Types of Customs Task, Kind Of Duties under Customs, We understand that when items are imported or exported from our country, custom-mades responsibility applies on such transactions. Unlike service tax or BARREL which typically have no type, Customs duty has actually got various types. Let us study about each of them in a little detail. Now inspect more information about “Kinds of Customs Responsibility, Types of Duties under Customs” from below …
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Types of Customs Duty, Types of Duties under Customs
1. FUNDAMENTAL CUSTOMS RESPONSIBILITY:
This is the standard rate at which the Fundamental Custom Responsibility is applicable. There are two sub-types of Basic Custom Task. One is basic custom-made responsibility which is levied at the standard rates prescribed in the schedule.
2. ADDITIONAL CUSTOM-MADES DUTY:
In order to make it equivalent with the items produced in India, another duty called Extra Custom-mades Duty is levied. It is levied at the exact same rate on which import tax responsibility is relevant to comparable products produced in India.
Transaction Value = XXXX
Include: BCD XX
Assessable Worth= XXXX
Extra Customs Task will apply on this Assessable Worth.
3. SAFEGUARD TASK:
In order to make certain that no damage is triggered to the domestic markets of India, a protect responsibility is imposed to safeguard the interest of our regional domestic markets. It is computed on the basis of loss suffered by our local industries.
4. UNIQUE SAFEGUARD DUTY:
This is a subtype of the Safeguard Duty. This task is particularly enforced on the products imported from China to safeguard our local markets.
5. ANTI-DUMPING TASK:
There are countries which export products to India at a cost lower than the cost they must be selling in their nation. In order to protect our regional industries, another duty called anti-dumping is imposed on such goods.
6. COUNTERVAILING RESPONSIBILITY ON SUBSIDIZED SHORT ARTICLES:
In order to bring it on an equivalent track with comparable goods in our country, a duty equivalent to the amount of aid granted by the Government is enforced on such subsidized goods. This is called as Countervailing Responsibility on Subsidized Articles.
7. UNIQUE CVD:
In order to combat with taxes like Service Tax, BARREL, and so on and other taxes which are enforced from time to time, a special countervailing duty is troubled such items.
The reason why so many kinds of custom-mades tasks are imposed is to bring it on an equivalent track with the goods produced or produced in India. This is to promote fair trade & competition practices in our country.
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