Custom Duty
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No CENVAT of duty paid for failure to meet export obligations as per Advance Authorization license
Enabling export of Bangladesh goods to India by rail in closed containers
Amendment in Export Policy of Wheat – CBIC Clarification
Unexplained Gold Bar with Foreign Marking liable for Absolute Confiscation
CBIC instruction on Amendment in Export Policy of Wheat
CHA Not Responsible For export of prohibited goods If No Reason to Doubt Malpractice
Activity of repacking amounts to manufacture
DRI seizes 15.93 kg smuggled foreign-origin gold worth Rs 8.38 crore
Tariff Notification No. 41/2022-Customs (N.T.) Dated: 13.05.2022
CAAR ruling on classification of Tello/AGRAS T16/Mavic Air 2/Dji Mini 2/hantom 4 Pro drone
‘Clear Float Glass’ with absorbent layer on only one side merit classification under subheading 70051090
DRI seizes 61.5 kg gold concealed in Triangle Valves
DRI seizes 62 kg Heroin with estimated worth of Rs. 434 crore
Govt removes anti-dumping duty imposed on Amoxycillin Trihydrate
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.
