What Are The Types Of Duty?

How many types of duty are there?

Import duties are further divided into basic duty, additional customs duty, true countervailing duty, protective duty, education cess and anti-dumping duty or safeguard duty.

Basic Custom Duty: Basic custom duty is applicable on imported items that fall under the ambit of Section 12 of the Customs Act, 1962..

What is custom duty and its types?

Custom duty is a type of indirect tax that is levied on all the goods that are imported to the country as well as some goods exported from the country. … While value-based duties are called valorem duties, quantity-based duties are called specific duties.

What is the duty?

noun, plural du·ties. something that one is expected or required to do by moral or legal obligation. the binding or obligatory force of something that is morally or legally right; moral or legal obligation. an action or task required by a person’s position or occupation; function: the duties of a clergyman.

What are examples of duties?

A duty (also called an obligation) is something that a citizen is required to do, by law. Examples of duties/obligations are: obeying laws, paying taxes, defending the nation and serving on juries. Rule of Law: Everyone is under the law. To obey the law, you must know the law.

What is meant by countervailing duty?

Definition: Duties that are imposed in order to counter the negative impact of import subsidies to protect domestic producers are called countervailing duties. … These are also known as anti-dumping duties.

What is Bill entry?

A bill of entry is a legal document that is filed by importers or customs clearance agents on or before the arrival of imported goods. It’s submitted to the Customs department as a part of the customs clearance procedure. … The bill of entry can be issued for either home consumption or bond clearance.

What is a custom value?

Customs Value is the total value of all items in your shipment and determines how much import duty the package recipient must pay. For example, if you are shipping 10 dresses each valued at US$25.00 (or local currency equivalent), then you would enter a customs value of US$250.00.

What is basic customs duty?

Basic Duty is a type of duty or tax imposed under the Customs Act (1962). Basic Customs Duty varies for different items from 5% to 40%. … Additional duty also known as countervailing duty or C.V.D is equal to excise duty imposed on a like product manufactured or produced in India.

What is difference between excise duty and custom duty?

Excise duty refers to the taxes levied on the manufacture of goods within the country, as opposed to custom duty that is levied on goods coming from outside the country.

What is custom duty in GST?

Custom duty is a kind of an indirect tax that is imposed on both exported and imported goods and services. … Multiple taxes such as service tax, value added tax, state tax, central excise, etc. were imposed on various goods and services. Under GST, these multiple taxes have been replaced by just one tax – GST.

What is the meaning of import duty?

Import duty is a tax collected on imports and some exports by a country’s customs authorities. A good’s value will usually dictate the import duty. Depending on the context, import duty may also be known as a customs duty, tariff, import tax or import tariff.

What’s the meaning of excise duty?

An excise, or excise tax, is any duty on manufactured goods that is levied at the moment of manufacture rather than at sale. … Excises are typically imposed in addition to an indirect tax such as a sales tax or value-added tax (VAT).