Custom Duty
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Notification No. 16/2019-Customs (N.T./CAA/DRI), Dated: 22.04.2019
CBIC notifies Rate of Exchange of Foreign Currencies wef 19.04.2019
Notification No. 19/2019-Customs (ADD) Dated: 16th April, 2019
Tariff Notification No. 31/2019-Customs (N.T.) dated 15th April, 2019
Extension of Custom duty exemption on Light Combat Aircraft Programme
Anti-dumping duty on ductile iron pipes extended till 09.05.2019
Phasing out of physical copies of MEIS/SEIS Duty Credit Scrips
Anti-dumping duty on Cast Aluminium Alloy Wheels or Alloy Road Wheels
Notification No. 16/2019-Customs (ADD), Dated: 09.04.2019
SAD refund – Generic description of imported goods in sale invoices when correct
Customs Rate of Exchange of Foreign Currency wef 05.04.2019
Initiation of Anti-dumping investigation on imports of Aluminium & Zinc coated flat products
Handling of Cargo in Customs Areas (Amendment) Regulations, 2019
CBIC notifies Denotification of ICD Kheda
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.
