale Proceeds from Date of Receipt of Amount by Customs Department till Date of Disbursal
Initial burden to show that seized betel nuts are of foreign origin lies upon revenue
Export duty @5% on FOB payable as beneficiation undertaken to make sand into upgraded Ilmenite
Claim of wrong supply by supplier merely supported by unauthenticated e-mails is unacceptable
Duty element treated as expenditure and not as receivables hence hit by doctrine of unjust enrichment
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.
