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

Prepare for Regulation 6 Examination: Required Documents for Exports Customs Clearance

In India, both imports and exports are regulated under the foreign trade act, 1992, to empower the government to make provision for the development and regulation of foreign trade. As mentioned under the regulation 6 exam, any company planning for export is required to obtain an IEC number from the DGFT. Once obtaining the IEC, the very next step for the exporter is to ensure that all the legal compliances are met under the trade laws.

Also, the exporter needs to register with the ICC -  Indian Chamber of Commerce, they issue the non-preferential certificates of origin certifying that all the goods listed for exports are originated in India. 

As mentioned under regulation 6 examination here are the required documents for the exporter,

 =>Commercial Invoice - this is the first document that provides the details about the contents of the goods. As per the experts of Rule 6 exam the exporter needs this document to obtain an inspection certificate. 

=>Bill of lading - this document is an acknowledgment that all goods are in the process of shipping or that the shipment is complete. In other words, it is a document that is evidence of the contract of transport. 

=>Bill of Exchange - this addressed to the importer to make payment at a fixed or on-demand or determinable future. Read more...

Essential Tips For The Regulation 6 Exam Applicants in 2020

Regulation 6 examination is conducted every year and it is consisting of questions regarding custom broker and its licensing. All necessary details and information would get provided by the institute. A customs broker license examination helps people pursue this profession. It's growing need and scopes says that choosing this league would be a wise choice. 

Below mentioned guidelines will assist students that what is to be required before appearing for the exam. It will certainly provide all details regarding the regulation 6 exam 2020. 

==>Students are supposed to reach the examination hall before half an hour with their identity card provided priorly. 

==>Candidates will only get an entry on the basis of the production of print out of original identity card i.e. aadhar card, passport, or pan card. 

==>All the digitalized items besides each stationary utilities are strictly prohibited in the examination hall. 

==>Each individual must be provided with a total examination infrastructure containing its examination portal along with the desktop computer.

==>The question paper must be in English and Hindi. If due to any sort of discrepancy, the English version will get prevailed. Read more...

TOP 5 CBLR EXAM 2020 PREPARATION TIPS

There are always different activities that enhance the experience. To help you in clearing the CBLR Exam 2020, here are few guidelines. 

==>Make A Plan For Studies To Manage Your Time

Make a plan to manage your time. Normally the preparation for any exams starts with the very first day when you decide to attempt the exam. Planing can help you in managing the time and to avoid getting stressed during the exam. Devise a road map that reflects the number of chapters and based on that schedule them. 

==>Make a study notes

When you prepare for the CBLR exam 2019 syllabus, you should let all the cramming part aside and make a short note while studying. Cramming can result in forgetting all the points and making short brief notes can help in remembering all the points for a longer time of period. Read more...

IMPORTANCE OF SOLVING PREVIOUS YEARS QUESTION PAPERS FOR REGULATION 6 EXAM 2020

Regulation 6 of the CBLR, 2013 provides an examination for the CHA license the rule 6 exam eligibility criteria mentioned in Regulation 5 and 6. Every year a lot of students apply for the Regulation 6 Exam 2020 and it is increasingly increasing compare to previous years and it is a good and positive sign for the logistic sector. If you’re planning to apply for the regulation 6 exam it is important for you to solve previous year question papers.
 

So, if you are still looking for clarity on the Regulation 6 Exam pattern, the previous year's regulation 6 Exam question paper is the best source. Basically, the question paper gives you the overall idea about the nature of the question, the time duration, marking scheme, all the weightage, and much more.  With practicing the previous year's papers you will get more ideas about the topics from where the questions will come. Here are some benefits you get when you refer the previous year regulation 6 Exam question paper,

===>Advisory

If you’re a beginner, it is better to practice the sample paper. After completing the sample papers, it is advised to revise all the important topics and then take the previous year's question paper for practice.

Read more...

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...

CUSTOMS BROKER RESPONSIBILITIES AND DUTIES

A customs broker is a person who clears shipments at the port of imported or exported goods. Custom brokers are responsible to ensure that all the imported and exported items meet all the regulations, packing, laws and other requirements that are mentioned under law. Also, they must be certain that all fees, documentation, taxes and other needs have been fulfilled.

Custom broker after clearing CBLR Rule 6 Exam are the gatekeepers of national, local and international commerce. It is mentioned in the CBLR exam guide that custom broker has a responsibility that has severe repercussions if not done correctly.

As per CBLR exam 2020 and Rule 6 exam eligibility guideline here are some of the Responsibilities and Duties of Customs Broker

==> Monitor entire processes and compliance to all federal regulations and customs duties.

==> Administer all personnel, ensure that all the employees at duty are well trained and they all have knowledge of all regulatory changes

==> As mentioned in the CBLR exam guide, a customs broker needs to monitor the work of all personnel and increase the ability of all employees to ensure they offer an optimal level of customer services.

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