Custom Duty
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The rate of exchange of conversion for exported goods w.e.f.1st July
The rate of exchange of conversion for imported goods w.e.f. 1st July
Anti-dumping duty on Sodium Cyanide by amending notification No. 10/2001-Customs, dated 31.01.2001
Anti-dumping duty on Analigin from China PR
Notification No. 49/2005-Customs (N.T.), dated: 17-06-2005
Areas falling within jurisdiction of the Commissioner (Appeals)
Extension of anti-dumping duty on Metronidazole.
Applicability of drawback on exports in CKD/SKD condition-regarding
Notification No. 47/2005-Customs (N.T.), dated; 08-06-2005
Notification No. 46/2005-Customs (N.T.), dated: 08-06-2005
Anti-dumping duty on acrylonitrile butadiene rubber (NBR)
Amends Notification No.15/2002-Customs (N.T.), dated: 7th March, 2002
Amends Notification No.12/97-Customs (N.T.), dated: 02.04.1997
Amends Notification No.12/97-Customs (N.T.), dated: 02.04.1997
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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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