Custom Duty and its Objectives Custom Duty.
India includes the territorial waters of India which extend upto 12 … Prohibiting imports and exports of goods for achieving the policy objectives of the Government.
Levy and Collection of Custom Duty
One of the other objectives of customs control on import and export is to assess and realize export duty/cess/charge according to the customs Tariff Act and any other fiscal legislation.
Customs Duty is a type of indirect tax levied on goods imported into India as well as on goods exported from India. Taxable event is import into or export from India. Custom Duty - Objectives The customs duty is levied, primarily, for the following purpose: Restricting Imports for conserving foreign exchange. Regulating exports. Types of Customs Duty, Types of Duties under Customs, We know that when goods are imported or exported from our country, customs duty is applicable on such transactions. customs duty: A tax levied on imports (and, sometimes, on exports) by the customs authorities of a country to raise state revenue, and/or to protect domestic industries from more efficient or predatory competitors from abroad. Prevent Smuggling. But, unlike service tax or VAT which generally have no type, Customs duty has got … It varies from 10% to 45% – NCCD of customs of 1% was imposed on motor cars, multi-utility vehicles and two-wheelers and NCCD of Rs 50 Per ton were imposed on domestic crude oil, vide Section 134 of Finance Act, 2003. Protecting Indian Industry from undue competition.
This duty is imposed on pan masala, chewing tobacco and cigarettes. Definition: Customs Duty is a tax imposed on imports and exports of goods.
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