Custom Duty

Calculate Custom Duty in India, Custom Act 2013

New Delhi, India (prHWY.com) February 4, 2013 - Central Board of Excise and Customs (CBEC) govern all laws regarding custom duty in India. These laws customize under Custom Tariff Act, 1975. Custom Tariff Act contains documentation of all terms and conditions regarding import export taxes. Custom Duty is an indirect tax that has been applied on the basis of quantity of goods to provide the services from one place to another.
There are following ways to calculate Indian Import Duty

Step 1: Ad Valorem duties are parts of basic custom duty that are executed on the basis of values and assemble values.

Assessable Values = Cost + Insurance + Freight + 1% Landing Charges

Indian Custom Duty is applied on the basis of Ad Valorem Duties calculation.

Step 2: Specific charge of Duty (that is based on import goods and) calculated as per unit (in kg) of shipping products (in terms of weight, numbers etc.) basis.

Step 3: The additional custom duty is applied on the basis of countervailing custom duty. It is calculated as the total cost of imported products equal to the excise duty that manufactured in India.

Step 4: Anti-dumping duty is also the major source that has been affecting the indirect taxes. It is applied when the goods are exported with the lower rate of normal values of the products. Import Export Data rate also has been affected by Anti Dumping Duty. It provides a lot of arrangement for products like shipping security, damaging management etc.

Step 5: Additional Duty are calculated on the basis of Domestic taxes including Sales tax, Value added tax, local tax and other special taxes.

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Tag Words: import export data, export import data, import data, export data, custom duty

Categories: Business

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