Custom Duty
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Notification No. 24/2020-Customs (N.T./CAA/DRI) dated 21.05.2020
CBIC notifies Rate of Exchange of Foreign Currencies wef 22.05.2020
Anti-dumping investigation on imports of Phthalic Anhydride initiated
Anti-dumping investigation on imports of Polyester Yarn/Spun Yarn
Requirement of Veterinary Certificate for Import of Milk and Milk Products into India
Anti-Dumping Duty on Import of Sodium Citrate extended
Tariff Notification No. 45/2000-Customs (N.T.) dated 19.05.2020
Airline not liable for delay in receiving transshipment application at Air Cargo due to arrest of Officers
No adjudication proceedings solely based on inculpatory statements of witnesses & notice alone
CBIC to issue comprehensive circular on Electronic Sealing
Notification No. 44/2020-Customs (N.T.), Dated: 18.05.2020
Notification No. 43/2020-Customs (N.T.), Dated : 18.05.2020
Exporter liable to pay fine for violation of terms of DFCE Scheme
Tariff Notification No. 42/2020-Customs (N.T.), Dated: 15.05.2020
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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.
