Custom Duty
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Regarding anti-dumping duty on import of acrylonitrile butadiene rubber (NBR)
Amendments in notification No. 78/2006-Customs, dated 8th August, 2006
This notification related to reduction in import duty on maize to Nil uptill 31.12.2007
Amendments in notification No. 21/2002-Customs, dated 1st March, 2002
Notification No. 2/2007-Customs Duty(N.T.), Dated; 24th january, 2007
Exchange rate notification for imported goods
Export of perishable cargo- examination regarding
Response to query of stakeholders- regarding
Transshipment procedure between any two Customs Airports- Reg
Amendments in Notification No. 42/96-Customs, dated 23rd July,1996 regarding airport development projects and metro rail projects
Amendments in Notification No. 21/2002-Customs, dated 1st March, 2002
Amends 153/1993-Customs dated 13th August,1993 and 52/2003-Customs, dated 31st March, 2003
Customs-Coercive action for recovery of arrears
Customs- Monitoring of de novo customs adjudication cases
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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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