If you are related to importation and exportation business, it is required to have proper knowledge about custom duty in India. This blog is completely dedicated to this concept. Scroll down and read every important thing about customs duty.
Customs duty is an indirect tax imposed on products imported into our country India and on products exported from India. This kind of duty is very necessary because it plays a great role in protecting our country’s environment, economy, residents, jobs and more. The main purpose behind it is controlling the flow of banned commodities. Undoubtedly, it is an essential part of NTR (National Tax Revenue) a topmost source of central fiscal revenue. Charging the tax legitimately is one of the major tasks of customs authorities.
Give Your Attention to the History of Custom Duty India
In India, customs duty is well-defined under the Act of customs, 1962. It permits the Indian government to charge duty on imports and exports, prohibits import and export of products, procedures for exporting/importing & offenses along with penalties. Each and every matter regarding customs duty falls under CBEC (Central Board of Excise & Customs). This department conveys policies that committed to collecting customs duties, smuggling prevention, customs duty evasion and administrative judgments regarding customs formations.
In addition to this, it has multiple divisions that simply take care of the fieldwork. Plus, it overseas appropriates tax management for inland and foreign travel.
Basic Custom Duty
It is valid on all imported commodities that fall under the ambit section 12 of the customs act, 1962. This kind of duty is imposed at the charges arranged in the 1st schedule to the customs tariff act, 1975. The rates may be preferential or standard according to the nation of import.
Additional Custom Duty
Another duty i.e. imposed on all the imported products under section 3 of customs tariff act, 1975. This one is completely equal to Central Excise Duty i.e. levied on the same products formed in India.
An important type of Custom Duty India i.e. charged to protect the domestic field against imports at a price suggested by Tariff Commissioner.
This one is just levied at 2% & advanced Education Cess at 1% of combined customs duties.
· Anti-dumping Dut
This duty is only imposed whenever any product being imported at the lower fair market price.
· Safeguard Duty
It is charged whenever the Indian government feels a sudden upsurge in exports that can damage the domestic field.
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