Custom Duty
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Bombay HC directs Intelligence Officer & DRI to reply in Customs Seizure Case
Revocation of customs broker license for failing to collect KYC forms unjustified
CESTAT allows refund of anti dumping duty wrongly paid
CESTAT Directs Swift Resolution for Live Consignment Pending Without Justifiable Reasons
Classification of Nickel Hydroxide Compound: CAAR Mumbai Ruling
Transaction value in Bill of entry cannot be rejected without cogent reasons
WMT Basis for Calculating Duty on Export of Iron Ore Fines prior to 1.5.2022
No Penalty for non-fulfillment of export obligation under EPCG due to Court restrictions
IGST Act Section 16(4) Implementation: Export Restrictions on certain goods
New Import/Export Declaration Rules for Chemical Products
Amendment in First Schedule to Customs Tariff Act, 1975
Cenvat Credit Can Be Used for Excise Duty on Finished Goods or Indigenous Inputs
Tariff Values for Edible Oils, Brass Scrap, Areca Nut, Gold & Silver wef 30.09.2023
No Penalty on Customs House Agent Not Directly Involved in Facilitating Illegal Imports
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.
