Custom Duty
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CBIC imposes CVD on imports of Saturated Fatty Alcohols of Carbon Chain
CBIC notifies Customs Exchange rate for Import & Export wef 5.5.2023
CESTAT upheld dismissal of time barred appeal against sanction of SAD Refund
Customs broker not obliged to do physical address verification of exporter
Section 112(b)(ii) of Customs Act – Mens rea important for imposing penalty
Good cannot be treated as smuggled Merely for foreign origin of goods
CHA Licence cannot be revoked if No Explicit Findings that CHA Abetted in Contravening Customs Act Provisions
In case of port shift custom duty already paid at earlier port needs to be refunded
Goods seized for Undervaluation – CESTAT relaxes conditions for release
Acceptance of Electronic Certificate of Origin issued under India-Sri Lanka FTA
Changes introduced vide Finance Act 2023 in Customs Tariff w.e.f. 01.05.2023
CBIC amends 17 Custom notifications to align HS Codes w.e.f. 01.05.2023
CBIC amends notification No. 50/2017-Customs to align HS Codes w.e.f. 01.05.2023
CBIC amends 3 Custom notifications to align HS Codes w.e.f. 01.05.2023
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.
