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Indian Money Reviews Different Types of Custom Duty in India
by indian money Financial advisors,Health insuranceThere are
different types of custom duty that are levied in India. Let us delve into the
details in the following sections of this Indian Money review.
Listed
below are the different types of customs duties
Basic customs Duty: As per IndianMoney.com reviews, imported goods are levied with
Basic Customs Duty, BCD, on the assessable value. Basic Duty is a
type of duty or tax imposed under the Customs Act (1962). The duty may be fixed
on specific rate basis. The Central Government has the power to reduce or
exempt any good from these duties.
Education CESS: This
is a tax that is levied by the Government to finance basic education in India. According
to Indian Money Company,
the CESS is levied at 2% and an additional 1% of the aggregate of the customs
duties.
Countervailing Duty: Indian Money reviews show that this is a type of additional customs duty
levied on goods that fall under Section 3 of the customs tariff act, 1975. It
is the same as central excise duty levied on smaller goods produced in India.
Protective duty:
Protective tariffs are taxes or duties placed on foreign goods by a
national or state government in order to protect domestic products and markets.
Safeguard Duty:
As per Indianmoney.com Bangalore, the safeguard duty is a type of tax, which aims to
safeguard against the rise in exports. The safeguard taxes are levied on goods
when the government feels that the rise in exports can damage the existing
domestic market.
Anti-dumping Duty: Dumping means exporting goods in a foreign market at a price
which is less than cost of production or below their "fair" market
value. Dumping gives hard competition to a domestic goods manufacturer. So, to
counteract complaints
about dumping, the Indian government has formulated certain guidelines and
policies. Imposing duty on imported goods is one of them and is known as
Anti-Dumping Duty.
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Financial advisors,Health insurance
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Created on Feb 6th 2019 01:31. Viewed 532 times.
