Custom Duty
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Examination norms for export goods at port of export for exports by EOUs and units in SEZs-reg
Seeks to amend the Project Imports Regulations, 1986
Notification No. 36/2003-Customs, Dated: 01.03.2003
Seeks to exempt green tea from additional duty of customs
Seeks to exempt tea and tea waste from additional duty of customs
Seeks to exempt exposed and developed cinematographic film
Notification No. 32/2003-Customs, Dated: 01.03.2003
Notification No. 31/2003-Customs, Dated: 01.03.2003
Additional duty of customs as is equivalent to the National Calamity Contingent duty leviable
Seeks to amend notification No. 23/2002-customs dated 1.3.2002
Seeks to amend various customs notifications
Seeks to prescribe effective rates of duty for goods falling under the Customs Tariff Act, 1975
Seeks to amend notification No. 21/2002-customs, dated: 1.3.2002
Notification No. 17/2003-Customs (N.T.), Dated: 25.02.2002
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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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