Custom Duty
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Customs Exchange rate for Import & Export wef 5th August, 2022
Onus is on Revenue to establish that alleged goods are received in clandestine manner
Seized goods can be released on provisional basis inspite of pending adjudication proceedings
Summon u/s 108 is not contrary to the provisions of Cr.P.C.
DRI busts factory manufacturing illicit psychotropic substances
Customs duty evasion of Rs. 2217 crore by Vivo Mobile
Classification of touch computer & mobile computers
CBIC imposes anti-dumping duty on Opal Glassware Import from UAE & China
Customs Authorities cannot initiate proceedings for violation w.r.t. Foreign Trade/ Exchange
Duty drawback based on mis-declaration of goods rejected
Extension of Customs clearances beyond normal working hours in ICDs
Tariff Notification No. 65/2022-Custom (N.T.), Dated: 29.07.2022
Forgery should be proved by clear & cogent evidence: CESTAT sets aside Penalty
Duty exemption on Electro-Chemiluminescence Immunoassay kits
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.
