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Custom Duty - Rates, payment

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Know the details about all ytpes of taxes and taxation in India. Custom duty payment details are available. Check the details regarding custom duty rates, payment procedure etc. – PowerPoint PPT presentation

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Title: Custom Duty - Rates, payment


1
Custom Duty - Rates, Valuation, Online Payment
Powered By http//www.taxqueries.in/
2
CONTENTS
  • Introduction
  • Custom duty on imports and exports
  • Custom duty rates
  • Types of custom duty
  • Valuation of custom duty
  • Custom duty payment

3
CUSTOM DUTY INTRODUCTION
  • Custom Duty is a type of indirect tax levied on
    imports (imported goods) into India and exports
    (exported goods) out of India.
  • Duties levied on exported goods are known as
    Export Duty, and duties levied on imported goods
    are known as Import Duty.
  • Countries levy customs duty on import or export
    of goods as a means to raise revenue.

4
CUSTOM DUTY ON IMPORTS AND EXPORTS
  • It is levied as per the value of goods or weight,
    dimensions and another such basis according to
    the goods. 
  • If duties are based on the quantity/dimensions/wei
    ght, then they are called as specific duties.
  • If duties are based on the value of goods, they
    are called as ad valorem duties.
  • The combination of both value of goods and
    quantity/weight, as well as various other
    factors, are called as specific duties

5
CUSTOMS DUTY IN INDIA
  • Customs duty in India is defined under the
    Customs Act, 1962. All matters related to Customs
    Duty fall under the CBEC (Central Board of Excise
    Customs).
  • Central Board of Excise Customs has various
    divisions that take care of the field work
    including Customs, Commission rate of Customs,
    etc.
  • Some of the definitions under Customs Act, 1962
    is as follows.
  • Bill of Entry Basic document for the assessment
    of custom duty.
  • Customs Airport It means any airport appointed
    under Sec 7(a) to be a customs airport and
    includes a place appointed under section 7(aa) to
    be an air freight station.

6
  • Customs Area The area of the custom station and
    includes any area in which imported goods or
    export goods are ordinarily kept before clearance
    by customs authorities.
  • Custom Station Custom Station means any customs
    port, customs airport or land custom station.
  • Dutiable Goods Any goods which are chargeable to
    duty and on which duty has not paid.
  • India India includes Indian territorial waters.
    It also includes any creek or tidal water.

7
CUSTOM DUTY RATES
  • The Basic Customs Duty are 5, 7.5 10.
  • The highest rate of basic customs duty is 10 for
    non-agricultural items (with some exceptions).
  • On baggage, the general rate of duty is 35 and
    no additional duty of customs is leviable on
    baggage.

8
TYPES OF CUSTOM DUTY
  • Basic Custom Duty
  • Additional Customs Duty
  • Protective Duty
  • Safeguard Duty
  • Anti-dumping Duty
  • Anti-subsidy Duty
  • Education Cess

9
Classification of Goods
  • The Customs Tariff Act, 1975 provides
    the Classification of Goods and the Rates of
    Custom Duty. It comprises of 2 schedules.
  • First Schedule.
  • Second Schedule.
  • First Schedule In this schedule goods chargeable
    with import duty are listed. It is also known as
    Import Tariff.
  • Second Schedule In this 2nd schedule goods
    chargeable with export duty are listed. It is
    also known as Export Tariff.

10
Valuation of Custom Duty
  • Import Valuation Rules
  • Transaction value of identical goods
  • Transaction value of similar goods
  • Deductive Value
  • Computed Value
  • Residual method of valuation
  • Export Valuation Rules
  • Transaction value
  • Determination of value by comparison
  • Computed value
  • Residual method

11
Custom Duty Payment
  •  procedure for Custom Duty Payment
  • Customs Duty can be paid online in the portal
    icegate.gov.in.
  • Visit the website and click on e-Payment or
    utilise the direct link given below.
  • Enter the IEC and Location Code, which are
    mandatory and click on submit.
  • You can see all the unpaid challans of yours.
  • Select the desired challan and choose a payment
    method.
  • Make the payment at that particular banks
    payment gateway.
  • After payment, you will be redirected to
    the ICEGATE portal.
  • Take a print of payment copy for further
    reference.

12
THANK YOU
For more details http//www.taxqueries.in/custom-d
uty/customs-duty-rates-valuation/
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