Custom Duty
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Notification No. 88/2006-Customs , Dated-31st August, 2006
Amendments in Notification No.85/2004-Customs, dated 31st August, 2004
Regarding anti- dumping duty on of import of nylon filament yarn
Regarding anti-dumping duty on import of Nylon Tyre Cord Fabrics
Rate of exchange of conversion for exported goods w.e.f. 01.09.2006
Rate of exchange of conversion for imported goods w.e.f. 01.09.2006
Import of Liquified Natural Gas-Amendment of Notfn No.21/2002-Customs dated 1.3.2002
Transhipment of import and export cargo through airports- waiver of bank guarantee
Examination norms concerning import & export through courier mode
Circular No. 22/2006-Customs Duty, Dated; 21.08.2004
Notification No. 91/2006-Customs Duty (N.T.), Dated; 21th August, 2006
Notification No. 90/2006-Customs Duty (N.T.), Dated; 21th August, 2006
Notification No. 82/2006-Customs Duty, Dated; 21th August, 2006
Goods for Samyukta Programme-Amendment to Notfn. No.39/96 dated 23/7/1996
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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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