Custom Duty
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Notification No. 15/2007-Customs, Dated 20.02.2007
Amendments in Notification No.12/1997-Customs (N.T.), dated 2nd April, 1997
Warehousing Charging of interest on warehoused goods-Clarification thereto regarding
Regarding anti-dumping duty on D(-)Para Hydroxy Phenyl Glycine Base (PHPG Base)
Regarding anti-dumping duty on D (-) Para Hydroxy Phenyl Glycine Base (PHPG Base)
Dispensing with Verification of DEPBs at EDI ports in light of Electronic Transmission of Shipping Bills and DEPBs
Circular No. 10/2007-Customs Duty, Dated: 13.02.2007
Execution of Bonds and guarantees-regarding
Amendments in Notification No. 39/2005-Customs (N.T.), dated 13th May, 2005
Amends Courier Imports and Exports (Clearance) Regulations, 1998
Notification No. 06/2007-Customs Duty(NT), Dated 7th February 2007
Regarding anti-dumping duty on Flexible Slabstock Polyol (FSP)
Notification No. 05/2007-Customs Duty (N.T.), Dated 5th February, 2007
Notification No. 04/2007-Customs (N.T.) Dated: 05.02.2007
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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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