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What is custom duty ? what is tax rates ?

Diwakar Mishra (Accountant) (136 Points)

13 November 2011

Dear Member

What is Custom Duty and what is present tax rate ? I am thankfull if you can e-mail me short note regarding custom duty ?

diwakar.mishra100 @ gmail.com

thanks

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4 Replies

Lalit Kumar (Vice President ) (2213 Points)
Replied 13 November 2011

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.

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Surendra Agarwal (MANAGER FINANCE AND BUSINESS PLANNIN) (289 Points)
Replied 13 November 2011

General rate of import duty is 35% subjected to abatemen n exemption

RAMESH KUMAR VERMA ( CS PURSUING ) (43853 Points)
Replied 14 November 2011

Customs is an authority or agency in a country responsible for collecting and safeguarding customs duties and for controlling the flow of goods including animals, transports, personal effects and hazardous items in and out of a country. Depending on local legislation and regulations, the import or export of some goods may be restricted or forbidden, and the customs agency enforces these rules.^[1] The customs authority may be different from the immigration authority, which monitors persons who leave or enter the country, checking for appropriate documentation, apprehending people wanted by international arrest warrants, and impeding the entry of others deemed dangerous to the country. In most countries customs are attained through government agreements and international laws.

A customs duty is a tariff or tax on the importation (usually) or exportation (unusually) of goods. In the Kingdom of England, customs duties were typically part of the customary revenue of the king, and therefore did not need parliamentary consent to be levied, unlike excise duty, land tax, or other forms of taxes.

Commercial goods not yet cleared through customs are held in a customs area, often called a bonded store, until processed. All authorised ports are recognised customs area.

for more information :-

https://exim.indiamart.com/customs-duty/

https://en.wikipedia.org/wiki/Customs

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scg (ed) (44 Points)
Replied 05 October 2018

While going abroad,if one is carrying more than $10,000,one has to declare the same on landing at destination.On this aspect I have following querries,

1 What is the mode of carrying money.Can one take entire R$10000 in cash or some cash and rest in other form.Is there any limit on carrying cash

2 Can all Pax in the ticket carry $10000 total or each PAX in the ticket,at their option,can carry $10000.

3 If each PAX can carry $10000,does the limit on carrying cash referred to in 1 above apply for each PAX

4 If the limit of $10000 apply to entire family i.e. a family of 4 travelling on one ticket carry only$10000,can each member carry $10000 if they travel on individual tickets on the same flight?

Thanks in anticipation,

S C Goswami