Custom Duty
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Violation of CBLR established but revocation of Customs Broker Licence set aside as it being too harsh punishment
Segregation benefit allowable to EOU only when imported scrap contains impurities
Whether a quasi judicial authority can pass a non speaking order
New Tariff Values for Edible Oils, Brass, Gold & Silver from 15th Aug 2023
CESTAT rules on Customs duty classification of ‘Twin Vision Scanner’ & related equipment
Interest and penalties not imposable on demand of Customs, CVD, SAD
Petitioner Conceals Confiscation Order: MP HC Imposes Rs. 25K Fine
Penalty on mediator unjustified as he was unaware about forged/ fake nature of advance licence
It is mandatory to grant opportunity to cross-examine third party whose statement is relied upon
Value of Imported goods cannot be enhanced without Speaking Order
Kerala HC: DGFT Circular on 4% SAD Refund Published on Website is Public Notice
Demand stayed as review petition pending before Supreme Court
‘Computer System Desktops’ even though marketed as gaming PC are classifiable under CTH 8471
Notebook Computers Imported for Institutional Consumers assessable U/s. 4 on transaction value
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.
