Custom Duty
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Country of Origin Certificate not required to be submitted if Bill of Entry contains country of Origin
Display assembly/module merit classification under Sub-heading 85249100
Video projector classifiable under headings 85286900
Classification for Import of Dump Trucks for off-highway use in CKD form for exemption
CAAR allows TPuS method for goods to be imported from related party suppliers
Late fee on filing new Bill of Entry as old Bill of Entry got purged is unsustainable
Fraudulent import of old cars as new cars- Cestat Reduces penalty to 10%
CESTAT Allows Plea for Change of Classification in Globus Infocomm Case
Value should firstly be determined as per value of contemporaneous imports of identical goods
Office memorandum set aside for reconsideration of recommendation for imposition of anti-dumping duty
Instruction regarding Consolidated list of animal feed additives/premix/ supplements for Import into India-reg
Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2022
ADD on Jute Products originating in or exported from Nepal & Bangladesh (SSR)
Tariff Notification No. 113/2022-Customs (N.T.) Dated: 30th December, 2022
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.
