duty of customs
This query is : Resolved
tamil selvam
(Querist)
05 March 2010
cvd is not a customs duty but it is duty of customs.what is the meaning of the term"duty of customs"
RAMESH KUMAR VERMA
(Expert)
06 March 2010
MR TAMIL,
PROVISION OF COUNTERVAILING DUTY (CVD) OR ADDITIONAL DUTY OF CUSTOMS :-
1. IT IS LEVIED U/S 3(1) OF THE CUSTOM TARIFF ACT.
2. IT IS LEVIED TO OFFSET THE EXCISE DUTY LEVIABLE ON A LIKE ARTICLE MANUFACTURES OR PRODUCED IN INDIA.
CASE LAW:-
IF GOODS ARE EXEMPT FROM DUTY IF MANUFACTURED AND SOLD IN INDIA, THERE IS NO CVD PAYBLE LIKE CASE (CCE vs J K SYNTHETICS (SUPREEME COURT)
CVD, IS PAYBLE ON VALUE OF THE GOODS IMPORTED + BASIC DUTY (JAIN BROTHERS vs UOI (SUPREEME COURT)
PROVISION OF COUNTERVAILING DUTY (CVD) OR ADDITIONAL DUTY OF CUSTOMS :-
1. IT IS LEVIED U/S 3(1) OF THE CUSTOM TARIFF ACT.
2. IT IS LEVIED TO OFFSET THE EXCISE DUTY LEVIABLE ON A LIKE ARTICLE MANUFACTURES OR PRODUCED IN INDIA.
CASE LAW:-
IF GOODS ARE EXEMPT FROM DUTY IF MANUFACTURED AND SOLD IN INDIA, THERE IS NO CVD PAYBLE LIKE CASE (CCE vs J K SYNTHETICS (SUPREEME COURT)
CVD, IS PAYBLE ON VALUE OF THE GOODS IMPORTED + BASIC DUTY (JAIN BROTHERS vs UOI (SUPREEME COURT)
tamil selvam
(Querist)
07 March 2010
please give me the meaning of the term duty of customs
21 July 2024
"Duty of customs" refers to the taxes or charges imposed by a government on goods being imported or exported. These duties are typically levied at the border or port of entry/exit and are collected by customs authorities. The term encompasses various types of duties that governments impose to regulate trade, protect domestic industries, and generate revenue.
Key characteristics of "duty of customs" include:
1. **Types of Duties:** This includes basic customs duty, countervailing duty (CVD), additional customs duty (commonly known as Special Additional Duty or SAD), anti-dumping duty, safeguard duty, and any other duties specifically imposed on imported goods.
2. **Collection:** Customs duties are collected by customs authorities at the time of clearance of goods through customs. The amount is usually calculated based on the value of the goods, their weight, quantity, or other relevant criteria.
3. **Purpose:** Governments impose customs duties for various reasons:
- **Revenue Generation:** They provide a source of income for the government.
- **Protectionism:** They can protect domestic industries from foreign competition by making imported goods more expensive.
- **Regulation:** They regulate the flow of goods in and out of the country, ensuring compliance with national laws and policies.
- **Trade Policy:** They are used as a tool to implement trade policies, including tariff negotiations and international trade agreements.
4. **Legal Framework:** Customs duties are established and regulated by national laws and regulations, which may be influenced by international trade agreements and conventions.
In summary, "duty of customs" refers to the various taxes and charges imposed on goods moving across international borders. It encompasses all customs duties imposed by a government, including specific duties like basic customs duty, CVD, and others, depending on the nature of the goods and the policies of the importing country.
Key characteristics of "duty of customs" include:
1. **Types of Duties:** This includes basic customs duty, countervailing duty (CVD), additional customs duty (commonly known as Special Additional Duty or SAD), anti-dumping duty, safeguard duty, and any other duties specifically imposed on imported goods.
2. **Collection:** Customs duties are collected by customs authorities at the time of clearance of goods through customs. The amount is usually calculated based on the value of the goods, their weight, quantity, or other relevant criteria.
3. **Purpose:** Governments impose customs duties for various reasons:
- **Revenue Generation:** They provide a source of income for the government.
- **Protectionism:** They can protect domestic industries from foreign competition by making imported goods more expensive.
- **Regulation:** They regulate the flow of goods in and out of the country, ensuring compliance with national laws and policies.
- **Trade Policy:** They are used as a tool to implement trade policies, including tariff negotiations and international trade agreements.
4. **Legal Framework:** Customs duties are established and regulated by national laws and regulations, which may be influenced by international trade agreements and conventions.
In summary, "duty of customs" refers to the various taxes and charges imposed on goods moving across international borders. It encompasses all customs duties imposed by a government, including specific duties like basic customs duty, CVD, and others, depending on the nature of the goods and the policies of the importing country.
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