Custom Duty
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Supersession of notification No.19/90- Customs (N.T.), dated: 26.04.1990
Supersession of notification No.29/97-Customs (N.T.), dated: 07.07.1997
Supersession of notifications No.13/89-Customs (N.T.), dated: 09.03.1989 and No. 27/97-Customs (N.T.), dated: 07.07.1997
Notification No. 14/2002-Customs (N.T.), dated: 07.03.2002
Notification No. 13/2002-Customs (N.T.), dated: 05.03.2002
General permission for release of imported currency through post – reg
Seeks to prescribe a scheme of exemption for temporary import of leased machinery
Amendments in notification No. 25/99-Customs, dated: 28.02.1999
Seeks to prescribe a duty of 15% on capital goods used by the IT/Electronics industry, subject to actual user condition
Amends the Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 1996
Amends the Baggage Rules, 1998
Notification No. 24/2002-Customs, dated: 01.03.2002
Supercession of the notification No.19/2001-Customs, dated: 01.03.2001
Seeks to prescribe effective rates of duty for goods where the tariff rate is sought to be reduced in the Finance Bill, 2002
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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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