Custom Duty
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Undertaking in lieu of bond allowed for Custom Clearance till 30.06.2020
Anti-Dumping duty on acrylic fibres extended till 30.11.2020
Tariff Notification No. 48/2020-Customs Duty, Dated: 29.05.2020
Customs Valuation Rules- Invoice price cannot be rejected without cogent reasons
Special drive to dispose applications for fixation of Brand Rate of Duty Drawback
Govt imposes Anti-dumping duty on imports of Electronic Calculators
Anti-Dumping Investigation initiated on imports of Rubber Chemical PX-13
Corrigenda to Notification No. 36/2019-Customs, dated 30.12.2019
Higher discount justified if Goods imports in Bulk & maintain inventory by incurring Additional Cost
Initiation of Anti-dumping investigation concerning imports of Acrylonitrile Butadien
Measures to make Bill of Entry Amendments Process contactless & paperless
CBIC Appoints CAA in case of M/s Satnam Steels, Rajkot
Inclusion of Gopalpur Port [INGPR1] as notified port for Export Incentives
CBIC extends last date of export by six months for export of specified period
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.
