An insight over the Import Duty its Different Types

What is Import Duty or Custom Duty?

Import duty is a type of indirect tax and is applicable to all imported goods and a few goods exported out of the country. Duties on import of goods are known as import duty and duties on exported goods are known as an export duty. Countries globally levy custom duties on import or export of goods as a means to get more profit. Customs duty is varied as per the value of goods or it’s weight, dimensions and many other factors. Value-based duties on goods are called as ad valorem duties and weight or quantity based duties are called specific duties. For more one can learn Customs clearance course in Pune.

All custom duties in India are defined under the Customs Act, 1962. All matters related to import duty and export duty fall under the CBEC - Central Board of Excise & Customs. They formulate policies that concern with levying of customs duties, smuggling prevention and administrative decisions related to customs formations.

As per the Customs clearance course in Kolkata, the Indian government levies various types of import duties on goods such as,

Basic Custom Duty:

This duty is applicable to items imported under section 12 of the Customs Act. All that duties are levied at the rates mentioned in the schedule to Customs Tariff Act, 1975, specifically in Section.

 Protective Duty:

Protective duty is used to shield the domestic industry against imports as per the rates decided by the Tariff Commissioner. 

Education Cess:

Education Cess is a duty which levied at 2% and higher cess at an additional 1% of the aggregate of customs duties.

Anti-dumping Duty:

This duty may be imposed if the imported goods are below fair market price, and it is limited to normal price and export price (dumping margin).

Safeguard Duty:

Under the Customs clearance course, it is mentioned that this duty is levied if the government feels an uncertain increase in exports can damage the domestic industry.

To learn more or to learn Customs clearance course  contact JBS Academy on,079 -2754 0463/079 -2754 0464 

India-Iran-Afghanistan – Historic Pact For Trilateral Transport & Transit Corridor By Kishor Bhatt

“Once we make up our mind, the distance between Kaashi and Kaashan is only half a step.” – Ghalib (Quoted by Narendra Modi during his recent Iran visit)

After the lifting of international sanctions on Iran following its contentious atomic programme, Prime Minister Narendra Modi on 22nd may 2016, left for Iran on a two-day official visit. Mr. Modi is the first Indian prime minister visited Iran in 15 years. Earlier, the then Prime Minister Atal Bihari Vajpayee had visited Iran in April 2001.

Connectivity, energy security, investment, and bilateral trade are on top of Mr. Modi’s agenda during his visit. Mr. Modi also inaugurated an Indian cultural festival in Iran on Monday. India signed several deals, including on sharing intelligence to combat terrorism and increasing cultural and technology contact.

The most noteworthy of the 12 agreements signed between Modi and Iranian President Hassan Rouhani is India’s investment of $500 million into developing Iran’s Chabahar port, considered an important entrepôt leading to Afghanistan and onward to Central Asia.

Agreement on setting up of an aluminium plant and on laying a railway line to give India access to Afghanistan and Central Asia was also signed.

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