Custom duty

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Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2011 Sir

what is RITC Code, how can I indentify this code.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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23 November 2011 IMPORT TARIFF CODE ACTUALLY,

Customs duty is a kind of indirect tax which is levied on goods of international trade. Duties levied in relation to imported goods are referred to as import duty and duties levied on the export consignments are called export duty.

PLEASE NOTED THAT:

In India, the Customs Tariff was incorporated as Schedules to the Indian Tariff Act, 1934. The First Schedule to this Act was the Import Tariff and the Second Schedule was the Export Tariff. The Customs Tariff Act, 1975, with the above Schedules, came into effect on 2nd August, 1976. The Import Schedule was based on the Customs Co-operation Council Nomenclature, which was also known as "Brussels Tariff Nomenclature" (BTN). Further, with effect from 28th February, 1986, the above Tariff was revised based on the Harmonised System of Nomenclature (HSN) adopted by the World Customs Organisation (WCO). The Harmonised System Nomenclature (HSN) which is otherwise known as "Harmonised Commodity Description and Coding System" was evolved by the World Customs Organisation and came into effect in the Harmonised System Convention from 01.01.1988, i.e. almost two years later. During the period and until 31st January, 2003, the Tariff consisted of 6 Digit code.

The Customs Tariff in India remained a 6 Digit Code aligned with the HSN during the period from 28th February, 1986 to 31st January, 2003. However, the Directorate General of Commercial Intelligence and Statistics (DGCIS) had evolved a 8 Digit Code for compilation of imports/exports data and the Directorate General of Foreign Trade had adopted HSN based 8 Digit Code for the Foreign Trade Policy. Therefore, there had been a demand from the trade and industry for the adoption of a common classification code for all trade related transactions. Accordingly, on the 20th January, 2003 the Government of India promulgated the "Customs Tariff (Amendment) Ordinance 2003" making changes in the Customs Tariff Act with effect from 1st February, 2003. Thus, the 6 digit code was replaced by the 8 digit classification code. The Ordinance empowered the Government to bring changes in the First Schedule by subordinate legislation and also to specify standard units of measurements against each Tariff item. The Finance Act, 2006 brought further changes in the First Schedule. The New Schedule is in force with effect from 1st January, 2007.

FOR MORE INFORMATION LINK IS:

http://www.taxmanagementindia.com/site-map/exim/itc_hs_code.asp

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2011 Sir

What is Custom duty levy on Micro SD Card(Memory card) ,if it is import from China for trading purpose.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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23 November 2011 HENCE LINK IS:
https://www.caclubindia.com/experts/custom-duty-for-importing-memory-cards-772595.asp

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