Custom Duty
Log in to FollowCustom Duty Meaning, Calculators, Rules, exemptions Articles Notification, Circulars, Recent Changes, Duty Drawback Rates, Custom Rates, Anti-Dumping Duty
Order quashed as declared assessable value of imported black pepper accepted
Penalty imposed on courier agency due to non-exercise of due diligence
Conditions for provisional release of seized PVC coated fabric modified
CBIC Auto-Approves Incentive Bank Account and IFSC
CBIC Auto-Approves IFSC Code Registration to Boost Trade
Oven-Roasted Nuts: Areca Nuts Held as “Raw”, Others as “Roasted” by CAAR Mumbai
Nominations Sought for India-EU-US Trade Control Exchange
CESTAT Upholds Confiscation of Smuggled Black Pepper, Reduces Penalty
Customs Department Directed to Pay Interest on Pre-Deposit Against Penalty
Project Import Regulations not violated when auxiliary equipment re-deployed post project completion
CESTAT Refers Appeal to President Due to Multiple Benches Hearing Same Order
Viewing card inserted into set top box is classifiable under CTI 8523 52 90
Confiscation not justified as non-filing Ex-Bond BoE for clearance from warehouse to SEZ mere procedural lapse
Foreign Currency Not Baggage; Orders Release, Reduces Penalty: CESTAT Ahmedabad
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.
