Custom Duty
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Duty-Free EOU Raw Materials Can Be Destroyed Without Duty: CESTAT Chennai
CESTAT Upholds CTH 8438 Classification of Industrial Shrimp Feed Manufacturing Machinery
Shipping Bill Amendment for Drawback-to-RoSCTL Conversion Upheld: CESTAT Bangalore
Indefinite CCSP Licence Suspension Cannot Become Punitive: CESTAT Mumbai
CESTAT Chennai Allows LED Monitor Tile Classification Under CTH 85285200
CBIC Extends Transhipment Relief Amid Strait of Hormuz Crisis
CESTAT Hyderabad Upholds Confiscation for Unauthorised Customs Warehouse Diversion
CESTAT Chandigarh Rejects Customs Case on Pakistani Origin for Lack of Authenticated Foreign Evidence
CESTAT Chennai Sets Aside IGST Demand, Interest, Fine & Penalty After DGFT Redemption
CESTAT Ahmedabad Sets Aside Interest, Fine and Penalty on IGST for Time-Barred Demand
CAAR Classifies Cashew Splits Under Tariff Item 0801 32 90
CAAR Classifies Keranat Under CTH 1302 19 39 as Vegetable Extract
Madras HC Directs Provisional Release of Imported Goods Pending Customs Adjudication
Customs Exemption Cannot Be Denied Without Proving Beverage Use: CESTAT Bangalore
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.
