Everything you need to know about Custom Duty

Custom duty is one type of tax that is set through the Government of India. This duty is levied on all products that are exported or imported from India. The government generates enormous revenue through this tax. Central Board of Excise and Customs (CBEC) is the central government body that is responsible for the administration of the customs duty on every product. CBEC is part of the Department of Revenue under the Ministry of Finance, Government of India. Custom rates are different for every item and is determined in the Central Board of Excise and Customs under the Customs Tariff Act, 1975.

Central Board of Excise and Custom can change the rate of duty on customs at any time, in accordance with the needs of the economy and industry therefore there is a constant requirement for both exporters and importers to be informed of the most current information regarding their products for business. Every importer and exporter should calculate the amount of customs tariff that is applicable to the goods they are importing to ensure that they don't have to be faced with any problems after the shipping.

We are one such B2B website that offers the custom Duty Calculator for all goods of the Central Board of Excise and Customs. With this tool, every importer or trader is able to easily view the custom tariff rate , and as well as the exact amount of custom duties due to the value that can be assessed of their imports. This facility is available to registered users to allow them to find the latest custom duty rates applicable to their merchandise and determine their duty only entering their CIF value or assessable amount of the shipment.

The website is a massive collection of other important Exim information, such as circulars custom notifications, HS codes Central excise, Service tax, etc. This website can therefore use as a reliable source for the most recent and most current changes implemented from CBEC as well as other authorities. The user-friendly interface on the website is helpful for instant searches. All you have to do is select the issuing authority, date range, notification/circular no or the subject of the notification/circular. It will show the pertinent results within a couple of seconds, thus saving lots of your energy and time.

Here is an example of how to determine the Indian Custom Duty.

Customs duty total is calculated using what is the assessed value for the product. The assessable value will be the sum of CIF Value plus 1 percentage landing cost of CIF value. CIF value.

Customs duty total is split into several components:

(i) Standard Duty (ii) Basic Duty: It is calculated in a percentage of the assessable value of the item. The rate differs for each Hs 8-digit code, and is set out as the first section of the the customs tariff act.

(ii) CVD or Additional Duty: It is calculated based on the amount that is the amount of assessable value plus basic duty i.e. assessable value plus basic duty + CVD rate.

(iii) Education cess of central excise: It's added over and above the CVD on the total amount after the base duty as well as an additional duty.

(iv) Cess for custom education: It's charged on the amount that is calculated after adding the Basic duty plus CVD plus Central Excise cess.

(v) Special CVD/ Special duty: It is calculated based on the total amount which is calculated by adding the assessable value plus the Basic Duty plus CVD and Central Excise custom Edu Cess.

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