Duty leviable on import

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2013 whether custom duty is applicable on import of branded & non branded goods?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

17 July 2013 yes.

custom Duty is imposed under the Indian Customs Act formulated in 1962 by the Constitution of India under the Article 265, which states that “no tax shall be levied or collected except by authority of law. So, the Indian Custom Act was introduced that allow the Central Government to collect the taxes under the name of Custom Duty.

Custom Duties are usually levied with ad valorem rates and their base is determined by the domestic value 'the imported goods calculated at the official exchange rate. Similarly, export duties are imposed on export values expressed in domestic currency.

u can must read following link:

http://www.slideshare.net/altacitglobal/customs-duty-on-branded-goods