Custom Duty
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Exchange Rates for export of goods for December, 2000
EPCG Scheme – Notification No. 29/97-Cus – capital goods for marine/textile/chemical sectors – zero duty benefit – classification issued
Exchange Rates for export of goods for November, 2000
Exchange Rates for import of goods for November, 2000
This notification further amends Notification No. 58/97-Cus. (NT) thereby revising jurisdiction of Chief Commissioners
This notification exempts goods used within special economic zone from basic Customs duty and Additional duty
Notification No. 63/2000-Cus(N.T.) Dated 19.10.2000
This notification imposes Anti-dumping duty on Trimethoprim imported from PR China
Notification No. 135/2000-Customs, Dated: 17.10.2000
Rescinds notification nos. 334/76, 6/81 and 135/92 of customs
This notification fixes export duty on types of leather
This notification pertains to export duty on hides, skins and leathers, tanned and untanned, all sorts
Notification No. 131/2000-Customs, Dated: 17.10.2000
This notification amends notification No- 62/94-Customs (NT), dated the 21st November, 1994
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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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