Custom Duty
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Duty drawback cannot be denied when Advance Licenses were invalidated
Customs Broker cannot be penalised in violation of basic principles of natural justice
Adjudicating authority cannot review order of appellate authority in limited remand
No penalty for mis-declaration of origin of goods without any evidence of deliberate mis-declaration
Warehousing of solar power generating units or items like solar panel, solar cell etc
Solar power plants import by private entity eligible for concessional duty
Lucantin Red/Yellow 10% NXT & Lucantin Pink classifiable under heading 2309
CESTAT allows 12% interest from date of encashment of Bank Guarantee till the date of refund
CBIC Notifies Rate of Exchange of Foreign Currencies wef 07.07.2022
Exemption available unconditionally to notified goods imported from ASEAN countries
Setting aside order enhancing value, which was already accepted by the importer, unjustified
Mere conjecture to disassemble branded product not enough for duty recovery
Advisory for Anonymised Escalation Mechanism under Faceless Assessment
SOP prohibiting import of mobile phones with duplicate/fake IMEI
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.
