Custom Duty
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Amendments to All Industry Rates of Duty Drawback effective from 03.05.2024
Optical Line Terminals not Eligible for Concessional Duty rate: CAAR Mumbai
SC Ruling on CESTAT Jurisdiction for compounding of offence under Customs Act, 1962
CBIC amends List 34A & 34B in Appendix to Table of Notification No. 50/2017-Customs
Anyone outside India to avail CENVAT credit: CESTAT Hyderabad
Refund of Duty Paid Without Protest Requires Assessment Challenge
Remelted Zinc classifiable under CTH 790120 0: CESTAT Ahmedabad
No Confiscation/Fine for Non-Bonded Goods storage in Bonded Warehouse with Customs Dept. Permission
Confirming differential duty not proposed in Show Cause Notice is unsustainable
CAAR Mumbai Ruling: Import Conditions, EPCG License, & Export Clarifications
Classification of Thermal Putty for Mobile Phone Manufacturing: CAAR Delhi Ruling
Amendment on Import Duty Exemption for Desi Chana, Export Duty on Onions & Extension for Yellow Peas
Export Clearance for Silk Waste: Guidelines and Requirements
Customs Exchange Rates effective from 3rd May, 2024
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.
