Custom Duty
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New Duty Drawback Rates effective 16.6.95- CBEC Instructions
EPCG Scheme- CBEC Instructions on New Policy / Procedure
Special VBAL Scheme for RMG – CBEC Instruction
Export obligation Non-fulfilment – Adjudication not necessary for initiating action
Transfer of Residence Form Revision
Passbook scheme for duty free imports -CBEC Instructions
Re-import of exported goods – Duty leviability explained
Ovaprim imported before 16/3/95 are also entitled to duty exemption
Customs refund applications regulations – CBEC clarification
Notification No. 111/1995-Customs, Dated: 05/06/1995
Notification No. 110/1995-Customs, Dated: 05/06/1995
Notification No. 107/1995-Customs, Dated: 02/06/1995
Notification No.106/1995-Customs, Dated: 02/06/1995
This notification exempts specified goods imported against a Pass Book
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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