Custom Duty
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Removal of Brass Borings/Scrap to the Job Worker for Recycling into Brass Bars-Reg
Transfer of Unutilized Raw Material from one EOU/ EPZ/ STP/EHTP Unit to another EOU/EPZ/STP/EHTP Unit under Paragraph 6.16 of the Policy- Reg
Issuance of Transhipment Permit at Ports on Saturdays – reg
Powers of Adjudication of Additional / Joint Commissioners of Customs – reg
Customs procedure for shipment of export cargo to Bangladesh by the inland waterways route from Haldia Docks Complex-reg
Supply of Goods by EOU/EPZ/SEZ units against Special Entitlement of Duty Free Import of Goods -Clarification Reg
Valuation treatment of royalty/license fees payable on imported films- reg
SC decision in the case of GMMCO in the context of Related Party Transaction- reg
Revision of All Industry Rates of Drawback in respect of a few entries of the Drawback Table 2002-2003 – reg
Notification No. 139/2002-Customs, dated: 10.12.2002
Imposes definitive anti-dumping duty, on all imports of CFL
Notification No. 137/2002-Customs, dated: 10.12.2002
Notification No. 80/2002-Customs (N.T.), dated: 10.12.2002
Notification No. 79/2002-Customs (N.T.), dated: 10.12.2002
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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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