what is import duty?

This query is : Resolved

RAKESH kumar (Querist)
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07 November 2009 what is import duty?.
is it freight?
or
in hindi seema shulak

what is cvd, bcd,
acd iunder customs act?

e.g

we are a mfg and are regularly importing consumer goods from Pakistan from pak inds, lahore thru. International clearing agency.(frieght) eg.
Import purchases Rs.1164@$48.60 exchange rate.

exchange control copy made by international clearing agency of rs. 57853.00(ass. value)+8739(import duty)

Import duty on 1164@48.60$+ins ch 637+freght73++landing charges1% on 57280.00(i.e after ins and frgt.)then assesable value 57853.00@6% CUSTOMS DUTY=3471 THEN CVD ON 61324(57853+3471)=2527 AND ACD=2741=5268(CVD+ACD)

THEN TOTAL IMPORT DUTY =3471+5268=8739.00 deposited by international clearing agency in Amritsar to inspector customs rail cargo,

other Clearing charges incurred by international clearing agency.15000.00 and he make a bill rs.8739+20000=28739.00 in favor to us.

plz pass the purchase entry.
Can import duty an refundable?

tds is to deducted on 28739.00 or 20000.00
u/s 194c

CUSTOMS DUTY 6%I. 3471.00 REFUNDABLE OR CVD OR ACD

IS IT 3471.00 OR CVD OR ACD? FROM WHICH IS FREIGHT AMOUNT?
IF HAVE TELL ME?

PLZ REPLY............................../
IT IS URGENT

ANIL JANGID

ANIL JANGID (Expert)
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08 November 2009 Import duty liable to pay on imported goods as per indian custome tariff act. No, it is not freight!

Basic Duty:
This is the basic duty levied under the Customs Act. The rate varies for different items from 5% to 40%.

Additional Duty (Countervailing Duty) (CVD):
This additional duty is levied under section 3 (1) of the Custom Tariff Act and is equal to excise duty levied on a like product manufactured or produced in India. If a like product is not manufactured or produced in India, the excise duty that would be leviable on that product had it been manufactured or produced in India is the duty payable. If the product is leviable at different rates, the highest rate among those rates is the rate applicable. Such duty is leviable on the value of goods plus basic custom duty payable. eg. If the customs value of goods is Rs. 5000 and rate of basic customs duty is 10% and excise duty on similar goods produced in India is 20%, CVD will be Rs.1100/-.

Special Additional Duty is duty levied under Section 3(5) if the CTA 1975. This is levy in order counter balance various internal taxes like Sales Tax, VAT, etc