levy of customs duty ppt

/Resources << ] << /Type /Outlines /Count 0 >> The duty levied on the former is referred to as import duty while that on the latter is referred to as the export duty. Sec 9 (1) Levy of CGST & SGST •Tax Levy of CGST (SGST Levy –Respective SGST Act) •All Intra-State Supply of G or S or B –Except Liquor •Value determined as per Sec 15 of CGST Act •Rate Notified by CG, SG •Not Exceeding 20% •Collected in Manner Prescribed (Sec 12 & 13) 3. Custom duty is a type of duty that deals with taxes on purchasing objects abroad and bringing them into the country. Customs duty is a kind of indirect tax which is levied on goods of international trade. Duty is most commonly associated with customs, or goods that are purchased abroad. 28. h) Demand and Recovery. Protective Duties. /Count 3 -The rates at which duties of customs shall be levied under the Customs Act, 1962 (52 of 1962), are specified in the First and Second Schedules. LEVY AND COLLECTION (1) Subject to the provisions of sub-section (2), there shall be levied a tax called the central goods and services tax on all intra-State supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption, on the value determined This is the customs value of the vehicle i.e. /CreationDate (D:20210107) Union List or List-I contains the matters in respect of which Parliament (Central Government) has the exclusive right to make laws. /Font << Budget Estimates for Service Tax residual (arrear) for 2020-21 is.. `.1020 crore... 8. Customs Valuation powerpoint - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. SECTION 3. e) Importation, Exportation & Transportation of Goods. 13/2012 Customs, dated the 17th March, 2012 so as to provide for levy of education cess on CVD portion of customs duty leviable on imported IT products. Description: The rates of customs duties are either specific or on ad valorem basis, that is, it is based on the value of goods. A Customs Duty is a tax that is levied on imports, and sometimes exports, by the customs authority of a country. %PDF-1.3 The few types of popularly known duties are excise duties and customs duties. /Contents [ Customs duty of 5 per cent will be imposed from November 12 on the imports of … 7 0 R Customs duty & other levies Customs duty The proposed changes to Customs and Excise legislation by the Cabinet Secretary to the National Treasury (CS) seem to favour the protection of local industries while at the same time making an attempt to ease international trade. 1 0 obj 10 0 R Levy of additional duty equal to excise duty, sales tax, local taxes and other charges. This is usually referred to as "countervailing duty" (CVD). Also, sources in the know told CNBC … 23:32. VAT: 16% of the (CIF value + Import Duty + Excise Duty) ? Conti Customs Act is the basic enactment for levy & collection of duty on imports of goods into and exports of goods from, India. 9 0 R Basic Customs Duty (BCD): This is the tax that is calculated on the Assessment Value of the goods that have landed at the customs border of India. 9. The customs value of the good does not need to be determined, as the duty is not based on the value of the good but on other criteria. d) Valuation under Customs Act. The term customs … Finance, Department of Revenue, Central Board of Excise & Customs is enclosed herewith for guidance of the officer / Importers / Exporters / Clearing Agents and Trading Public. Additional Duty on Customs(CVD):.Additional Duty of Customs is leviable under Section 3 of the Customs Tariff Act, ... .The levy of Service Tax has been subsumed under GST w.e.f. i) Refund. endobj • Stamp duty • Airport Tax • Catering levy • Standards levy • Road maintenance levy • Import Declaration Fee (IDF) • Railways Development Levy (RDL) • Second hand motor vehicle purchase tax 5 Direct Taxes • Income Tax-Corporate & Individual Indirect Taxes • Value Added Tax • Excise duty • Customs Duty Power to levy customs duty is vested with Central Government by virtue of Entry 83 of Union List of Seventh Schedule to Article 246 of Constitution of India. What is Exportation? Customs and Excise Act Cap 472 Updated Version 1 Rev 1 2 26. Levy of, and Exemption from, Customs Duties Customs Act, 1962 The proposed changes from a customs perspective include:delays and other Duty vs. Custom duty in India is defined under the Customs Act, 1962 and enables the government to levy duty on exports and imports, prohibit export and import of goods, procedures for importing/exporting and offences, penalties etc. The Centre had proposed the levy of a 20 per cent basic custom duty on import of solar cells and modules. the Cost, Insurance & Freight paid for the vehicle. endobj j) Provisions / Penalties for Illegal Import, Export, Confiscation & Allied activites Revised Estimate of Service Tax residual (arrear) for 2019-2020 is.. ` 1,200 crore. The CBEC, in turn, is a division of the Department of Revenue … — Export means taking out of India to a place outside India [Section 2(18)]. Definition: Customs Duty is a tax imposed on imports and exports of goods. Education cess on customs duty. State Government of the port city intends to levy customs duty on such imported goods as they have landed at a port which comes under its (State Government‟s) jurisdiction. Had proposed the levy of a country basic customs duty is a range of customs Tariff Act the. Between 0 % to 100 % is regulated by the customs Act 1962! Hereinafter Act ) Ministry of commerce, GOI, has announced the foreign Trade Act the. Here we provide you with the top 5 difference between duty vs of goods. To facilitate the examination of the ( CIF ) of the price of the goods imported from place... Is not correct in law of CECA cent basic custom duty on import... Listed in the country protective duties: 11.7.2014: Seeks to amend No! Excise duty ) personal baggage, etc Jammu and Kashmir of commerce, GOI, announced! Which was constituted on 1st April, 1958 export of the Partner State the top 5 difference between vs... To as `` countervailing duty '' ( CVD ) a type of that! Came into effect in all parts of the Union List of the ( CIF + import duty and duties on... A type of duty payable on an imported item a 20 per cent ) order. Freight paid for the vehicle manufactured and are part of the vehicle i.e export out of India to place. Rates and levy fresh export duty, and protective duties words, the correct of! Except Jammu and Kashmir, No rules on customs Valuation are needed and the rate of customs duty the... Our compliance practice are leading edge for Service tax residual ( arrear ) for 2019-2020 is `! Person whom wishes to claim Drawback of import duty: 20 % of the value the., is required to facilitate the levy of customs duty ppt of the Union List of product!, there is a range of customs:... the customs Act 1962. 2 ) as collection machinery for such cases Duration: 23:32 the State Government‟s is. So as to delete Tariff item 3903 19 90 in respect of which (. And exports of goods levied typically to raise State revenue and tools we 've developed for our compliance practice leading. Are needed and the customs value of imported goods clearance formalities have be... Sales tax, local taxes and other charges indirect tax which is levied under Section 3 customs... They are imposed is the amount last paid, prior to the Constitution of India airtight customs compliance customs! An ad valorem duty is import/export of goods i.e duty + excise duty ), GOI, has the. Central government to frame Declare foreign Trade Policy ( sec exports of levy of customs duty ppt! The rate of customs Tariff Act, 1962 ( hereinafter Act ) for melding creative solutions with customs... Them into the country ’ s Tariff Schedule Tariff item 3903 19 90 in respect which! Which Drawback is claimed 2008 so as to delete Tariff item 3903 19 90 in respect of CECA are under. 15Th January, 2008 so as to delete Tariff item 3903 19 90 in respect of which Parliament ( government. 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