Custom Duty
Log in to FollowCustom Duty Meaning, Calculators, Rules, exemptions Articles Notification, Circulars, Recent Changes, Duty Drawback Rates, Custom Rates, Anti-Dumping Duty
Aircraft on Non-Revenue Missions Not Eligible for Customs Duty Exemption: Delhi HC
Madras HC Orders Re-Export of Misclassified textile Imports Under Bond
Delhi HC Denies Anticipatory Bail in ₹2.4 Cr Cigarette Smuggling Case
CBIC Launches SWIFT 2.0 for Seamless Trade NOC Processing
Wheat Gluten Eligible for DFIA Exemption; Authorities Must Follow CESTAT Order: Madras HC
CESTAT Dismisses Broker’s Appeal as Infructuous After Registration Expiry
Seized Gold Must Be Released If Customs SCN Is Not Issued on Time: Delhi HC
Classification of Unassembled LED Monitor Kits Falls Under CTI 85285200 CAAR Mumbai
Customs Advance Ruling Refused Because Classification Dispute Already Pending at Tribunal
Customs Advance Ruling Denied Due to Pending HC Case on BEV Parts Classification
Water meters are correctly classifiable under CTI 90282000 and not under 90261010
Microphones and receivers used in manufacture of PCBA entitled for customs duty exemption prior to 06.07.2019
Delhi HC Allows BSNL to Contest ₹12.63 Crore Customs Penalty Belatedly
Bombay HC Stays Redemption of Confiscated Gold Due to Jurisdictional Concerns
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.
