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What is Customs duty
The Budget estimate of the government's customs revenue for the year 2020-21 was Rs 1,38,000 crore. The revised estimates of customs for the 2019-20 Budget came at Rs 1,25,000 crore, while the actuals for the 2018-19 Budget stood at Rs 1,17,812.85 crore.
- Basic Customs Duty (BCD)
- Countervailing Duty (CVD)
- Additional Customs Duty or Special CVD
- Protective Duty,
- Anti-dumping Duty
Latest Updates on Customs duty
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
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
With revised customs duty across consumer electronics' manufacturers, analysts believe this measure would reduce costs for manufacturing mobile phones, TV panels, and kitchen chimneys
'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'
For mass segment cars priced above Rs 35 lakh, move can lead to more localisation
Tweaking customs duties in certain sectors and measures to support MSMEs will help in boosting domestic manufacturing and the country's outbound shipments, exporters said on Thursday
New co-operatives commencing manufacturing activities till March 31, 2024, will get the benefit of a lower tax rate of 15% , currently available to new manufacturing companies
There was a 7 per cent year-on-year decline in the January numbers reported by the country's largest manufacturer Tata Motors
As many as 14 items have seen a jump in import duty to tackle the issue of cheap quality imports of items such as toys
As and when other PLI schemes get approved, the cabinet is empowered to approve it
The government plans to collect just over Rs 9 trillion via personal income tax in FY24
Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components
The industry body has also suggested that the government should ease the Basic Customs Duty (BCD) on high-end phones
FinMin considers proposal to reduce basic Customs duty on phones with a cost, insurance and freight value of over Rs 35,000
In June 2019, India hiked tariffs on 28 items exported by the US, including almonds, apples, walnuts
You must show the export duty amount separately in the invoice and collect the aggregate amount from the buyer (whether in one or more instalments)
In March 2021, the government announced 25% basic customs duties on solar photovoltaic cells and 40% on solar photovoltaic modules with effect from April 1, 2022
Practically, it is difficult to escape payment of customs duty and interest even when the goods are destroyed or re-exported
Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones
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