Custom Duty
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WEF 06.08.2014 Pre-Deposit Mandatory under Section 129E of Customs Act, 1962: SC
section 114 of Customs Act not attracted if dept fails to prove that appellant has abetted the offence
CBI court awards rigorous imprisonment to then Assistant Commissioner of Customs
CBIC Notifies Rate of Exchange of Turkish Lira wef 12.03.2022
CHA liable for penalty for allowing misuse of license by lending it to unscrupulous persons
Prior to issuance of DGFT Notification dated 18/12/2019, gold was freely importable
Matter already pending before a Custom officer- CAAR rejects Application
HC Quashes unauthorised Search & seizure proceedings and subsequent summons by DRI
Tariff Notification No. 15/2022-Customs (NT)-Dated: 8th March, 2022
New condition imposed on import not applies to import already originated from the port of shipping
Post export conversion/amendment of Shipping Bill/Bill of Export based on instrument after export of goods
HC quashes order passed without providing documents relied & by denying cross-examination of witnesses
HC quashes order for Confiscation of car for alleged use in Smuggling passed without opportunity of hearing
CUSTOMS: CESTAT grants Airport Authority Opportunity to file Objection against allegation of callous approach
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.
