What’s the importance of Custom Duty India & its Types?

Are you making plans to sell your products all across the border, but you don’t know what Custom Duty India is? There is no need to take worries as you’ll understand everything about it in this blog post. Go further to explore more about it….

This one mentions as an indirect tax i.e. charged on the import and export of merchandises across international borders. It is also known as an indirect tax that is imported by the Indian government on the transportation of commodities. Companies which are involving in the business of import and export need to abide by these regulations and pay the customs duty as needed.

The Custom Duty India is a type of charges that are obtained by the customs authorities for the movement of goods and services which are imported in & exported from India. When this tax is imposed for the import of goods is considered as import duty while the tax is imposed for the export of products is known as an export duty.

One of the main reasons for using custom duty is to increase profits and defend domestic business, jobs, industries, etc. Moreover, this tax reduces fraudulent movements and flow of black money.

Types of Custom Duty India

This duty is divided into several kinds of taxes, like:

Basic Customs Duty

·   This kind of duty is imposed on imported products which are part of Section 12 of the Customs Act, 1962.


Additional Customs Duty

·         It is imposed on commodities which are stated under Section 3 of the Customs Tariff Act, 1975. This is less or more similar to the central excise duty charged on products made within India.


Protective Duty

·         This is levied for the purpose of defending indigenous business and local goods against foreign imports.


Education Cess

·         It is charged at 2% with an extra education cess 1% as included in the customs duty.


Anti-dumping Duty

·         This one is imposed if a specific product is being imported is under fair market price.


Safeguard Duty

·         It is levied to safeguard the local domestic industries.


Are you looking for an updated and authentic Import Export Data? Then, get immediate access by visiting the given below link.

Comments

  1. Bangladeshimportsdata.com13 January 2021 at 04:20

    Bangladesh Customs Data is the one-stop solution for all Bangladesh import export trade information. With the help of this data report, you will keep updated with current Bangladesh market trends, ups & downs, upcoming scenarios, and many more. Our company offers excellent business solutions and data services to its customers.

    ReplyDelete
  2. emmawil225 January 2024 at 02:23

    This blog on the importance of custom duty in India is an eye-opener! Your detailed explanations make a complex topic easy to understand. I'd love to see more examples or case studies showcasing real-life applications. Keep up the excellent work, shedding light on crucial trade aspects, However if you need import export data, we at Eximpedia provides data of more than 100 countries including Malaysia Importers List, Japan Trade Data and many others.

    ReplyDelete

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