Custom Duty
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Bill of Entry (Electronic Declaration) Regulations, 1995
Circular No. 105/95-Custom Duty Dated 29/9/1995
Radial tyres import as scrap not permitted
Interpretation or rules, etc. – Reference to Board and other commissioners Essential
Issue of notification as per section 54 of the Customs Act, 1962 – Transhipment- regarding
Quantity-based advance Licences – No additional duty on imports for exports of leather and readymade garments
Value – based Advance Licences – No additional Duty on imports for exports of leather and readymade garments
Private Bonded Warehouses -Further Guidelines
This notification exempts material imported against an Advance license issued on or after 19.09.1995
This notification exempts goods imported against Value Based Advance License issued on or after 19.09.1995
Warehoused goods- Calculation of customs duty
DEEC/ EPCG Scheme – Bond facility extended to Export Houses & Other Relaxations
Cars import under TR Rules – Short visits relaxable
This notification exempts components required for the manufacture of capital goods for supplied to a person holing a license under EPCG 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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