Custom Duty
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Duty Exemption Scheme-Customs clarifications on the new EXIM policy
This notification exempts material imported against a Quantity Based Advance license issued on or after 01.04.1995
This notification exempts material imported against a Value Based Advance license issued on or after 01.04.1995
Circular No. 31/95-Custom Duty Dated 30/3/1995
warehousing of imported goods
ONGC Installations declared as Designated Areas
transfer of import goods for re-warehousing from major port to inland warehousing station
Circular No. 27/95-Custom Duty Dated 24/3/1995
Duty free imports of components of capital Goods
Drawback to Merchant Exporter – manufacturer of goods details in shipping bill essential
Intimation on goods cleared at 50% duty falling under 2203.00, 2204.30, 2206.00 and 2207.20
Sale of books from shipping vessels in port
This notification exempts the specified goods imported from Mauritius, Seychelles or Tonga
This notification exempts the specified goods imported from Bangladesh, Republic of Korea or Sri Lanka under Bangkok agreement
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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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