Customs Duty is referred to an indirect tax needs to pay on goods and services imported into India. It is also applies on the products exported from India. The taxable event is associated with both import as well as export from India.
India comprises the territorial waters of India which enlarge up to 12 nautical miles into the sea to the shore of India. In India, the essential law for levy and gathering of customs duty is Customs Act, 1962. It offers for levy and collection of duty on imports and exports, import/export process, bans on imports and exports of goods, penalties as well as offences among others. The Central Board of Excise & Customs (CBEC) governs all the issues related to the customs.
Custom duty more than raising revenue for the Central Government also assists the government to stop the illegal imports and unlawful exports of goods from India. The Central government has emergency rights as well to boost import or export duties whenever required after an announcement in the session of Parliament.
Indian Custom Duty – Objectives
- The customs duty need to pay, basically, for the following purpose:
- Limitation Imports for conserving foreign switch over.
- Saving Indian Industry from excessive competition.
- Banning imports and exports of goods for finding the policy objectives of the Government.
- Regulating exports.
- Stop Smuggling.
- Facilitate execution of laws related to Foreign Trade Act, Conservation of Foreign Exchange, Foreign Exchange Regulation Act and Prevention of Smuggling Act among others.
If you are in export and import business, it is essential for you to collect information on Indian custom duty. This is primarily important to avoid any sort of problem in running your business efficiently. Moreover, it is better to collect right information about the Indian custom duty online in order to avoid any sort of shortfall.
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