Custom Duty
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Seizure Memo of DRI devoid of reasons liable to be Quashed & Set Aside
Portable Solar Home Electric Light – HANS 300 & HANS 150 are solar power based device
Goods imported in violation of ITC(HS) Import policy and also undervalued are liable to confiscation
Applicability of amended Plastic Waste Management Rules, 2016 on imported goods
Amendment in Circular No. 26/2016-Customs dated 09.06.2016
CBIC amends details of ex-bond Bill of Entry / Shipping Bill in Form A
Pre-deposit mandatory under section 129E of the Customs Act in gold smuggled case
Notice for revocation of customs broker license issued beyond 90 days of offence report is unsustainable
Penalty u/s 112 against steamer agent unsustainable as relevant confiscation and duty liability set aside
Redemption of prohibited goods in lieu of absolute confiscation granted as policy was amendment at shipment time
JNCH Special Drive for finalization of pending Provisional Assessment
Refund u/s 42(1) of DVAT Act cannot automatically be allowed for failure of OHA to pass an order
Air transport services to public at large on payment of published tariff not includible in non-scheduled (passenger) services
Interest free advance by foreign exporter for expansion not includible in value of goods supplied to India
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.
