Custom Duty
Log in to FollowCustom Duty Meaning, Calculators, Rules, exemptions Articles Notification, Circulars, Recent Changes, Duty Drawback Rates, Custom Rates, Anti-Dumping Duty
Unveiling Tariffs: Navigating Through Types and Effects
Case Analysis: Burden of Proof in Customs Law – Commissioner of Customs vs. Rajendra Kumar Damani
Lower-Ranked Officers Can Issue SCN Despite Commissioner’s Affidavit: Delhi HC
HC directs CESTAT to decide appeals on merits, including question of jurisdiction
CAAR Ruling on Import of “Infant milk based formula Aptamil-C Proteq”
MOOWR Instructions for denying benefit to Solar Power Generation Units was quashed
Delhi HC Dismisses Dept’s Appeal due to Rs. 1 Crore Monetary Limit
Release of Imported Consignments: E-Waste Management Rules 2022
Requirements for base oil importers under Hazardous Waste Rules
Delhi HC Sets Aside CESTAT Order for lack of jurisdiction
CESTAT Allahabad Orders Return of Gold Seized by Custom Authorities
Anti-Dumping Duty on Pentaerythritol Imports from China, Saudi Arabia, Taiwan
Customs Exchange Rates effective from 17th May, 2024
No Knowledge of Concealed Smuggled Gold: CESTAT Kolkata Deletes Penalty
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.
