Custom Duty
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Exemption granted to Additional Customs duty on imported goods
Amends Notification No. 62/94 (NT)-Customs, Dated: 21st November, 1994
Makes Customs Valuation (Determination of Value of Export Goods) Rules, 2007
Makes Customs Valuation (Determination of Price of imported Goods) Rules, 2007
Enactment of Section 94, Section 95 and Section 113 of Finance Act, 2007 (22 of 2007)
Tariff concessions on specified items under Indo-Chile Preferential Trading Agreement
Modifies Notification No.45/2005-Customs, Dated: 16.05.2005
Classification of Digital LCD / Flat Panel Monitor-Admissibility of Notification benefits-reg
Classification of Digital Still Image Video Camera-Admissibility of Notification benefits-reg
Preloaded operating system software is an integral part of a laptop and cannot be classified separately
Amends Notification No. 62/94 (NT)-Customs, Dated: 21.11.1994
Rescinds Notification No. 67/2005-Customs, Dated: 19.07.2005
Anti-dumping duty imposed on Paracetamol
Notification No. 98/2007-Customs Duty, Dated: 31.08.2007
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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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