Custom Duty

Topics: International trade, Duty, Free trade Pages: 12 (4261 words) Published: April 4, 2011
The Custom Duty in India is one of the most important tariffs. The custom duty in India is regulated by the Customs Act of 1962. The main purpose of the custom duty in India is the prevention of the illegal export and import of goods. The rates of the custom duty levied on the imported and exported goods are assigned in the Custom Act, 1962.  The Acts under the custom duty in India:

* Foreign Trade (Exemption from application of Rules in certain cases) Order, 1993 * Customs Act, 1962

The Registrars of Companies in different states chiefly manage: * Customs Tariff Act, 1975
* Foreign Trade (Development and Regulation) Act, 1992
* Taxation Laws (Amendment) Act, 2006
* Provisional Collection of Taxes Act, 1931
* Central Excise Tariff Act, 1985
* Foreign Trade (Regulation) Rules, 1993
* Central Excise Act, 1944
The rules and regulations under the custom duty in India:
* Foreign Privileged Persons (Regulation of Customs Privileges) Rules, 1957 * Denaturing of Spirit Rules, 1972
* Customs (Attachments of Property of Defaulters for Recovery of Government Dues) Rules, 1995 * Accessories (Condition) Rules, 1963 
* Specified Goods (Prevention of Illegal Export) Rules, 1969  * Re-Export of Imported Goods (Drawback of Customs Duties) Rules, 1995  * Notice of Short-Export Rules,1963 
* Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidized Articles and for Determination of Injury) Rules, 1995  * Customs and Central Excise Duties Drawback Rules,1995  * Customs Tariff (Identification, Assessment and Collection of Anti-Dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995  * Customs Valuation (Determination of Price of Imported Goods) Rules, 1988 * Customs Tariff (Determination of Origin of Goods under the Agreement on SAARC Preferential Trading Arrangement) Rules,1995 * Notified Goods (Prevention of Illegal Import) Rules, 1969  * Customs Tariff (Determination of Origin of Goods under the Bangkok Agreement) Rules, 1976  * Customs Tariff (Determination of Origin of the U.A.R. and Yugoslavia) Rules, 1976  * Customs (Settlement of Cases) Rules, 1999 

* Customs( Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 1996  * Customs (Publication of Names) Rules,1975 
* Rules of Determination of Origin of goods under the Agreement on South Asian Free Trade Area (SAFTA)  * Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997  * Baggage Rules, 1998 Customs Tariff (Determination of Origin of Other Preferential Areas) Rules,1977  * Customs Tariff (Determination of Origin of Goods under the Free Trade Agreement Between the Democratic Socialistic Republic of Sri Lanka and the Republic of India) Rules, 2000 The different duties under custom duty in India:

* Basic Duty: This is the general kind of duty levied under the Customs Act, 62 * Additional Duty (Countervailing Duty): This duty is levied under the Custom Tariff Act, section 3 (1) * Anti-dumping Duty: This duty prevents the dumping of foreign goods by the transnational companies * Protective Duty: This duty protect the interests of the Indian industrial sector * Export Duty: This duty is levied on the export of goods India Tax

Basics of Customs Duty  Customs duty on imports and exports| Customs duty is on imports into India and export out of India. Section 12 of Customs Act, often calledcharging section, provides that duties of customs shall be levied at such rates as may be specified under ‘The Customs Tariff Act, 1975', or any other law for the time being in force, on goods imported into, or exported from, India.| Similarity between excise and customs| There are many common provisions and/or similarities in provisions Central Excise and customs Law. Administration, Settlement Commission and Tribunal are common. Provisions of Tariff,...
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