Import Custom Duty in India

[bharat]

Custom duty is an indirect tax on goods which is imported from other countries except for the goods from European Union for a certain value. There are three slabs on which Import custom duty varies and is calculated accordingly. The rates remain same through out the year untill the next budget is decided. In India, the basic law on which customs duty is payable is Customs Act, 1962. It provides for assessment of duty on importation of goods, procedures, prohibitions penalties, offences, etc.

 

[traveller]

Import Custom duty is levied on goods that are imported from foreign countries. The custom duty is payable as soon as goods enter the province of India. Import Custom duty varies according to the value of goods and the value is as par the slabs on the basis of which import custom duty is being calculated. Import Custom duty is the right of the Government.