The customs duty act was passed in the year 1952, enabling the government impose taxes on the import and export of goods, prohibit the entry of certain goods in the country, restrict exports and impose penalty in case of smuggling of goods. The central excise is the authoritative body that deals with the formulation of policy, and is responsible for levying and collection of Excise duties and taxes, imposing regulations for prevention of smuggling and administers matters relating to Customs.
Given below are the different types of customs duties:
SEE ALSO: Custom Duty in India
Customs duties are calculated on the value of goods i.e. specific or ad valorem rate basis. The value of the goods are determined based on rule 3 (j) of the custom valuation rules 2007. The rule pegs the value of the imported goods at the transactions value that has been adjusted according to the provision under Rule 10. So the valuation of the goods is done by following the below mentioned procedure:
Customs duty can be paid online through the ICEGATE portal. The payment process through the ICEGATE payment portal is discussed below in detail:
The page will display the Unpaid Challans. On the left side of the page, you will find the menu options like Unpaid Challans, Incomplete Transactions, and Transaction Summary.
After completing the transaction on the bank portal, you will be re-directed to ICEGATE transaction status page. Depending on success or failure of the transaction, respective screens are displayed. It would be wise to visit this site between 4 AM to 9 PM only. Users having an account with other banks are advised to use the old ICEGATE e-payment gateway by clicking on the link given on the first page of the e-payment portal.
The custom duty calculator is a tool that helps you calculate the amount of duty or taxes you have to pay. You can pay the customs duty online through the e-payment portal of ICEGATE. Go to the ICEGATE portal and enter the CTH code of the goods that you have planned to import. Add a description of a maximum of 30 characters in the box and select the country of origin.
Click on the search tab if you want to go through the list of goods. As soon as the list appears you can choose your product from the list. A chart appears containing relevant information on your product. Thereafter in the dynamic chart, you can enter the values to check the exact custom duties that you have to pay.
SEE ALSO: Custom Duty Calculator
The rates are either specified or on ad valorem basis. The custom duty rates generally vary from 0% to 150% and the average rate is 11.90%. There are other types of fees that are applicable to custom duty:
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