Custom Duty
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Rescinds the notification No. 78/2002-Customs, dated: 13.08.2002
Notification No. 93/2003-Customs, Dated: 12.06.2003
Customs procedure for shipment of export cargo/import cargo to/from Bangladesh by the inland waterways route from Haldia Docks Complex-reg
Anti-dumping duty on Ferro Silicon
Anti-dumping duty on Potassium carbonate
Anti-dumping duty on Borax decahydrate
Guidelines for considering request for exemption from payment of Customs Duty under Section 25(2) of Customs Act, 1962
Revised norms for execution of Bond and Bank Guarantee under Advance License and EPCG Schemes-reg
Section 166 of the Finance Act, 2003- Incorporation of provisions relating to Prosecution in the Finance Act, 1989 in respect of Inland Air Travel Tax-Reg
Amend the Courier Imports and Exports (Clearance) Regulations, 1998
Change of port in the Shipping documents pending amendment in AEPC certificate for hosiery exports-Reg
Notification No. 89/2003-Customs, dated; 4.06.2003
Circular No.45/2003-Custom Duty, dated; 04.06.2003
Notification No. 37/2003-Customs (N.T), dated: 03.06.2003
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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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