Custom Duty
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Acceptance of Charered Engineer’s Certificate as proof of installation of capital goods
Drawback Recovery where Export Sale – Proceeds not Realiised
Circular No. 2/97-Custom Duty Dated 4/2/1997
EPCG & Duty Exemption Scheme -DEEC/ EP Copy of SBs no longer required for discharge/waiver of Bond
Circular No. 67/96-Custom Duty Dated 27/12/1996
Export certificate for carrying equipment by executives to be issued in advance
Acknowledgment of letters/ representations received from Trade/ Associations
This notification levies Anti Dumping duty on DBM having MgO contents ranging from 85% to 92% originating from People”s Republic of China
Baggage articles in non-commercial quantity need not be detained
This notification exempts re-imported goods of Indian origin
Jobbing on Imported Materials – Disposal of Waste
Software development Units – Details to be Collected
Circular No. 61/96-Custom Duty Dated 11/12/1996
Standing Committee on Industry Problems constituted
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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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