Custom Duty
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MEIS benefit cannot be denied for mere procedural lapse of declaration of intent on free shipping bill
Reg. Anti Dumping Duty on import of ‘Ciprofloxacin Hydrochloride’
Notification No. 01/2021-Customs (N.T), Dated: 11.03.2021
DRI are not proper officer for issuing demand under section 28
Testing of imported food products at FSSAI notified laboratories
Govt imposes CVD on imports of Textured Tempered Glass from Malaysia
Officer who did assessment, can only undertake re-assessment -Section 28(4) – Customs Act, 1962
Tariff Notification No. 28/2021-Customs (N.T.), Dated: 09.03.2021
Initiation of anti-dumping investigation on imports of Melamine
CESTAT quashed 2.47% CVD on continuous cast copper wire
Sunset review investigation concerning imports of 2-Ethyl Hexanol
HC permits manual amendment in Bill of Entry when ICES portal not supports such amendment
CBIC notifies river route of ‘Hoogly’ for Trade between India & Bangladesh
Notification No. 23/2021-Customs (N.T./CAA/DRI), Dated; 05.03.2021
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.
