Custom Duty
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Clear Float Glass with Absorbent layer classifiable under heading 70.05
Data projector classifiable under sub-heading 85286200
Classification of Auxiliary Power Unit (APU)- Off Combo Unit
Parts of electronic toy cars merit classification under heading 9503
Customs cargo service provider not entitled to charge any rent or demurrage on goods seized or detained or confiscated by Superintendent of Customs
Penalty cannot be imposed on Customs Broker if no deliberate act or omission
CESTAT upheld Confiscation of 11 Gold Bars which appeared to be of foreign origin
Classification of Vehicle ‘Parts’ – Supreme Court & CBIC Instruction
HC directs Customs Commissioner to consider representation of Appellant & Pass reasoned & speaking order
HDFC Bank goes live for Customs Duty payments
Tyres needs to be classified based on Dominant use of the same
CBIC Notifies Rate of Exchange of Foreign Currencies wef 07.01.2022
‘Xiaomi Technology’ evaded Customs duty of Rs. 653 crore
CBIC rescind notification imposing Anti-dumping Duty on Imports of 1,1,1,2-Tetrafluoroethane or R-134a
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.
