Wednesday, 25 December 2019

Unit 8: Custom Duties


Unit 8: Custom Duties

The Customs Act was formulated in 1962 to prevent illegal imports and exports of goods.

Duties of customs are levied on goods imported or exported from India at the rate specified under the Customs Tariff Act.

For the purpose of exercising proper surveillance over imports and exports,   The Central Government has the power to notify the ports and airports for the unloading of the imported goods and loading of the exported goods,   The places for clearance of goods imported or to be exported, the routes by which above goods may pass by land or inland water into or out of Indian and the ports which alone shall be coastal ports.

The different duties under custom duty in India include basic duty, additional duty (countervailing duty), anti-dumping duty, protective duty, export duty.

In bearing with the main objective of the customs duty, any goods which are imported or attempted to be imported and exported or attempted to be exported, contrary to any 144    Indirect Tax Laws Notes prohibition imposed by or under the Customs Act or any other law for the time being in force shall be liable to confiscation.

Additional Duty: This additional duty is levied under section 3(1) of the Custom Tariff Act and is equal to excise duty levied on a like product manufactured or produced in India.

If a like product is not manufactured or produced in India.

Countervailing duty: This duty is equivalent to central excise duty leviable on a like product manufactured in India.

Illegal import: The import of any goods in contravention of the provisions of this Act or any other law for the time being in force.

Import-Export Policy: Import of goods into and export from India is regulated by the Foreign Trade Policy (the Policy) issued from time to time by Government of India.

The Policy remains in force for five years and is amended from time to time.

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