Custom duty details

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Rishika

Rishika (Querist)
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15 October 2013 hi experts, what is custom duty? when its applicable? what are the terms and conditions?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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16 October 2013 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. Import of goods means bringing into India of goods from a place outside India. India includes the territorial waters of India which extend upto 12 nautical miles into the sea to the coast of India. Export of goods means taking goods out of India to a place outside India.

In India, the basic law for levy and collection of customs duty is Customs Act, 1962. It provides for levy and collection of duty on imports and exports, import/export procedures, prohibitions on importation and exportation of goods, penalties, offences, etc.

must read:

http://www.eximguru.com/indian-customs-duty/