landed value(CIF 550000
custom duty @ 16
countervailing duty @ 16
education cess @ 2
what is the amt of education cess....plz. give cal. in detail
CS Vijay Daxini (At Practice) (732 Points)
02 August 2010landed value(CIF 550000
custom duty @ 16
countervailing duty @ 16
education cess @ 2
what is the amt of education cess....plz. give cal. in detail
RAMESH KUMAR VERMA
( CS PURSUING )
(43853 Points)
Replied 03 August 2010
CVD Cess (Educational Cess 2% + Higher Educational Cess 1%) | 2.00% | 2,062.02 | ||
BCD Cess (Educational Cess 2% + Higher Educational Cess 1%) | 1.00% | 1,940.43 |
vivek
(CS)
(751 Points)
Replied 03 August 2010
Upto my understanding you have given CIF value in this 1% Landing cost will be included then BCD and CVD will be calculated and then CVD cess @ 3% will be calculated and then addtion of all BCD cess @ 3% will be calculated.
CVD Cess= 3093.02
BCD Cess=5852.21
But if you have provided the landed cost, then the value will be-
CVD Cess=3062.40
BCD Cess=5794.27
But wait for the experts comment,
Regards,
CS Vijay Daxini
(At Practice)
(732 Points)
Replied 03 August 2010
in the question it is given that landed value(cif)
Akhil Gupta
(Manager F&A)
(856 Points)
Replied 03 August 2010
Assessable Value | 550,000.00 | |
BCD | 16.00% | 88,000.00 |
CVD | 16.00% | 102,080.00 |
Cess on CVD | 2.00% | 2,041.60 |
Cess on CVD | 1.00% | 1,020.80 |
Total | 193,142.40 | |
Cess on BCD | 2.00% | 3,862.80 |
Cess on BCD | 1.00% | 1,931.40 |
Total | 198,936.60 | |
Total | 748,936.60 | |
Additional Duty | 4.00% | 29,957.50 |
Total Duty | 228,894.10 |
CS Vijay Daxini
(At Practice)
(732 Points)
Replied 03 August 2010
thxs to all of u my dear friends for u r support
regards
vijay
RAMESH KUMAR VERMA
( CS PURSUING )
(43853 Points)
Replied 03 August 2010
Respected vivek ji,
your statement is right i have add the 1% landing cost and if i not the add then the calculation will:-
Ass Value 550000.00
BED @ , 16%, 88000.00
CVD, @ , 16%, 102080.00
Edu Cess, 2%, 2041.60
S&H Cess, 1%, 1020.80
Cess, 2%, 3862.85
S&H, 1%, 1931.42
ADDL Duty, 4%, 29957.47
Customs Duty:-228894.14
RAMESH KUMAR VERMA
( CS PURSUING )
(43853 Points)
Replied 03 August 2010
KIND ATTN:- VICKY9384,
MR. VIVEK JI, & MR. AKHIL GUPTA JI,
VALUE MATCH WITH ME .
REGARDS
Akhil Gupta
(Manager F&A)
(856 Points)
Replied 03 August 2010
@ Ramesh Kumar Verma Ji, I have already attached the excel file with formula with the help of this file value of custom duty can be arrived easily. You can check the file and formula in it, your suggestion for futher improvement in this file is highly solicited.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)