How custom duty is charged? Import of Goods

Introduction Custom Duties:

·         Limit Imports for maintaining foreign exchange

·         Keep Indian Industry at the same side from unnecessary competition

·         Keeping out imports and exports of goods for finding the policy aims of the Government.

·         Flexible exports

·         Coordinating legal terms with other laws production with foreign exchange which include Foreign Trade Act, Conservation of Foreign Exchange, Foreign Exchange Regulation Act, and Prevention of Smuggling Act among others.

What the prime base is of charged of custom duty?

The duties are focus on specific and ad-valorem base, while there are many cases where at moments specific-cum-ad valorem duties are also gathered on imported products. Where concerns with ad-valorem duties are collected, which are the main mode of levy, the cost of the goods has to be find out for customs duty reasons as per terms laid down under the Customs Act and the Customs Valuation Rules, 1988 issued after that.

These terms are essentially acceptance of GATT dependant valuation system and pursued globally. The importer and even the reviewing officer has to cautiously study and take help of Custom Duty Calculator in order to take proper valuation according to the discharged before the products get out of customs management.

Custom Duty Calculator – Important for Calculating Import Tax:

Import is calling upon the goods to India from any other nation of the world. Territorial water increases upto 12 nautical miles right into the sea from the different coast of India and so the accountability to disburse import duty commences and products enter the territorial waters of India. No duty is accountable on goods which are in transportation in the same ship or if products are in transit from one ship to another.

Exportof Goods: Export duty is imposed on export of goods. The prime aim of this duty is to simply confined exports of definite goods.