Custom Duty
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No Penalty via SCN issued by DRI as DRI have no jurisdiction to issue SCN
Readymade Garment Accessories Import-Compliance
Tariff Notification No. 60/2021-Customs (N.T.) Dated: 15th July, 2021
CBIC Notifies Rate of Exchange of Foreign Currencies wef 16.07.2021
Facility of DPD to FCL consignments under Advance filed Bills of Entry
No clogging of consignments of edible oil at the ports
Measures for expediting Customs Faceless Assessment & clearance processes
Amendment can be done of Bill of Entry/ Bill of Shipping/ Bill of Exports: Post clearance of goods for domestic consumption or export
No penalty in absence of evidence for abetment for fraudulent export of goods
Re-Export of Warehoused Goods to Nepal & Bhutan
Customs duty exempted on API/excipients for Amphotericin B & COVID test kits material
Launch of online filing of application for AEO T2 & AEO T3
Improvements in Faceless Assessment – Measures for expediting Customs clearances
HC denies Bail to alleged Habitual Offender of Smuggling Gold & Silver
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.
