Beruflich Dokumente
Kultur Dokumente
1962
LEARNING
OUTCOME
Understanding the meaning of Customs
and definitions therein
INTRODUCTION
Assented
by
President
on
13th
December, 1962
Came into force on 1st February, 1963
Extends to whole of India
Contains provisions relating to Import,
Export and baggage of persons arriving
in India.
Taxable event
In Imports:
when goods cross the customs barrier.
In case of warehoused goods:
when goods are cleared from
warehouse
the
In exports:
when goods cross territorial waters of
India
Definitions
1. Goods: U/s 2 (22)
2. Coastal Goods: U/s 2 (7)
3. Dutiable goods: U/s 2 (14)
4. Custom area: U/s 2 (11)
5. Indian customs water: U/s 2 (28)
6. Baggage: U/s 2 (3)
7. Assessable value: Section 14
8. Duty drawback
Types of duties
1) Basic Custom Duty: levied U/s 12
2) Countervailing Duty: AV+BCD+NCCD: @12%
- Alcohol
- On MRP
- Exemption
3) Special CVD: AV+BCD+CVD+EC+SHEC: @4%
Not on:
if goods are exempted from BCD, CVD
-) Excise duty is payable on MRP price
-) Patent or proprietary medicines
-) Readymade garments
-) Passenger baggage
-) Jewelry @1%
Types of duties
Education cess
NCCD
Safeguard duty :
- if imposed, valid for 4 years or CG increase
period to 10 years.
- Exceeds 3% of total import from that country.
- Different countries: exceeds 9%
Anti dumping duty
TOTAL DUTY PAYABLE @ 28.85% w.e.f. 17-032012
EXAMPLE
Assessable Value:
10,000
BCD: @10%:
1,000
Sub-total: 11,000
CVD
@12%:1,320
Subtotal 2,320
EC @ 2% 46.40
SHEC @1% 23.20
Sub-total: 12,389.60
Special CVD @4% 495.58
TOTAL DUTY PAYABLE: 2,885.18
OR 2,885