Custom Duty
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Bilateral Safeguard Measures on “Ferro Molybdenum” Imports from South Korea implemented
Notification No. 74/2023-Customs (N.T.) | Dated: 6th October, 2023
Provisional release of prohibited black pepper granted u/s. 110A of the Customs Act
Shipping bill amendment u/s. 149 allowed based on documents in existence at the time of export
Penalty not leviable for lack of due diligence on part of employee of CFS
Customs Exchange Rates effective from 6th October, 2023
Understanding Incoterms in International Trade
Classification of Clear Float Glass with Tin Layer – CAAR Mumbai
Court Didn’t Dispense with Pre-deposit Requirement in Non-Rare Case
Penalty u/s 117 imposable on Customs Cargo Service Provider for assisting in illegal removal of seized red sander
Confiscation of imported rough diamonds unjustified as no verification conducted on suspected faulty certificate
Classification of Amazon Echo Device C2H4R9 – Customs Authority Ruling
Anomalies in Notification No.52/2003-Cus dated 31.03.2003 pertaining to EOUs
Imposition of redemption fine and penalties unwarranted when goods are exported after re-processing
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.
