04 September 2013
It is an addtional duty of custom that is levied in different ways to counter balance the effect of Excise duty,VAT,CST etc for the like articles produced in India. For instance, CVD3(1) is levied on the same rate as of Basic excise duty on a particular article. CVD3(3) is generally levied on stainless steel product for household purpose and transformer oil ,in order to counter balance the effect of Excise duty on these articles used as Raw material. CVD3(5) is levied on the same rate as that of VAT/CST or any other local taxes.
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