Custom Duty
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No Penalty & Confiscation for mere Clerical Error in filling Bill of Entry
Advance ruling cannot be treated as blanket permission to importer of Scrap
CBIC Notifies Rate of Exchange of Turkish Lira wef 29.06.2022
FSSAI Imports related directions on rectifiable labeling information
Classification of imported ‘yaravita zintrac (zinc oxide suspension concentrate)’
Non fulfillment of satisfactory, condition mars the revision of assessable value
Clandestine removal charge, on incomplete/ inconsistent record, unsustainable
Butadiene is nothing but olefin & classifiable under CTH 390290000
Penalty not leviable in absence of deliberate misdeclaration
General Waiver of penalty for late thing of Bill of Entry due to ICES being down for DR Drill and Maintenance
In case of conflict between a contract and law, the Law prevails
Declaration is mandatory for foreign tourist having gold above Rs. 50,000
Madras HC upholds SCNs issued under Customs Act by DRI officers
Boats imported for Tourism are Excursion Boats & classifiable under CTH 8901
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.
