Custom Duty
Log in to FollowCustom Duty Meaning, Calculators, Rules, exemptions Articles Notification, Circulars, Recent Changes, Duty Drawback Rates, Custom Rates, Anti-Dumping Duty
Changes in Schedule of All Industry rates of Drawback effective from 11.2.2016
Notification No. 21/2016-Customs (N.T.) Dated: 08th February, 2016
Notification No. 20/2016-Customs (N.T.) Dated: 08th February, 2016
Duty-Free Temporary Imports for Exhibitions and Approved Events Exempted Under Notification No. 8/2016-Customs
Notification No. 19/2016-Customs (N.T.), Dated: 5th February, 2016
Rate of exchange of conversion of foreign currency wef 05.02.2016
Market value at time of delivery and place of importation is Assessable Value for Customs duty
When two or more values of contemporaneous imports are available, the lowest of such value has to be adopted
Demurrage charges paid in respect of post importation activity not includable in assessable value for levy of Customs duty
Provision of unjust enrichment not applicable in case of inadvertent excess payment of interest
Extending Indian Customs Single Window to other locations and other Participating Government Agencies – reg
Notification No. 7/2016-Customs Dated: 2nd February, 2016
Rate of exchange of conversion of foreign currency wef 02.02.2016
Notification No. 4/2016-Customs (ADD), dated 29th January, 2016
Latest Custom Duty News
Read all the headlines and latest custom duty news, updates and announcements regarding Customs Act, changes in custom duty rates and custom duty challans only at Taxguru.com
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.
