Custom Excise
Excise Duties of Customs are indirect taxes levied on the goods imported or exported from India at the rate specified under the customs Tariff Act, 1975 as amended from time to time or any other law for the time being in force. In India, the basic law for levy and collection of customs duty is the Customs Act, 1962. It provides for the levy and collection of duty on the imports and exports, import/export procedures, prohibitions on the importation and exportation of goods, penalties, offenses etc. It may be noted that the central excise revenue is the single biggest source of revenue of the Government of India. The central Government tries to achieve diverse socio-economic goals by making suitable adjustments in the scope & quantum of the levy of the Central Excise duty.
