Custom Duty
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Customs Revises Duty Drawback Rates for Gold & Silver Jewellery/Articles
Filing of fresh refund claim u/s. 27 (1-B) not required when refund claim already filed within limitation
BCD exemption admissible on goods employing MIMO or LTE prior to 2021 amendment
CBIC’s Efforts in Countering Drug Trafficking
Refund of ₹7.98 Cr was allowable to assessee as Customs Duty paid under protest remained in force until explicitly vacated
Writ alleging wrong classification of goods not entertained due to availability of alternative remedy
Confiscation of shark fins quashed as no evidence produced that there was act of attempt to export
Components constituting E-Rickshaw in CKD/ SKD classifiable under 8703 9000
SC Sets Aside Redemption Fine for No Breach of Bonded Warehouse Licence conditions
MOOWR Scheme: Judicial Endorsement, Features & Regulations
Duty Drawback Recovery Order issued in absence of prior notice to assessee was invalid
No denial of export incentives for inadvertent error in shipping bill
Order allowing withdrawal/cancellation of Ex. Bond Bill of Entry without referring provision is not sustainable
Release of seized jewellery by Custom authorities upon payment as pre-filled SCN waiver form was not legally valid
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.
