Custom Duty
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Govt withdrawn BCD exemption on Anthracite and PCI Coal, Coke & Semi coke & ferronickel
Govt withdrawn export duty on iron ore & steel products
Rejection of transaction value without evidence proving reason influencing price is unjustified
Suspension of Custom Broker License lifted on lapse of significant time
Pre-Shipment Inspection Certificate is to be furnished at the Time of Clearance of Goods by Importer
Customs: Confiscation of goods & penalty not valid if based on mere Adduced statement
Advisory for launch of ICEGATE 2.0
CBIC notifies Customs Exchange rate for Import & Export wef 18.11.2022
Notification No. 57/2022-Customs, Dated: 17.11.2022
Concessional duty benefit under Project Import Regulations under CTH 9801
Gas lift/Gas spring merits classification under sub-heading 9401 9900
Rough/semi-finished castings merit classification under Heading 8477
If classification proposed by Revenue is incorrect, than classification declared by appellants cannot be disturbed
Tariff Notification No. 96/2022-Customs (N.T.) Dated: 15th November, 2022
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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.
