Custom Duty
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Notification No. 64/2019-Customs (N.T./CAA/DRI), Dated: 28.11.2019
Notification No. 63/2019-Customs (N.T./CAA/DRI), Dated: 28.11.2019
Steps taken by Government for growth of TV Industry in India
Advisory on Amendment in Import policy of Iron & Steel
CBIC notifies Rate of Exchange of Foreign Currencies wef 22.11.2019
Sunset Review of Anti-Dumping Duty on Nylon Tyre Cord Fabric import from China
Directions by Hon’ble Courts to dispose representation by GST Council
Customs: No penalty U/s. 112(a) on goods not liable for confiscation U/s. 111
Imprisonment of less than one year only for Special assigned reasons | Section 135 | Customs Act 1962
Notification No. 84/2019-Customs (N.T.) dated 15.11.2019
Exercise of powers of Commissioner of Customs (Appeals), Delhi in certain cases by Commissioner of Customs (Audit), Delhi
Amendment to All Industry Rates of duty drawback effective from 16.11.2019
No denial of drawback claim though processing was carried out at 100% EOU
Mis-declaration by SEZ – Permission based on project report to be relied
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.
