02 August 2008
one of the announcements made in the Union Budget 2006-07 relates to introduction of a new levy of 4% Special additional duty of Customs (Special CVD) on all imports effective from March 1, 2006. Accordingly, the Customs authorities are levying 4% Special CVD for all those imports which are subject to Basic Customs Duty and Additional Duty of Customs (CVD).
However, the 4% Special CVD is exempted on certain imported goods which are exempt from Basic Customs Duty and Additional Duty of Customs (levialbe under Section 3(1) of the Customs Tariff Act 1975).
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