Import Classification
Import duty:
• Additional custom duty –This is commonly known as countervailing duty(CVD) is the duty leviable on imported goods equal to the central excise duty leviable on like articles, produced or manufactured in India. This duty is leviable as per section 3 of customs tariff act,1975.
• Special additional duty –This duty is leviable as per section 3A of custom tariff act 1975.It is leviable in all imported goods at 4% except those specifically exempted.
• Educational cess-To give a boost to primary education in the country and in conformity with the Common Minimum Program of the UPA government, Finance Minister P Chidambaram on July 2004 proposed to levy a Education cess of 2% on income tax, corporation tax, excise and customs duties and service tax.
• Secondary higher educational cess- An additional 1% Secondary and Higher Education cess was imposed in 2007 to help fund new seats in higher education that are required to implement the 27% reservation of seats for other backward classes. “It has been introduced to fund secondary and higher education.
Documents required for Duty Calculation
• Simple Import :-
Invoice, Packing List, CAN (Cargo Arrival Notice), Insurance ce certificate
• High Sea Sale :-
Invoice, High Sea Sale Invoice, CAN (Cargo Arrival Notice), Insurance certificate
Merit Duty
• Merit duty is the standard duty which is calculated without any exemption.
• Concessional duty is the duty which is applicable if any exemption is applicable on that particular commodity.
• The exchange rate is applicable is the rate prevailing on the date of presenting bill of entry is presented in the custom under section 46.the same rate is applicable for all types of clearance(warehouse, home consumption, or bonded)
Custom duty is the duty is been charged on goods on their importation in to India. Basic custom duty-Levied as per the first schedule to the custom tariff act,1975.
• Additional custom duty –This is commonly known as countervailing duty(CVD) is the duty leviable on imported goods equal to the central excise duty leviable on like articles, produced or manufactured in India. This duty is leviable as per section 3 of customs tariff act,1975.
• Special additional duty –This duty is leviable as per section 3A of custom tariff act 1975.It is leviable in all imported goods at 4% except those specifically exempted.
• Educational cess-To give a boost to primary education in the country and in conformity with the Common Minimum Program of the UPA government, Finance Minister P Chidambaram on July 2004 proposed to levy a Education cess of 2% on income tax, corporation tax, excise and customs duties and service tax.
• Secondary higher educational cess- An additional 1% Secondary and Higher Education cess was imposed in 2007 to help fund new seats in higher education that are required to implement the 27% reservation of seats for other backward classes. “It has been introduced to fund secondary and higher education.
Documents required for Duty Calculation
• Simple Import :-
Invoice, Packing List, CAN (Cargo Arrival Notice), Insurance ce certificate
• High Sea Sale :-
Invoice, High Sea Sale Invoice, CAN (Cargo Arrival Notice), Insurance certificate
Merit Duty
• Merit duty is the standard duty which is calculated without any exemption.
• Concessional duty is the duty which is applicable if any exemption is applicable on that particular commodity.
• The exchange rate is applicable is the rate prevailing on the date of presenting bill of entry is presented in the custom under section 46.the same rate is applicable for all types of clearance(warehouse, home consumption, or bonded)
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