Custom Duty
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Disposal of Hazardous Waste
This notification exempts all goods imported for execution of projects financed by the United Nations or an International Organization
nclusion of Visakhapatnam EPZ in Notification No. 177 /94-Cus. To enable setting up of Jewellery Units in the Zone
Procedure for collection of duty on ship stores consumed during coastal run
Testing of goods exported under DEEC / Drawback / Pass Book Schemes
Simplification of procedures of setting up ICDs/CFSs
Duty Drawback on Export-Revision of All Industry Rates of Drawback
Streamlining the Procedures for Clearance of Import/ Export Goods
This notification exempts gold and silver imported by the specified Agencies
Hij pilgrims-Information on Baggages Rules, etc
ICD / CFS -Cost Recovery Charges
Duty Drawback on Textiles (Garments, Madeups) etc. – Original rates restored up to 31/12/97 – New (Lower Rates) Effective 1/1/98
Unclaimed / Uncleared Cargo
Irregular counting of some exports under Advance Licenec Scheme & EOU Scheme
Latest Custom Duty News
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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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