Custom Duty
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Import of urea through STC, MMTC and Indian Potash Limited is permissible as per ITC (HS) Policy 2009-2015
Goods released as department failed to prove the smuggled nature of goods
HC dismisses revenue Appeal against CAAR ruling in Amazon case for delay in filing
Method of computation of transaction value of export of goods shall be as per Custom Valuation Rules
Classification of to be imported Rolls Made of Polyester, Taffeta, Satin Etc.
Classification of projectors designed for use with automatic data processing machine
Integrated Desktop Computer cannot be classified as ‘portable device’
Security/ bank guarantee necessary for provisional release of confiscated goods before adjudication
When statutory appeal is provided, then said remedy has to be availed
CBIC notifies Customs Exchange rate for Import & Export wef 20.01.2023
Goods liable for confiscation can be released on payment of redemption fine
Re-import of rejected goods treatable as free import as identity and genuineness of export established
Penalty not imposable for Non-obtainment of NOC from Drug Inspector for free to export Drugs
SC order whether ADP can be said to be portable or not so as to attract a particular entry for levy of customs duty
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.
