Custom Duty
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Rescinds notification No.151/2000-Customs, dated: 26.12.2000
Reg. anti-dumping duty on import of certain grades/types of alloy and non-alloy steel billets, bars
All Industry Rates of Drawback, 2001-2002 – Amendment -reg
Notification No. 30/2001-Customs (N.T.), Dated: 22.06.2001
Extension of benefit of conditional Central Excise notifications for the purpose of levy of countervailing duty under Section 3(1) of the Customs Tariff Act, 1975 – reg
Application of PFA Act, 1954 and other Acts for the clearance of consignments of food articles – instructions – regarding
Joint Monitoring of the Performance of EOUs and EPZ/SEZ units by the Development Commissioners and the Commissioner of Customs / Central Excise- Reg.
Notification No. 64/2001-Customs, Dated: 14.06.2001
Bank Guarantee for transhipment of cargo from gateway ports to Feeder ports/ICDs/CFSs- Regarding.
Notification No. 63/2001-Customs, dated: 12.06.2001
Notification No. 62/2001-Customs, Dated: 07.06.2001
Notification No. 61/2001-Customs, Dated: 04.06.2001
Parameters and facilities for testing furnace oil / waste oil -regarding
Supersession of the notification No. 41/2000-Customs (N.T.), dated: 01.06.2000
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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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