Custom Duty
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Drawback on exports made before 2.4.95- Conversion of Free Shipping Bill into Drawback Shipping Bill allowed
Duty Exemption scheme – Gold by MMTC for sale/ loan to jewellery exporters – Procedure Notified
Classification of different items imported for breaking up
EPCG Scheme- Merchant exporters and supporting manf. to jointly discharge the bond and bank guarantee
Circular No. 35/96-Custom Duty Dated 21/6/1996
Duty Exemption Scheme – Clarifications on Amendment Notification
Export of fruits & vegetables – Customs examination simplified
Circular No. 32/96-Custom Duty Dated 12/6/1996
Circular No. 31/96-Custom Duty Dated 7/6/1996
Circular No. 30/96- Custom Duty Dated 24/5/1996
Circular No. 29/96-Custom Duty Dated 24/5/1996
Circular No. 28/96-Custom Duty Dated 14/5/1996
100% EOUs etc. – CE Commissioners to handle cases where both Cus. & Excise Commissioners exit
Transshipment of import containers from JNP to CFS Mulund, Bombay
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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