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What is Customs duty

Customs duty

About Customs duty

What is Customs duty

Customs duty refers to the tax imposed on goods when they are transported across international borders. In simple terms, it is the tax that is levied on import and export of goods. The government uses this duty to raise its revenues, safeguard domestic industries, and regulate movement of goods.
 
The rate of Customs duty varies depending on where the goods were made and what they were made of.
 
Custom duty in India is defined under the Customs Act, 1962, and all matters related to it fall under the Central Board of Excise & Customs (CBEC).

The Budget estimate of the government's
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Latest Updates on Customs duty

Enabling IGCRS rules for EOUs electronically to cut transaction costs

The EOUs should quickly familiarise themselves with the new procedures and raise any doubts/difficulties with the CBIC and ICEGATE, preferably before the coming Wednesday

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Updated On : 23 Sep 2024 | 12:43 AM IST

How to trade Titan, other jewellery stocks amid rising Gold prices?

Stocks like PC Jeweller, TBZ, Kalyan Jewellers and Senco Gold can potentially rally up to 27% from current levels, suggest technical charts.

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Updated On : 20 Aug 2024 | 10:14 AM IST

Maruti Suzuki receives Rs 3.81 crore show cause notice from customs office

The show cause notice asks the automaker to justify its claim for customs duty exemption on certain imported goods

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Updated On : 14 Aug 2024 | 1:18 PM IST

Gold exchange-traded funds mine a rich vein: The price dip pays off

Recent Customs duty cut has sparked a gold rush, driving ETF inflows to their highest level since February 2020

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Updated On : 11 Aug 2024 | 11:03 PM IST

Statsguru: Customs duty revisions in Budget aimed to boost manufacturing

The share of Customs duty in India's gross tax receipts has more than halved in the past decade

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Updated On : 04 Aug 2024 | 10:16 PM IST

Carrying Adidas, Nike fakes to US? Customs can destroy counterfeit goods

An individual may possess one counterfeit item per type for personal use only, not for sale. Possession of quantities exceeding this limit is prohibited, as per US Customs and Border Protection rules

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Updated On : 20 Jun 2024 | 10:49 AM IST

Scrap 5% Customs duty on newsprint to manage operation cost: INS to govt

INS said a combination of factors are affecting the price and availability of newsprint, thereby creating a formidable burden for publishers in the country.

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Updated On : 05 Mar 2024 | 2:55 PM IST

WTO MC13: India for review of Customs duty pause on digital goods

The issue came up for discussion at a session on e-commerce on the final day of the World Trade Organisation's (WTO) 13th Ministerial Conference (MC13)

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Updated On : 29 Feb 2024 | 11:01 PM IST

Govt should not cut import duties on parts used in making smartphones: GTRI

The think tank said that Indian manufacturers "must pay" duties on smartphones sold within India, but exports should be exempted from such duties

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Updated On : 22 Jan 2024 | 2:08 PM IST

Indian exporters gear up to comply with EU's paperless customs system: Rpt

As per EC release, economic operators carrying goods by sea, inland waterways, road and rail will have to submit a complete Entry Summary Declaration (ENS) dataset to ICS2

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Updated On : 10 Jan 2024 | 12:53 PM IST

Jindal Stainless seeks zero customs duty on ferro nickel, ferro molybdenum

Jindal Stainless on Friday said it has sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel.

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Updated On : 05 Jan 2024 | 7:57 PM IST

LS passes Bills to cap age of GSTAT Prez, effect Budget duty changes

LS passed two bills -- one seeks to cap the age limit for GSTAT President and members while the other for provisionally effecting the changes in customs and excise duties announced in Budget.

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Updated On : 19 Dec 2023 | 8:21 PM IST

India, Bangladesh customs officials discuss opening of new customs stations

The bilateral meeting concluded with both sides committing to furtherance of cooperation in areas of mutual interest, the statement added

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Updated On : 22 Aug 2023 | 8:24 PM IST

CHATROOM: 'Customs should reveal method used to fix value of export goods'

Rule 1.1 of the FEDAI Rules, 2019 says that the normal working hours of ADs for foreign currency to Indian rupee transactions for clients is 9 a.m. to 5 p.m. on all days, except Saturdays, Sundays

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Updated On : 07 Aug 2023 | 11:18 PM IST

50,000 cases to be taken up for GST audit in FY24, says CBIC chairman

Authority's target to be based on risk parameters

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Updated On : 15 Jun 2023 | 12:00 AM IST

Issues faced during customs duty payment to be resolved soon: CBIC

The Central Board of Indirect Taxes Monday said the difficulties being faced by traders in paying customs duties in the newly launched upgraded duty payments systems will be resolved at the earliest

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Updated On : 03 Apr 2023 | 10:58 PM IST

Govt hikes duty on X-ray machine imports from 10% to 15% starting April 1

The government has hiked customs duty on import of X-ray machines and non-portable X-ray generators to 15 per cent with effect from April 1

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Updated On : 26 Mar 2023 | 12:40 PM IST

Customs duty cut, I-T slab rejig to boost consumer durable stocks: Analysts

With revised customs duty across consumer electronics' manufacturers, analysts believe this measure would reduce costs for manufacturing mobile phones, TV panels, and kitchen chimneys

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Updated On : 10 Feb 2023 | 9:37 PM IST

'In CIF/CFR contracts, the seller bears risk of variation in freight rates'

'As long as you expect to realise the CIF/CFR value of the goods and declare it correctly in your shipping bill/EDF, there is no violation under FEMA'

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Updated On : 06 Feb 2023 | 10:52 PM IST

Duty hike won't apply brakes on luxury car demand, say automakers

For mass segment cars priced above Rs 35 lakh, move can lead to more localisation

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Updated On : 02 Feb 2023 | 11:56 PM IST