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Types of Custom Duty - Customs Act,1962, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
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FAQs on Types of Custom Duty - Customs Act,1962, Indirect Tax Laws Video Lecture - Indirect Tax Laws - B Com
| 1. What is the purpose of the Customs Act, 1962? |  |
Ans. The Customs Act, 1962 is a legislation in India that governs the import and export of goods, and it aims to regulate customs duties, safeguard national security, and prevent smuggling and illegal activities related to cross-border trade.
| 2. What is custom duty? | |
Ans. Custom duty is a type of indirect tax that is levied on goods imported or exported from a country. It is imposed by the government to raise revenue, regulate trade, and protect domestic industries by making imported goods relatively more expensive.
| 3. How is custom duty calculated? | |
Ans. Custom duty is calculated based on the value of the goods being imported or exported, known as the assessable value. The assessable value is determined by considering factors such as the transaction value, customs valuation rules, and any applicable deductions or additions. The customs duty rates are then applied to the assessable value to calculate the amount payable.
| 4. What are the types of custom duty in India? | |
Ans. In India, there are mainly two types of custom duties: basic customs duty and additional customs duty (also known as countervailing duty). Basic customs duty is levied on the assessable value of imported goods, while additional customs duty is levied on the sum of assessable value and basic customs duty.
| 5. Can custom duty be exempted or reduced? | |
Ans. Yes, custom duty exemptions or reductions can be granted under certain circumstances. The government may provide exemptions or concessions on custom duty for specific goods or industries to promote exports, attract investment, or fulfill international agreements. Additionally, certain categories of individuals such as diplomats or those entitled to privileges under international conventions may also be eligible for custom duty exemptions.
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