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 explains aspects of Foreign Trade Policy, 2023 & Handbook of Procedures
CBIC amends Australia FTA notification to change tariff preference of Coking Coal & Raw Cotton
Notification No. 38/2023-Customs (N.T.), Dated : 23.05.2023
Revocation of Customs Broker License sustained as violation of CBLR proved
Indian Customs EDI System – Electronic Cash Ledger – Queries & Clarifications
Rejection of declared value without examining contemporaneous NIDB data is unsustainable
Declared value rejectable whenever significantly higher value of identical goods noticed
Requirement of EPR registration certificate for import of battery as well as equipment containing battery
Notification No. 37/2023-Customs (N.T.)| Dated: 18th May, 2023
CBIC notifies Customs Exchange rate for Import & Export wef 19.05.2023
CHA cannot be expected to detect fraudulent exporter as bank officials despite verification failed to detect it
Reg. Release of Imported Consignments under E-Waste (Management) Rules, 2022
Amnesty for default in export obligation – Exporter should be registered with DGFT
CBIC notifies Land Customs Stations and routes in Anandpara (India)
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.
