Custom Duty
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DEPB – Brand Rate Fixation – No time limit for fixation
Drawback – Non-availment of Modvat certification not necessary for handloom products certified by HEPC
DEPB – Exemption from Special Addl. Duty (SAD)- A few Illustrations
Notification No. 47/98-Customs, Dated 16-7-1998
Conversion to SBs to DBK SBs – Power Delegated to Commissioners
Circular No. 47/98- Customs Duty Dated 7/7/1998
ICD at Garhi Harasaru (Gurgaon)
separately under two different serial Nos. of the same notification be allowed the benefit of notification – Clarification on
Imports under leasing arrangement- BE may be filed in the name of importer and lessor
EOUs/ EPZ Units – CG depreciation norm raised to 90%
EOUs/ EPZ Units – Iption to Execute Single B-17 Bond (sur) or Bond and BG upto 5% of Bond Value
Circular No. 40/98- Customs Duty Dated 11/6/1998
Circular No. 41/98-Customs Duty Dated 11/6/1998
This notification exempts specified goods covered under IT agreement
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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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