Custom Duty
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The notification exempts specified goods imported for use in production of export articles etc
The notification exempts materials required for manufacture of final goods for supply to United Nation aided programs, projects, FTZ, EOUs etc
The notification exempts specified goods imported for use in manufacture of export goods
The notification provides effective rate of duty on gold and silver imported against SIL
The notification exempts the container of durable nature if imported temporarily
The notification provides effective rate of duty on the Air craft parts imported under standard exchange scheme
The notification exempts bona-fide gifts imported by post or Air
The notification exempts silver and gold imported under the scheme for export of gold / silver jewellery
The notification exempts specified goods required for maintenance of capital equipments imported under EPCG Scheme
The notification exempts specified goods imported against a special value based advance license
The notification exempts specified goods for supply to a 100% EOU or a Unit working within a FTZ
The notification exempts specified goods imported for the manufacture and the development of electronics hardware etc. under 100% EOU Scheme
The notification exempts capital goods imported under EPCG Scheme
The notification exempts specified material imported against self declared pass book
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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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