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CUSTOMS

CUSTOMS
CUSTOMS ACT 1962 MAIN PROVISIONS RELATING TO IMPORTS & EXPORTS. CUSTOMS TARIFF ACT 1975 CUSTOMS DUTY CALCULATIONS

CUSTOMS ACT 1962


Total 17 Chapters. 161 Sections. Some of the sections are provided with Sub Sections also.

Functions of Customs Deptt.


Assessment & Valuation of goods. Collection of duties of customs on import and export goods. Prevention of smuggling. Collection of foreign trade and revenue statistics.

Organisation of Customs.
Customs Organisation Misistry of Finance Finance Secretary

Central Board of Excise & Customs

Commisionarates of Customs

Various Ports

Principal Commissioner of Customs

Commissioner

Imports

Exports

Adjudicating

Appeals

Preventive

Admin.

Addl./ Jt. / Dy. Commissioner

Asstt. Commissioner

Appriser Officer

Main provisions regarding Imports & Exports.


Exports & Imports free unless regulated. Compliance with Laws. State Trading Enterprises. Importer- Exporter Code. Sale on High Sales Basis.

Main provisions regarding Imports & Exports.


Private/ Public Bonded Ware Houses. Denomination of Export Contracts. Electronic Data Interchange.

Procedure for Import Clearance of Goods.

Types of Bill Of Entry.


Bill of Entry for Home Consumption. In to Bond Bill of Entry. Ex Bond Bill of Entry.

Copies of Bill Of Entry.


Original Customs Purpose. Duplicate Cenvat Copy. Triplicate Exchange Control Copy.

Export Procedure.

Types of Shipping Bills.


Free Shipping Bill. Dutiable Shipping Bill. Draw Back Shipping Bill. Shipping Bill for Shipment ExBond. DEPB Shipping Bill. DEEC Shipping Bill

Copies of Shipping Bill.


Customs Copy. Exporters Copy. E.P. Copy. Exchange Control Copy. DEPB Copy.

CUSTOMS TARIFF ACT 1975.


TOTAL 13 SECTIONS. SOME OF THE SECTIONS ARE PROVIDED WITH SUB SECTIONS ALSO.

ITC HS CODE.
Total 98 Chapters. Chapter No. 77 is kept blank for future additions. Chapter No. 98 is related to project imports.

ITC HS CODE

Harmonized System Code 8 Digit Code System. Universal up to 6 digit level. Indian Customs Tariff and Central Excise Tariff is fully aligned with HS at the four and six digit level.

ITC HS CODE
Purpose: To facilitate trade flow. Analysis of trade statistics in a co-ordinate manner. The coverage is based on the Harmonized System of Nomenclature developed by World Customs Organization Brussels.

ITC HS CODE

Two types of Restrictions; a) Prohibited. b) Restricted. Items which do not require any license indicated as Free. Where STE is indicated nominated State Trading Enterprise should make purchase or sale.

CUSTOMS Duty Calculations.


Types of Calculation of Duties; Ad Valorem- The basis of computing Duty is value. It ignores consideration of weight, size, volume of commodity.

CUSTOMS Duty Calculations.


Specific Duty It is based on the physical characteristics of goods. They do not involve calculation of value of goods.

CUSTOMS Duty Calculations.


Types of Duties. a. Basic Customs Duty. b. Additional Customs Duty also known as CVD. It is equivalent to Excise Duty applicable for like goods if manufactured in India.

CUSTOMS Duty Calculations.


c. Education Cess Charges at 2% rate on BCD + ACD. d. Secondary & Higher Eduction Cess Charges at 1% on BCD +ACD. e. Customs Cess Charges at 3% on BCD+ACD+CESS.

CUSTOMS Duty Calculations.


f. Special Counter Vailing Duty. Charged at 4% on total duties applicable.

CIF Value Landing Charges Assessable Value Basic Customs Duty @10%. ACD @14% CESS @3%. Customs Cess @3% Total SCVD @4% Total Duty

100. 1. 101. 10.1 15.55 0.46 0.78 26.90 5.11 32.01

CIF Value 100. Landing Charges- 1. Assesable Value 101. Basic Customs Duty 10.1 (@10%) ACD / CVD @14% - 15.55. CVD Cess @3% - 0.46. Customs Cess @3% - 0.78. Total 26.9 SCVD @4% - 5.11. Total Duty -32.01.

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