credit of duty paid

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2011 sir,

custom duty paid on imports includes basic custom duty, counter veiling duty and additional duty

what is the meaning of all the terms

whether credit is taken of duty paid

please describe me in detail....!!!

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

26 February 2011 DEAR SIR / MADAM,

Basic Duty is a type of duty or tax imposed under the Customs Act (1962). Basic Customs Duty varies for different items from 5% to 40%. The duty rates are mentioned in the First Schedule of the Customs Tariff Act, 1975 and have been amended from time to time under the Finance Act. The duty may be fixed on ad –valorem basis or specific rate basis. The Central Government has the power to reduce or exempt any good from these duties.

Additional duty also known as countervailing duty or C.V.D is equal to excise duty imposed on a like product manufactured or produced in India. It is implemented under the Section 3 (1) of the Indian Custom Tariff Act. The Government has exempted all goods, when imported into India for subsequent sale, from the whole of the additional duty of customs leviable thereon under Sub-Section (5) of Section 3 of the Customs Tariff Act vide Customs Tariff Notification No. 102/2007 dated 14th September 2007. However, the importers will be first required to pay the said duty and thereafter required to claim the refund.

FOR MORE INFO:-

http://www.infodriveindia.com/exim/guides/how-to-import/ch_10_import_duties.aspx

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now