Custom Duty
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This notification specified goods imported by Power Grid Corporation of India
Classification of Brass and Iron Artware/Handicrafts – Regarding
Procedure of transhipment of export cargo from gateway ports like Chennai and JNPT – reg.
Anti-dumping duty on Acrylonitrile-butadiene rubber (NBR) Originating in or exported from Japan
100% Export Oriented Units and Export Oriented Units in Export Processing Zones/Free Trade Zones – amendments regarding.
Application of PPFA Act 1954 on the clearance of consignments of food articles – instruction – regarding
Pre-shipment inspection of silk goods – Laying down a revised procedure – Reg.
Duty Drawback – All Industry Rates of Drawback effective from 1.6.99-SS.No. 63.061 – All Other Made Ups – Clarification
Duty Drawback – All Industry Rates of Drawback effective from 1.6.99-Instructions regarding.
Circular No. 25/99-Custom Duty Dated 21/5/1999
Facility for permitting imports under DEPB Scheme at various Ports/Airports/ICDs through TRA Procedure – reg.
Revised guidelines for determination /verification of the Present Market Value (PMV) under DEPB Scheme- Regarding.
This notification exemps high speed disel oil from the levy of additional duty
General permission for release of imported currency – instructions regarding.
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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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