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Custom Duty in India

Know the details about all types of taxes and taxation in India. Custom duty payment details are available. Check the details regarding custom duty rates, payment procedure etc.<br><br>

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Custom Duty in India

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  1. Custom Duty - Rates, Valuation, Online Payment Powered By http://www.taxqueries.in/

  2. CONTENTS • Introduction • Custom duty on imports and exports • Custom duty rates • Types of custom duty • Valuation of custom duty • Custom duty payment Powered By http://www.taxqueries.in/

  3. CUSTOM DUTY INTRODUCTION • Custom Duty is a type of indirect tax levied on imports (imported goods) into India and exports (exported goods) out of India. • Duties levied on exported goods are known as Export Duty, and duties levied on imported goods are known as Import Duty. • Countries levy customs duty on import or export of goods as a means to raise revenue. Powered By http://www.taxqueries.in/

  4. CUSTOM DUTY ON IMPORTS AND EXPORTS • It is levied as per the value of goods or weight, dimensions and another such basis according to the goods.  • If duties are based on the quantity/dimensions/weight, then they are called as specific duties. • If duties are based on the value of goods, they are called as ad valorem duties. • The combination of both value of goods and quantity/weight, as well as various other factors, are called as specific duties Powered By http://www.taxqueries.in/

  5. CUSTOMS DUTY IN INDIA • Customs duty in India is defined under the Customs Act, 1962. All matters related to Customs Duty fall under the CBEC (Central Board of Excise & Customs). • Central Board of Excise & Customs has various divisions that take care of the field work including Customs, Commission rate of Customs, etc. • Some of the definitions under Customs Act, 1962 is as follows. • Bill of Entry:Basic document for the assessment of custom duty. • Customs Airport: It means any airport appointed under Sec 7(a) to be a customs airport and includes a place appointed under section 7(aa) to be an air freight station. Powered By http://www.taxqueries.in/

  6. Customs Area: The area of the custom station and includes any area in which imported goods or export goods are ordinarily kept before clearance by customs authorities. • Custom Station: Custom Station means any customs port, customs airport or land custom station. • Dutiable Goods: Any goods which are chargeable to duty and on which duty has not paid. • India: India includes Indian territorial waters. It also includes any creek or tidal water. Powered By http://www.taxqueries.in/

  7. CUSTOM DUTY RATES • The Basic Customs Duty are 5%, 7.5% & 10%. • The highest rate of basic customs duty is 10% for non-agricultural items (with some exceptions). • On baggage, the general rate of duty is 35% and no additional duty of customs is leviable on baggage. Powered By http://www.taxqueries.in/

  8. TYPES OF CUSTOM DUTY • Basic Custom Duty • Additional Customs Duty • Protective Duty • Safeguard Duty • Anti-dumping Duty • Anti-subsidy Duty • Education Cess Powered By http://www.taxqueries.in/

  9. Classification of Goods • The Customs Tariff Act, 1975 provides the Classification of Goods and the Rates of Custom Duty. It comprises of 2 schedules. • First Schedule. • Second Schedule. • First Schedule: In this schedule goods chargeable with import duty are listed. It is also known as ‘Import Tariff’. • Second Schedule: In this 2nd schedule goods chargeable with export duty are listed. It is also known as ‘Export Tariff’. Powered By http://www.taxqueries.in/

  10. Valuation of Custom Duty • Import Valuation Rules: • Transaction value of identical goods • Transaction value of similar goods • Deductive Value • Computed Value • Residual method of valuation • Export Valuation Rules: • Transaction value • Determination of value by comparison • Computed value • Residual method Powered By http://www.taxqueries.in/

  11. Custom Duty Payment •  procedure for Custom Duty Payment: • Customs Duty can be paid online in the portal “icegate.gov.in“. • Visit the website and click on e-Payment or utilise the direct link given below. • Enter the IEC and Location Code, which are mandatory and click on submit. • You can see all the unpaid challans of yours. • Select the desired challan and choose a payment method. • Make the payment at that particular bank’s payment gateway. • After payment, you will be redirected to the ICEGATE portal. • Take a print of payment copy for further reference. Powered By http://www.taxqueries.in/

  12. THANK YOU For more details http://www.taxqueries.in/custom-duty/customs-duty-rates-valuation/ Powered By http://www.taxqueries.in/

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