Custom Duty
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Drawback – Non- availment of Modvat Certification Simplified
New AI Rates of Drawback Effective 2/9/98- Highlight sand Instructions
Customs House Agents Regulations Clarified
Drawback – Tourist Baggage eligible to DBK- Scheme changed
Circular No. 60/98- Customs Duty Dated 13/8/1998
EOUs/ EPZ/ EHTP Units – Moulds, jigs, tools, patternstion of credits
Passbook Scheme- clarification on granting and utilisation of credits
Export Cargo movement by containers/ trucks from hinterland to Seaport / Air Cargo complexes – Procedure Prescribed
Manufacturer- importers of electronic goods with investment of Rs 3 crores covered by Fast Track Clearance Scheme for imports
Exhibits import eased – BG only for 100% of value and re-export bond- Facility not available for individual display
Notification No. 57/98-Customs, Dated: 01.08.98
This notification exempts Petrol from levy additional duty
EOUs-Software sale through data communication link on certification of valuation
Goods detained at International Airports – Procedure for disposal modified
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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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