Speech on Import Duty


Customs:

 Customs is an authority or agency in a country responsible for collecting and safeguarding customs duties and for controlling the flow of goods including animals, transports, personal effects and hazardous items in and out of a

country.

Depending on local legislation and regulations, the import or export of some goods

may be restricted or forbidden, and the customs agency enforces these rules.The customs authority may be different from the immigration authority, which monitors persons who leave or enter the country, checking for appropriate documentation, apprehending people wanted by international arrest warrants, and impeding the entry of others deemed dangerous to the country.


Details on Duty Free Import:

At present duty free import of specified 10 raw materials for manufacture of handlooms made ups, for cotton made ups or manmade made ups is allowed up to 5% of FOB value of preceding year in case of handloom made ups and 1% of FOB value in case of cotton made ups or manmade made ups. Now, in addition to 10 raw materials allowed earlier, embroidery threads, sewing threads, poly-wadding materials, quilted materials and printed bags have also been allowed within these duty free limits.

 

 
 For enhancing exports of sports goodsimport of 16 specified items is allowed duty free to the extent of 3% of FOB value of exports in the preceding year. We have expanded the list to include 5 more items. 

 

         There are several Advance Authorization and EPCG authorizations of the past which are pending for closure on account of non-fulfillment of export obligation. In order to clean up such cases, one time relief has been provided to such authorization holders who would be able to close these cases on payment of custom duty and interest and the total amount of duty and interest shall not exceed two times of amount of the duty saved.

  In order to make IT exports more flexible, we have extended the facility of ‘Work from Home’ to STPI and EOUs.

It has  also been allowed import of cars and vehicles at ICD at Faridabad and Ennore Port.