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Baggage of custom duty - Customs Act,1962, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
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FAQs on Baggage of custom duty - Customs Act,1962, Indirect Tax Laws Video Lecture - Indirect Tax Laws - B Com
| 1. What is custom duty? |  |
Ans. Custom duty, also known as import duty or import tax, is a type of indirect tax imposed on goods imported into a country. It is levied by the government to generate revenue and to protect domestic industries from foreign competition.
| 2. How is custom duty calculated in India? | |
Ans. In India, custom duty is calculated based on the value of the imported goods. The value of the goods is determined by the assessable value, which includes the cost of the goods, insurance charges, freight charges, and any other charges incurred before the goods reach the customs territory of India. The custom duty is then calculated as a percentage of this assessable value.
| 3. Are all goods subject to custom duty in India? | |
Ans. No, not all goods are subject to custom duty in India. Some goods may be exempted from custom duty based on certain criteria, such as being part of a specific trade agreement, being imported by specific organizations or individuals, or being classified as essential goods.
| 4. Can custom duty be refunded in India? | |
Ans. Yes, custom duty can be refunded in India under certain circumstances. If the imported goods are not used or sold and are re-exported within a specified time period, the custom duty paid can be refunded. Similarly, if there is an overpayment or incorrect assessment of custom duty, a refund can be claimed by the importer.
| 5. What is the penalty for customs duty evasion in India? | |
Ans. Customs duty evasion in India is a serious offense and can attract penalties, fines, and even imprisonment. The penalty amount may vary depending on the value of the goods involved and the intent of the evasion. It is important to comply with customs regulations and accurately declare the value and nature of imported goods to avoid any legal consequences.
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Nov 22, 2024 Last updated |
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