Enter the password to open this PDF file: Education Cess on excise duty – In case of excise duty, calculation of cess is easy. Remission of duty on goods exported 99. (1) Basic Duty: This duty is levied on imported goods under the Customs Act, 1962. GENERAL NOTES 1. 8 (CN). As per sec. 12.36%) b. Continental shelf is the part of the sea floor adjoining a land mass where the depth, gradually increases before it plunges into the ocean deeps. Information Valid and Updated till 04 Jan 2021. %���� The general explanatory notes for interpretation of the tariff and the system of dashes are similar to the central Excise Tariff. Go to First Page Go to Last Page. 3 0 obj The maximum depth of sea water in the continental, throughout the natural prolongation of its land territory to the outer edge of the continental margin or to a. distance of 200 nautical miles from the baseline. on 04 june 2016. other files by the user. The specific duty stipulates how many units of … Students taking CA Final exams will find the CA Final notes very useful. Title Effective date Format; Chapter 1 - Live animals. The Customs and Excise Act 2018 puts the onus on the importer (or their agent) to ensure that goods are entered correctly. The excellent download file is in the format of pdf. Method of Calculation: The following is the solution for calculation of customs duty, on goods having an assessable value of Rs.10,000, where Customs duty is at 16%, Additional Duty or CVD 12%, Special Additional Duty or Special CVD is 4% and cess at 2% and 1% being Primary education cess and The links below correspond to the various sections in the Table of Contents for the Harmonized Tariff Schedule. 116/2020-Customs Notifying the date of implementation of Notification No. Custom Act 1962 : 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. Section 20 Re-importation of good. Entry No. <> The primary purpose of customs duty is to raise revenue, safeguard domestic business, jobs, environment and industries etc. 10% of value X. Exemption from Custom duty. The power to enact the law is provided under the Constitution of India under the Article 265, which states that ―no tax shall be levied or collected except by authority of law‖. `?���{8�`+�=�U��F� �F̟8��P��i����� Y"Ku��$�����&Vfg�!�x+ ��(�� �2�N��.���0B�h���h���ֿ���Vx�y������n�d�\j�k�� EXPLANATORY NOTES (CUSTOMS) 1.0 Education Cess 1.1 An education cess of customs has been levied on items imported into India. Customs Tariff. Duty is levied at different rates on different goods. In ancient times a merchant entering a kingdom with goods had to make a gift to the kind and in today’s time this. <>>> <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.4 841.8] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> y Customs (Provisional Duty Assessment) Regulations, 1963 Section 19 Determination of duty where goods consist of articles liable to different rates of dut. from predatory competitors of other countries. Next. Indian territorial waters extend up to 12 nautical miles, (nm) from the base line Whereas, exclusive economic zone of India is an area beyond the Indian territorial. However, Central Government has the power to grant exemption by passing notification in official gazette. Kiran Spinning Mills V. CC (1999), it was held that import is completed only when Section wise summary on Custom Act 1962. [S. No. And All Theory papers across all levels of CA, CS, and CMA is available Only On Zeroinfy.in custom notes.pdf - 1 Basic Concepts of Customs CHAPTER OUTLINES Relevant Definitions Important Concepts relating to Customs Duty Types of Goods 1 2. Provisions relating to collection of duties 95. y. Please upload notes in pdf format for this and vat cst customs also. It is chargeable @ 2% on the aggregate of duties of customs (except safeguard duty, countervailing duty and anti-dumping duty) leviable on such goods. endobj Home CA ca ipcc excise duty notes. 21/2002- Customs amended vide notification No. The point of payment of duty as per sec. The HS classification is used to determine the customs duty rate of the goods, whether they can Reply. Protective Duty, 5. Kindly refer to the following documents to ascertain the prevailing Customs Tariff : Pakistan Customs Tariff-2020-21 (Updated upto 30-06-2020) Refund of cash deposits 102. 47, customs duty on import should be filed immediately on filing bill of entry. Rates of Custom Duty: The basic custom duty are 5%, 7.5% & 10%. notes on custom act-1962 #pdf submitted by: tarun chauhan. While Customs Duties include both import and export duties, but as export duties contributed only nominal revenue, due to emphasis on raising competitiveness of exports, import duties alone constituted major part of the revenue from Customs Duties and include the following:. Subject Notes: Various Central & Provincial taxes: Subject Notes 83 of List I … Any amount of duty payable shall be … 102/2020-Customs (NT) dated 23.10.2020. B. Minister may remit duties. The Customs Act, 1962 is the basic statute which governs entry or exit of di. The course is Available on both Pendrive and Google Drive. 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