Custom duty is another form of indirect tax levied on all the goods and services imported and some specific goods exported outside the country. Duties levied on goods imported is known as import duty and duty levied on exported goods is export duty. It is a means of revenue to domestic countries to preventive predatory competition from other countries. If duty is levied based on the value of the goods it is known as valorem duty. If duty is levied based on the weight/quantity it is called specific duty.
Custom duties are calculated on valorem or specific duties. This value is calculated based on rule 3(1) of customs valuation. If quantifying or measurable data is not adequate to calculate the custom’s duty, and there are doubts as per Rule 12, then valuation has to be done in a hierarchy which is as follows:
ICEGATE allows e-filing services to clients.
The custom duty calculator can be accessed through ICEGATE portal. Enter the HS Code (CTH Code) of the goods to be imported. Description of the product in thirty words is to be given, and then the origin country has to be specified. Select the goods to be imported from the list that matches search criteria. Once selected, you will get access to a dynamic chart with all the information relating to customs duty. Enter values, and the chart will calculate the values automatically and will give you the customs duty to be paid.
You can Download the example of Custom Duty Calculation Sheet in Excel Format.
Request Letter Format for Tax Exemption from Sales
Authority Letter To Send to Deputy Commissioner of Customs
Calculation of Customs Duty in Excel Format
Shipping Bill for Export of Duty Free Goods Ex-Bond PDF Format
Guidelines on Applying for IEC for Commercial Import Export of Goods
GST Invoice Format to Sell Goods on MRP Including Taxes
Easy GST Bill Format for Non-Taxable Goods & Services
Request Letter to Customs Officer to Release Goods
When a mother writes a parole support letter to the members of the parole board…
It is common to see cheating at place of work. One would come across a…
Whenever a family writes a parole support letter for the offender, it makes a difference.…
Living in the campus has its own pros and cons. There can be various reasons…
A parole support letter is a letter that is written either by the incarcerated person…
In some cases, courts choose to sentence a defendant a probation over sending them to…