Custom Duty
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Amends Notification No.39/96-Customs, dated 23/07/1996-95
Retrospective levy of definitive Anti-Dumping Duty (ADD)-reg
Amends Notification No. 62/94-Customs (N.T.), dated 21st November, 1994
Notification No. 4/2006-Customs Duty, dated; 17/01/2006
Classification of used rails-Reg
Reg. anti-dumping duty on Sodium Nitrite
Amends Notification No. 4/99-Customs, dated 08/01/1999
Amends Notification No.12/1997-Customs (N.T.), dated 2nd April, 1997
Revising tariff values of edible oils and brass scrap
Procedural relaxation under EOU and Gem and Jewellery Export Promotion Schemes-Reg
Circular No. 21/2006-Custom Duty Dated: 12/01/2006
Circular No. 05/2006-Customs Duty, Dated; 12th January, 2006
Circular No. 04/2006-Customs Duty, Dated; 12th January 2006
Administrative Control over Export Oriented Units (EOUs)-Instructions Reg
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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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