Custom Duty
Log in to FollowCustom Duty Meaning, Calculators, Rules, exemptions Articles Notification, Circulars, Recent Changes, Duty Drawback Rates, Custom Rates, Anti-Dumping Duty
Advance Ruling on Classification of Glucometers by CAAR
Classification of Food Emulsifier Grindsted PGE 55-M by CAAR
Classification of Sodium Stearoyl Lactylate Under Customs Tariff
Classification of GRINDSTED PGMS 86 Under CTH 3404
Classification of Food Emulsifier Grindsted PS 101-M by CAAR
Closure letter was issued: CESTAT sets aside Penalty
Duty demand due to non-fulfilment of export obligation justifiable: CESTAT Chennai
Bill of Entry amendment for claiming benefit of duty exemption certificate after clearance of goods allowed
Exemption from additional duty of customs admissible on import of HSD even if working under DEEC Scheme
CBI Court Sentences Customs Official, Registers Bribery Case
No penalty u/s 114AA of the Customs Act for mis-declaration to DGFT
Cocoa beans not satisfying quality standards re-exported; Fine & Penalty Reduced
Panchnama Isn’t a Seizure Memo; Officer Must Record Reasons
Order suspending CHA License set aside since CBLR violation not proved: CESTAT Chennai
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.
