Custom Duty
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Disposal of uncleared/ unclaimed cargo of wholly owned Govt. undertakings
This notification exempts goods imported against a Special Advance License with actual user condition
DEPB Scheme * DEPB Scrip utilisation for Imports under EPCG/ Project Import Schemes * Exemption from SAD also available
No Cess on Rubber Imports
Leather Industry Imports- End-use Bond Condition for Insole/ Midsole is Must for duty Exemption
Circular No. 73/98- Customs Duty Dated 25/9/1998
Baggage Imports by Tourists – ‘Personal Effects’ for Insole/ Midsole is Must for Duty Exemption
DEEC & EPCG Scheme – Manufacturer – Exporters exempted from furnishing Bank Guarantee – Bond form prescribed
NIU or Fixed wireless terminal is not eligible to concessional rate of duty under Notif. No.23/ 98-Cus.
EOUs / EPZ / EHTP / STP Units- Reliefs in Execution of B-17 Bond
EOUs/ EPZ / EHTP Unit- Procedure for sub-contracting revised
EPCG Scheme – Documents prescribed for duty concession for import of irrigation equipment
Circular No. 68/98- Customs Duty Dated 7/9/1998
EOU / EPZ / EHTP/ STP Units – Export through authorised courier agencies allowed
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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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