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A Brief on Custom Duty India

As per the Indian Customs Act 1962 the Government of India is allowed to levy tax on the good which are imported to India from other countries and exported from India to other countries. The process to follow for imports and exports business can be understood from this Custom Duty India Act. There are various divisions of CBEC such as commission rate of customers, etc. The custom duty India has various parts and one must have proper knowledge of each section of it so that the business can grow better

               
Basic Custom Duty: As per Section 12 of Customs Act 1961, this rate is levied according to First Schedule of the Customs Tariff Act 1975. The application of this rate is dependent on the country of import.

Additional Customs Duty or CVD: This is rate is levied on the goods those are imported and this rate is similar to the duty Central Excise Duty. This rate includes both BDC and lading charges during the import of goods.  This rate is levied as per Section 3 of Customs Tariff Act 1975.

Protective Duty: The domestic industry is required to be protected against the imports so that the manufacturing industry within India never gets hampered. Hence a protective duty is charged according to the recommendation given by the Tariff Commissioner.

Anti-dumping Duty: While goods are imported in India at a rate below than the fair market price, in that situation this anti-dumping duty is charged.

Safeguard Duty: Safeguard duty will be applicable if the government is getting the feel that if there is sudden increase in the volume of exports then it can hugely damage the domestic industry.

The above are major elements of Custom Duty India. If you are looking for the information as how same will be calculated then seek the assistance of professional experts in this field.

  • Seair Exim
  • 13-Dec-2017

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