Custom duty refers to the tax imposed on goods when it crosses international borders. It is a tax levied by the government on the import or export of goods. Companies involved in the import or export of products need to follow the Custom duty regulations. India’s levy custom duties both on imported and exported products. Import custom duty is the custom duties levied on imported products, while export custom duty is a customs duty levied on export products. Export custom duties are usually very low to improve competitiveness in the export market. Import duties are a major revenue earner for the government.
The Indian government collects custom duty because:-
Indian Custom duty is charged on almost all goods imported into the county. We can categorize the types of customs duty levied by the government of India as:-
The Goods Service Tax or GST was implemented in 2017. GST is an indirect tax and is a tariff charged on the manufacture, sale, and consumption of goods. This tax has replaced many financial taxes that were previously charged in the country such as Central Excise Tax, VAT, Service Tax, Sales Tax, and entry tax. The Custom duty after GST taxes the Integrated Goods and Service Tax (IGST) substituted Countervailing Duty (CVD) and Addition Custom Duty. The basic customs duty remains. The new system includes:-
Customs duty in India is calculated either on a specific or on a proportional basis. The customs duty of the product depends on the valuation, dimension, weight, etc.
The value of the goods is based on the Customs Valuation Rules 2007. If quantifiable data is unavailable, then the valuation is done on the following basis:-
Users can pay custom Duty online through ICEGATE or Indian Custom Electronic Commerce/Electronic Data Exchange (ED or EDI) Gate. Through ICEGATE, traders can fill the bill of entry and shipping bills through Email, Web upload or FTP. Airline and shipping agents can file their manifest. The payment of custom duty in India has become very simple. E-Challan and payment can be made simply through the website. Custom Calculators are available online help you calculate the correct customs duty.
In the last few years India has taken major steps in taxation reforms though digitalization. The Central Board of Indirect taxes and Customs has launched e-Sanchits. The website allows users to file their returns online. Registered ICEGATE users can file returns using e-Sanchit link. Hardcopies uploaded during filing need not be produced during filing. The Government of India hopes to improve the speed of clearing documents.
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