Custom Duty
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Budget Highlight of 2024 – MOOWR Scheme
Petitioner not entitled for release of gold bars as SCN duly served: Delhi HC
Govt Imposes Definitive Anti-Dumping Duty on Isobutylene-Isoprene Rubber
Govt Imposes Anti-Dumping Duty on Chinese Anodized Aluminium Frames
Export Duty Revised for Certain Rice Varieties wef 27th September, 2024
CESTAT confirms classification of imported brake pad materials under CTH 6813, not CTH 3824
Tariff Values Updated for Oils, Gold, Silver & Nuts WEF 27th September 2024
CESTAT Orders Revised Duty Assessment for Customs Evasion via Fake Invoices
Customs Penalty on VABL License Holder Quashed Due to Lack of Forgery Evidence
No Excise Duty on Insoluble Sulphur hence CVD will be NIL: CESTAT Bangalore
Proper Authority Must Specify Infraction for Tentative Denial of Preferential Duty treatment
Specific Chapter & Section Notes Take Precedence Over General in AC Remote Component Reclassification
Custodian liable to pay duty on goods pilfered while in custody: Delhi HC
Extension of CAVR Order for Linear Alkyl Benzene
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.
