Custom Duty
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‘Clear Float Glass’ with absorbent layer on only one side merit classification under subheading 70051090
DRI seizes 61.5 kg gold concealed in Triangle Valves
DRI seizes 62 kg Heroin with estimated worth of Rs. 434 crore
Govt removes anti-dumping duty imposed on Amoxycillin Trihydrate
DRI foils attempts of gold smuggling, seizes 11 kg gold
In absence of corroboration, test of cross-examination is of essence – Section 138B – Customs
Simple Aluminium Plates’ classifiable under CTH 76061200
Absolute confiscation not permissible for gold jewellery carried by an eligible passenger
CBIC Notifies Rate of Exchange of Foreign Currencies wef 06.05.2022
Royalty provided & reversed subsequently not includible in Transaction Value
Changes in Customs Tariff w.e.f. 01.05.2022- Waiver of Late Fee – reg
Reassessment u/s 28 is permissible to officer, who carried out initial assessment, and not to DRI
Customs Broker’s Licence cannot be cancelled merely based on DGARM report
Customs Tariff (Determination of Origin of Goods under Comprehensive Economic Partnership Agreement between India & United Arab Emirates) Rules, 2022
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.
