What is The Meaning of Customs Duty in India

Customs duty is a tax imposed on the transportation of goods internationally. It is levied on both import and export of goods. It falls under the Customs Act 1962 and Customs Tariff Act 1975.

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Customs duty aims to raise revenue and safeguard jobs, domestic business, industries, and the environment. It also helps reduce the circulation of black money and fraudulent activities.

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Factors to Consider While Calculating Customs Duty

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Structure of Customs Duty

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Types of Customs Duty in India

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How Customs Duty is Calculated?

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What is The Meaning of Customs Duty in India

Customs duty is a tax imposed on the transportation of goods internationally. It is levied on both import and export of goods. It falls under the Customs Act 1962 and Customs Tariff Act 1975.

Customs duty is a tax imposed on the transportation of goods internationally. It is levied on both import and export of goods. It falls under the Customs Act 1962 and Customs Tariff Act 1975.

Customs duty aims to raise revenue and safeguard jobs, domestic business, industries, and the environment. It also helps reduce the circulation of black money and fraudulent activities.

Customs duty aims to raise revenue and safeguard jobs, domestic business, industries, and the environment. It also helps reduce the circulation of black money and fraudulent activities.

Factors to Consider While Calculating Customs Duty

· Place of goods acquisition · Place of manufacturing of goods · Goods material · Weight and dimensions of goods

· Place of goods acquisition · Place of manufacturing of goods · Goods material · Weight and dimensions of goods

Structure of Customs Duty

· Basic customs duty · Additional duty · Special additional duty · Educational assessment or cess · Other state-level taxes

· Basic customs duty · Additional duty · Special additional duty · Educational assessment or cess · Other state-level taxes

Types of Customs Duty in India

· Basic custom duty · Additional customs duty · Protective duty · Education cess · Anti-dumping duty · Safeguard duty

· Basic custom duty · Additional customs duty · Protective duty · Education cess · Anti-dumping duty · Safeguard duty

How Customs Duty is Calculated?

Value of Imported Goods + Basics Customs Duty + Social Welfare Surcharge = Value Based on IGST is Calculated

Value of Imported Goods + Basics Customs Duty + Social Welfare Surcharge = Value Based on IGST is Calculated

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