Custom Duty
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Drawback on cotton power loom made ups permissible
Poultry and poultry products – No need for counter signature on Health Certificate
Circular No. 128/95-Custom Duty Dated 14/12/1995
Re-import of Indian origin goods even for re-processing, re-conditioning, etc.
Duty Exemption/ EPCG Scheme- Clarifications on recent Changes
EOUs/ Jurisdiction of Customs and Excise Defied
Import from SAARC Countries under SAPTA – Clarification on Duty concession
QBAL Imports – Exemption from Additional Duty
Customs Tariff (Determination Of Origin Of Goods Under Agreement On Saarc Preferential Trading Arrangement) Rules, 1995
Subsidiaries of Export Houses – Joint Bond facility extended
EOUs/ EPZ Units- Policy issues to be referred to CBEC before issue of Show Cause Notice
Engg. Product Export Scheme – Modvat permitted on inputs – Spares Import allowed
EPCG / Advance Licences – Third Party Exports can be counted towards Export Obligation
Grant of Private Bonded warehouse licence in SEEPZ – Asstt. Comm. authorised to grant the licence
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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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