Custom Duty
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No Excise Duty on Cutting Marble Blocks as It Is Not ‘Manufacture’: CESTAT Delhi
CBIC Revises List of Goods Eligible for BCD Exemption for Lithium-Ion Cell Manufacturing
CBIC Grants Nil BCD on Goods for Mobile Phone Inductor Coil Modules Until March 2029
CBIC Grants Nil BCD on Goods Used to Manufacture Display Assemblies
ELFA-Based VIDAS Diagnostic Kits Eligible for ELISA Customs Exemption: CESTAT Chennai
Anti-Dumping Duty on Seamless Steel Tubes From China Extended to January 2027: CBIC
CBIC Prescribes Deficiency Memo Format for Drawback Claims
Section 45(3) Customs Act Inapplicable to Goods Lost in Super Cyclone: Orissa HC
Glucometers Classifiable Under CTH 9027; Contrary Customs Demand Quashed: Bombay HC
Glucose Monitoring Devices Classifiable Under CTH 9027 With BCD Exemption: CESTAT Mumbai
Interactive Display Systems Classifiable as ADP Machines Under CTI 84714190: CESTAT Allahabad
MOOWR Scheme: A Game Changer for Indian Manufacturers
China Glufosinate Imports Face Provisional Assessment & Additional Guarantee: CBIC
China-Origin Insoluble Sulphur Imports Face Provisional Assessment Pending Review: CBIC
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.
