Custom Duty
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Circular No. 118/95-Custom Duty Dated 21/11/1995
DEEC -Issue of TRA for imports under DEEC further clarification
Customs Tariff New HS Code Effective from January 1996
This notification exempts goods manufactured in India and re-imported for repairs/reconditioning/reprocessing/refining/remaking etc
Pass Book Scheme – Clarification on operations of New Scheme amended by Notif. No. 115/95-Cus.
Circular No. 114/95-Custom Duty Dated 2/11/1995
Toner Cartridges for Laser Printers and Ink Cartridges for Ink Jet Printers – Indicative prices for Customs Valuation
Export Promotion Returns by Customs -forms Prescribed
Transshipment of Imported Goods – Regulations clarified
DTA clearances from EOUs/ EPZ Units against payment of full duty
QBAL- Licences issued under para 62/62A of EXIM Policy will be same as under para 50 of the Policy
Circular No. 108/95-Custom Duty Dated 13/10/1995
Duty Drawback- Minimum Amount-Fresh Instructions
Drawback – Brand Rate can be got fixed for claim of drawback of anti- dumping duty paid
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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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