Custom Duty
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CBEC Classificatory Circulars on Customs – New series introduced
Circular No. 7/95-Custom Duty Dated 24/1/1995
Imported goods Adjudication by Collector of goods valued above Rs. 10 Lakhs
Circular No. 6/95-Custom Dated : 23/01/95
Encyclopedia Britannica 1994 entry prohibited
TR Rules – Diplomatic and other Personnel Recall in Public interest – Ad hoc relief in duty on baggage
Fire arms import under baggage / TR Rules
Duty free import of items specified in the input-output norms for writing instruments
Advance Licence – Instructions for verification of SBs covering exports
Customs Tariff (Identification, Assessment and Collection of Anti-Dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995
Customs Tariff (Identification, Assessment And Collection Of Countervailing Duty On Subsidized Articles And For Determination Of Injury) Rules, 1995
This notification exempts specified goods for use in aquaculture form and for the export of aquaculture products produced from such goods
Land Customs Stations and Routes for import and export of goods by land or inland water ways
Notification No. 62/94-Cus. (N.T.), dated 21-11-1994
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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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