Custom Duty
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Notification No. 76/2004-Customs (N.T.), Dated: 15.06.2004
Rescinds notification No. 167/2003-Customs, dated: 13.11.2003
Clarifications on CHALR 2004
Levy of National Calamity Contingent duty under the Finance Act, 2003
Concessional rate of duty on import of Gold & Silver under NTF. No. 62/2004-Customs, Dt.12/05/2004
Implementation of provisions of clause (3), sub-clause (22) of Plant Quarantine (Regulation of Import into India) Order, 2003
Amends notification No.36/2001-Customs (N.T.), dated: 3.08.2001
Notification No. 72/2004-Customs (N.T.), Dated: 26.05.2004
Notification No. 71/2004-Customs (N.T.), Dated: 26.05.2004
Regarding appropriate customs representation in the FTA negotiating team
Posting of Cost Recovery Officer in EOU/EHTP/STP
Amends notification No. 61/94-Customs (N.T.), dated: 21.11.1994
Amends Notification No. 63/94-Customs(N.T.), dated: 21.10.1994
Circular No. 35/2004-Customs Duty, Dated; May 20, 2004
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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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