Is custom duty to be paid for imported LPG? If yes how much?
#(a) “Customs Duty” means the customs duty levied under the Customs Act, 1962. (b) “CVD” means the Additional Duty of Customs levied under section 3 of the Customs Tariff Act, 1975. #ADDITIONAL DUTY OF CUSTOMS: In the 2005 budget, power was taken to levy a special additional duty of customs @ 4% under section 3(5) of Customs Tariff Act, 1975 on all goods imported into India. This levy is to partly compensate for the internal taxes like VAT, sales tax, central sales tax, which apply to sale, purchase or transportation of goods in India. This 4% levy was imposed on ITA (Information Technology Agreement) bound items and on specified inputs/raw materials used for manufacture of electronics/ information technology items. This additional duty of customs of 4% has now been extended to cover all imported goods (with some exceptions). This will apply to all agricultural as well as non-agricultural imports. Jewellery will, however, attract a lower rate of additional duty of customs at 1%. The fo
