Prepare for Custom Broker Examination: Customs Duty India

Customs Duty refers to all the types of tax imposed on the goods when they are transported to one country to another. The objective behind levying customs duty is to secure each countries economy, environment, jobs and residents, by regulating the movement of goods. Basically, it is an indirect tax that is levied on all the goods that are imported.

All the duties of the former are referred as import duty and the latter is referred to as the export duty. All the duties levied on the value of the goods, its dimensions and overall weight with a lot of other things. When it comes to value based duties, it is known as Valorem duties. On the other hand as mentioned in the Custom broker exam, all the quantity-based duties are known as specific duties. And all the values plus other factors duties are known as compound duties.

Custom Duty in India

In India, all the customs duties fall under the Customs Act, 1962. As per this act, the government levies duties on both imports as well as export goods with their prohibitions, procedures, penalties, etc. The matter pertaining to all duties falls under the Central Board of Excise and Customs - CBEC.

The CBEC works to formulate policies w.r.t the collection and imposition for customs duties such as prevention of smuggling, custom duty evasions, and many more. As mentioned in the customs exam references, It works with different divisions such as Central Revenues Laboratory, Commissionerate of Customs, and Directorates, etc.

Custom Duty Rates

All the customs duties vary from the range of 0 to 150%. Here the average rate is around 11.90%. Also, here are other types of fees that are applicable to these duties as per mentioned in the customs exam,

• Landing charge – 1% CIF
• Countervailing Duty – 0%, 6% or 12% CIFD + LC
• CEX - Education and Higher Education Cess – 3% CVD

To know more about customs duty India or to know more about Custom broker exam contact the consultancy team of JBS Academy on 9574005085 or chat with them on, info@jbsacademy.com

Manufacturers, Exporters and Logistics Companies Meet in Varanasi to Expedite Trade

In view of the fact that Varanasi region is one of the highly potential manufacturing hub in India and South and South-East Asia with opportunities to develop multimodal connectivity combining Air, Road, Rail and Inland Waterways, the region is facing inherent challenges to transport goods/cargo to other parts of the country and abroad. Keeping this in mind, Qonatus Consultus in association with Exporters and Logistics associations, orgasined a National Logistics Summit at Radisson Hotel, for the first time in Varanasi.

The Summit was addressed by a number of eminent industry professionals and experts from Varanasi, Bhadohi, other surrounding areas, Kanpur, Delhi, Mumbai, Ahmedabad and other parts of the country. The speakers included Mr Amit Kumar, Deputy DGFT, Ministry of Commerce, Govt of India; Mr Umesh Kumar Singh, Joint Commissioner (Industry) Govt of Uttar Pradesh; Padam Shri Dr. Rajani Kant, Executive Director, Human Welfare Association, Varanasi; Mr Junaid A Ansari, President, Eastern UP Exporters’ Association (EUPEA); Mr Ashok Gupta, Founder President Eastern UP Exporters Association and Chairman, Banaras Beads Limited; Mr Ramesh Kumar Chaudhary, Vice Chairman, Indian Industries Association (IIA); Mr Ravi Patodia, Former Director and Member, Indo American Chamber of Commerce, U.P. Branch; Mr S Ramakrishna, Chairman, Federation Freight Forwarders Associations in India; Mr Shantanu Bhadkamkar, President, Association of Multimodal Transport Operators of India (AMTOI); Mr Samir Shah, Partner JBS Group, Ahmedabad and Immediate Past Chairman, FFFAI; Capt TS Ramanujam, CEO, Logistics Skill Council; Mr Rajeev Agrawal, Chief General Manager, Road Transport & Highways, Varanasi, Government of India and other dignitaries. Read more...