Custom Duty
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CAAR Ruling on Customs Duty Exemption for Aircraft Engine Parts
Importer cannot be penalized for Incorrect mention of country of origin
Customs field formation offices to remain open on 29th-31st March 2024
Sea Cargo Manifest and Transhipment (First Amendment) Regulations, 2024
Tariff Values wef 29/03/2024: Edible Oils, Brass Scrap, Areca Nut, Gold & Silver
CHA was not required to advise on Assessment aspect to Clients unless Solicited
Customs Exchange Rates effective from 27th March 2024
Body Massager cannot be Classified as Adult Sex Toy: Bombay HC
Preventive Vigilance SOP for Election Period: CBIC Field Operations
Enhancement of import value based on consent letter without following due process is unsustainable: CESTAT Ahmedabad
Minor Discrepancies No Basis for Customs Refund Recovery if CA Certified submitted
CESTAT can Dismiss Customs Appeal for Non-Compliance with Pre-Deposit requirement
Delhi HC Upholds Custom Broker Licence Suspension for Third-party Use
Transaction value duly rejected as there are imports of identical/ similar goods at higher value: Supreme Court
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.
