Custom Duty
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Implementation of Advance Authorisation Scheme under FTP, 2023
Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2023
Courier Imports and Exports (Clearance) Amendment Regulations, 2023
Customs- FA 2023 commencement dates of Section 135 & 128 to 131
Customs notification giving effect to 2nd tranche of India UAE CEPA
Tariff Notification No. 20/2023- Customs (N.T.) Dated-31.03.2023
Notification to give effect to 3rd tranche of India Mauritius CECPA
Mis-declaration of goods not sustained as goods deposited in bonded warehouse for re-export and shipping bills filed
Customs duty exemption on drugs & Food for personal use for treatment of Rare Diseases
Benefit of exemption notification no. 06/2006-CE dated 01.03.2006 available to tubular tower
Acceptance of e-COO issued under India-Japan CEPA
Amendment of Notification 19 of 2022 Customs NT dated 30.03.2022
Notification to exempt deposits into ECL till 30th April 2023
Appeal stands abated on death of the appellant: CESTAT
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.
