Page 131 - DCOM308_DCOM502_INDIRECT_TAX_LAWS

Indirect Tax Laws Gopika Juneja, Lovely Professional University

Notes Unit 8: Custom Duties

CONTENTS
Objectives
Introduction
8.1 Types of Duties
8.2 Acts under the custom duty

8.3 Rules and Regulations
8.4 Restriction on Import and Export of Goods
8.5 Illegal Imports and Illegal Exports
8.6 Date of Determination of Duty and Tariff Valuations of Imported Goods
8.7 Levy of Custom Duties
8.8 Collection and Exemption from Custom Duties
8.9 Summary

8.10 Keywords
8.11 Review Questions
8.12 Further Readings

Objectives

After studying this unit, you should be able to:
 Understand meaning and significance of custom duties

 Know types of custom duties in India
 Define acts and rules and regulations related to customs duty in India
 Explain restriction on import and export of goods
 Know warehousing

 Explain provisions related to baggage and special provisions
Introduction

The Custom Duty in India is one of the most important tariffs. The Customs Act was formulated
in 1962 to prevent illegal imports and exports of goods. Besides, all imports are sought to be
subject to a duty with a view to affording protection to indigenous industries as well as to keep
the imports to the minimum in the interests of securing the exchange rate of Indian currency.

Duties of customs are levied on goods imported or exported from India at the rate specified
under the Customs Tariff Act, 1975 as amended from time to time or any other law for the time
being in force. For the purpose of exercising proper surveillance over imports and exports, the
Central Government has the power to notify the ports and airports for the unloading of the
imported goods and loading of the exported goods, the places for clearance of goods imported
or to be exported, the routes by which above goods may pass by land or inland water into or out
of Indian and the ports which alone shall be coastal ports.

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