Custom Duty
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Creative Touch-5 series Interactive Flat Panel classifiable under sub-heading CTH 84714190
HDPE woven fabrics (uncoated/one-side coated/double-side coated) classifiable under sub-heading 3926 9099
Amazon Fire TV Stick 4K Max classifiable under sub-heading 8517 62 90
CBIC Notifies Rate of Exchange of Foreign Currencies wef 03.02.2022
CBI Arrests a Superintendent of Customs in a Bribery Case of Rs. 50000
Budget 2022 explanatory Memorandum to Custom & Excise Notifications
Key Changes under Customs & Excise in Union Budget 2022
CBIC notifies Authorised Officers for import of food under FSSAI Act
Applicability of Social Welfare Surcharge on goods exempted from basic and other customs duties/cesses
Changes in Custom Duty vide Budget 2022- Detailed Analysis
DRI has no jurisdiction to issue Show Cause Notice
Govt rescinds CVD on imports of Certain Hot Rolled and Cold Rolled Stainless Steel Flat Products
Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2022
Anti-dumping duty on imports of Flat rolled product of steel, plated or coated with alloy of Aluminum or Zinc rescinded
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.
