Custom Duty
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Amends notification No. 36/2001-Customs Duty, (N.T.), dated 3rd August 2001
Grants further concessions to specified goods imported from Singapore [read with Notification No. 59/2005-Customs (N.T.)]
Rescinds Notification No. 100/2006-Customs, dated the 29th September, 2006
Rescinds Notification No. 122/2002-Customs, dated 31st October, 2002
Amends Notification No.62/94-Customs Duty (N.T.) dated 21st November, 1994
Amends Notification No. 20/2006-Customs, dated the 1st March, 2006
Classification of carpets and floor coverings having mixed composition in the Drawback Schedule
Allocation of work relating to Trade Facilitation
Rescinds Notification No. 89/2002-Customs, dated 3rd September, 2002
Amends Notification No. 4/2007-Customs dated 8th January, 2007 regarding anti-dumping duty on Trimethoprim (TMP)
Amends Notification No.165/2003-Customs, dated 12 November 2003 on anti Dumping duty on float glass
Notification No. 03/2008-Customs Duty, dated 03-01-2008
Amends Notification No. 117/2003-Customs, dated 24th July, 2003 on anti-dumping duty on Para Hydroxy Phenyl Glycine Methyl Potassium Dane Salt (PHPG DS)
Amends Notification No. 106/2003-Customs, dated 10th July, 2003 on anti-dumping duty on Mulberry Raw Silk
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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.
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