Custom Duty
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CBIC extends Defence Equipment Basic Customs Duty Exemption till 30.06.2029
Provisional Anti-Dumping Duty on Telescopic Channel Drawer Slider from China
Anti-Dumping Duty on Easy Open Ends of Tin Plate from China
Anti-Dumping Duty on Alloy Steel Chisels & Rock Breakers from China & Korea
Anti-dumping Duty on Sodium Cyanide Imports from China, EU, Japan, Korea
No Custom duty liability on Goods Destroyed due to fire in SEZ: CESTAT Ahmedabad
CESTAT Hyderabad sets aside gold confiscation order as Assessee discharges Burden of Proof
Low Monetary Limit: Allahabad HC Dismisses Revenue Appeals on 3.5 kg Gold Bars Seizure
Olectra Greentech Wins DFIA Scheme Benefits for Lithium Ion Batteries: CESTAT Kolkata
FOB value should be transaction price actually paid or payable: CESTAT Hyderabad
Customs Launch of Exchange Rate Automation Module (ERAM)
MOOWR – Transfer of Goods from one Section 65 Unit to another
CBLR Regulation 20(5) Timeline are directory: Calcutta HC
Multicoloured Casual Wear Pyjama Not Classifiable as Trouser: CESTAT Kolkata
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.
