Custom Duty
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Independent laboratory test directed to decide levy of Anti-dumping duty on imported goods
Advisory for faster assessment & clearance of goods in Faceless Assessment
Rectifiable labelling information for imported food consignments
Jacket with video/audio recording facility for use by vessel Boarding Officer
SAD exemption under notification no. 21/2012-Cus not available on import of parts of articles of jewellery
Bail granted as value of gold biscuits/ bullions is less than Rs. One Crore
HC upheld penalty for illegal export of Red Sandalwood/Red Sanders
Customs valuation of imported goods for trading activity
Dried Black Currant classifiable under HS code 08062010
CBIC reduces BCD on Tur Whole to Nil
CBIC discontinue specified TRQ rate after 31st March 2023
Requirement of Health Certificate to be accompanied with import of food consignments deffered
Interest u/s 61(2)(i) of Customs Act, 1962 unsustainable as SCN time barred
Duty demand unsustainable in Clandestine Clearance without Physical Movement/Diversion
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.
