Custom Duty
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Discontinuation of removal of petroleum & petroleum products from one warehouse to another
Imposes provisional anti-dumping on velcro tapes
Discontinuation of removal of petroleum products from one warehouse to another-reg
Extension of Warehousing Period of Capital Goods imported by EOU/EHTP/STP- Regd
Amends Notification no. 21/2002-Customs dated 1st March, 2002
Admissibility of Duty Drawback in Respect of Supplies Effected by DTA Units to SEZ – reg
Amends Notification No.36/2001-Custom Duty (N.T.), Dated: 03.08.2001
Levy and collection of 2% Education Cess on imports under various Export Promotion Schemes
Circular No. 04/2005-Customs Duty, Dated: 31.01.2005
Rescinds notification No. 63/2003-Customs, dated: 2nd April 2003
Imposes anti-dumping duty on Hexa Methylene Tetramine
Exchange rate (Export) w.e.f 1st February, 2005.
Exchange rate (Import) w.e.f 1st February, 2005.
Imposes final anti-dumping duty on Flexible Slab stock Polyol of Molecular weight 3000 to 4000
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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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