Custom Duty
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Presentation on proposed SOP planned for Jewelry Exports by CBIC
CBIC Notifies Rate of Exchange of Foreign Currencies wef 17.06.2022
Articles seized by police, may be released to Owner after detailed panchnama
Anti-dumping duty on Fluoro Backsheet excluding transparent backsheet
Penalty u/s 112(a) reduced for import of counterfeit goods
Tariff Notification No. 50/2022-Custom (N.T.), Dated: 15.06.2022
Exotic Live Species stock duly declared as per advisory, summon illegal
Penalty u/s 114AA levied for misdeclaration of value of imported goods
Crushing and screening iron ore classified as iron ore fines, exempt from CVD
Changes in System with respect of AD Code Registration in exports
Optoma data projectors classifiable under sub-heading 85286200
Creative Touch 5- series Interactive Flat panel (IFP) merit classification under CTH 8471
TC77 series touch computer not classifiable as smartphones
Carry Forward & Set Off of Accumulated Business Losses and Unabsorbed Depreciation in Certain Cases
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.
