Custom Duty
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Antique handicrafts items export – No routine references
100% EOUs closure/failure to export – Demand of duty
VBAL/QBAL – Export Declarations – Further clarifications
Advance Intermediate Licence for iron & steel under Engg. goods export scheme – Customs instructions
This notification exempts input required for the manufacture of iron and steel intermediates
This notification provides effective rates of duty on specified goods when imported from Union of Myanmar
Fishing Passes – Periodicity for Renewals Revised
Consumer/Commercial goods bought in India in FOREX – Export baggage allowed as
Circular No. 16/95 Custom Duty Dated 24/2/1995
Horticulture etc. 100% EOUs – Exemption from Customs Supervision
Circular No. 14/95-Custom Duty Dated 22/2/1995
DEEC Scheme Telegraphic Release Advise
EOUs / EPZ Units – Inter-Unit Transfer
Advance Licence – Nexus between export product and imported input to continue to be established
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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