Category: Custom

Duty Drawback under Custom Act

In ‘duty drawback’, the excise duty and customs duty paid on inputs and service tax paid on input services is given back to the exporter of finished product by way of ‘duty drawback’. It...

Relevant Date for Rate and Valuation of Import Duty

Section 15 of Customs Act prescribes that rate of duty and tariff valuation applicable to imported goods shall be the rate and valuation in force at one of the following dates (a) if the...

Provisional Assessment of Duty

(1) Notwithstanding anything contained in this Act, but without prejudice to the provisions contained in section 46 — (a) where the proper officer is satisfied that an importer or exporter is unable to produce...

Valuation of Export Goods

SELF ASSESSMENT ON BASIS OF ‘RISK MANAGEMENT SYSTEM’ (RMS) One major step is being taken to move in the direction of implementing international best practices in customs clearance. A ‘Risk Management System’ for customs...

Value for Purpose of Customs Act

Customs duty is payable as a percentage of ‘Value’ often called ‘Assessable Value’ or ‘Customs Value’. The Value may be either (a) ‘Value’ as defined in section 14(1) of Customs Act or (b)Tariff value...

Other Provisions in Customs

Exemptions and remission • Exemption can be granted by Government by issuing a notification. • Capital goods and spares can be imported under project imports at concessional rate of customs duty. • Remission can...

Baggage, Courier and Import Through Post

Baggage includes unaccompanied baggage but does not include motor vehicles [section 2(3)] • Indians going out can take out any amount of foreign currency as long as it is obtained from authorised foreign exchange...

Procedures for Export

The broad procedures to be followed for exports are as follows — • Submit Shipping Bill for export to customs authorities • Submit invoice, packing lists, contracts, exports authorisation (if applicable) and other related...

Procedures for Import

Goods should arrive at customs port/airport only. • Person in charge of conveyance is required to submit Import Manifest or Export Manifest. • Goods can be unloaded only after grant of ‘Entry Inwards’. •...

Valuation in Customs

Customs duty is payable as a percentage of ‘Value’ often called ‘Assessable Value’ or ‘Customs Value’. The Value may be either (a) ‘Value’ as defined in section 14(1) of Customs Act or (b) Tariff...