Custom Duty
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Customs: No section 114AA penalty if Assessee not provided False Information deliberately
Mere possession of Foreign marking gold cannot be treated as smuggled without corroborative evidence
Classification of Menthol Scented Sweet Supari and Flavoured & coated Illaichi
Departmental Circular could not run contrary to Judicial Pronouncements: CESTAT
CBIC notifies Customs Exchange rate for Import & Export wef 04.11.2022
Section 27A of Customs mandates liability of interest for delay in sanction of refund beyond 3 months from date of claim
Faceless Assessment – Anonymized Escalation Mechanism & extension of Standard Examination Orders through RMS
CBIC amends notification No. 50/2017-Customs, dated 30th June, 2017
Tariff Notification No. 91/2222-Customs (N.T.) Dated: 31st October, 2022
CBIC notifies export duty exemption to specified varieties of Rice
Procedure for identification of parboiled rice varieties during export
Time limit applicable for demand of customs duty also applies to recovery
SCN issued after keeping in call book for unduly long period is not valid
e-CoO issued electronically is a valid to claim preferential benefit under India-UAE CEPA
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.
