Custom Duty
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Makes regulations further to amend Courier Imports and Exports (Clearance) Regulations, 1998
Notification No. 62/2006-Customs Duty, Dated; 20th June, 2006
Amendments in Notification No. 63/94-Customs (N.T.), dated 21st November, 1994
Regarding-anti-dumping duty on import of Metronidazole
Notification No. 60/2006-Customs Duty, Dated; 15th June, 2006
Revising tariff values of edible oils and brass scrap
Notification No. 59/2006-Customs Duty, Dated; 14th June, 2006
Notification No. 65/2006-Customs Duty (N.T.), Dated; 13th June, 2006
Continuation of anti-dumping duty on Aniline
Amendments in Notification No. 40/2005-Customs (N.T.), dated 13th May, 2005
Amendments in Notification No. 49/2005-Customs (N.T.), dated 17th June, 2005
Notification No. 57/2006-Customs Duty, Dated; 8th June, 2006
Exemption to primary products imported from Nepal from special CVD
Amendments in Notification No. 21/2002-Customs, dated 1st March, 2002 reg. Newsprint
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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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