Custom Duty
Log in to FollowCustom Duty Meaning, Calculators, Rules, exemptions Articles Notification, Circulars, Recent Changes, Duty Drawback Rates, Custom Rates, Anti-Dumping Duty
Section 74(10) GST Limitation Starting Point Debatable; Writ Not Entertained: Delhi HC
Section 117 Customs Penalty Cannot Be Imposed Without Proven Contravention: CESTAT Chennai
Kitchen Exhaust Hood Classification Ruling Set Aside for Fresh Evidence Consideration: Karnataka HC
Criminal Court Cannot Release Goods Seized Under Customs Act: Gauhati HC
CESTAT Upholds 15% BCD on Laptop Display Panels Under CTH 8524
CESTAT Quashes Customs Demand Issued Before Finalisation of Provisional Assessment
5% IGST Applies to Bulk Drugs and APIs Under Entry 226: CAAR Delhi
Bulk Drugs Eligible for 5% IGST Under Specific Entry: CAAR Mumbai
Bulk Drug API Imports Qualify for 5% IGST: CAAR Mumbai
Tobacco Threshing and Sizing Not Manufacture Under Central Excise Act: CAAR Mumbai
Madras HC Directs Provisional Release of Used Multifunction Machines Under Customs Act
CESTAT Allows Advance Authorisation Shipping Bills Conversion to Duty Drawback Beyond 3 Months
Export Duty Recovery Premature Before Provisional Assessment Finalisation: CESTAT Chandigarh
Vital Wheat Gluten Import Under DFIA Cannot Be Seized as Wheat Flour Issue Settled: Madras HC
Latest Custom Duty News
Read all the headlines and latest custom duty news, updates and announcements regarding Customs Act, changes in custom duty rates and custom duty challans only at Taxguru.com
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.
