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    2 Pdfsam Datey Customs Act

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    dskrishna
    Customs duty is levied on imports into and exports out of India according to the Customs Tariff Act. There are similarities between customs and excise laws regarding administration, valuation, refunds, and appeals. For imports, the taxable event is when goods mix with India's landmass, while for exports it is when goods cross India's territorial waters. Territorial waters extend 12 nautical miles from India's coastline, while the exclusive economic zone extends 200 nautical miles.

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    2 Pdfsam Datey Customs Act

    Uploaded by

    dskrishna
    51 views1 page
    Customs duty is levied on imports into and exports out of India according to the Customs Tariff Act. There are similarities between customs and excise laws regarding administration, valuation, refunds, and appeals. For imports, the taxable event is when goods mix with India's landmass, while for exports it is when goods cross India's territorial waters. Territorial waters extend 12 nautical miles from India's coastline, while the exclusive economic zone extends 200 nautical miles.

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    Customs duty is levied on imports into and exports out of India according to the Customs Tariff Act. There are similarities between customs and excise laws regarding administration, valuation, refunds, and appeals. For imports, the taxable event is when goods mix with India's landmass, while for exports it is when goods cross India's territorial waters. Territorial waters extend 12 nautical miles from India's coastline, while the exclusive economic zone extends 200 nautical miles.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    51 views1 page

    2 Pdfsam Datey Customs Act

    Uploaded by

    dskrishna
    Customs duty is levied on imports into and exports out of India according to the Customs Tariff Act. There are similarities between customs and excise laws regarding administration, valuation, refunds, and appeals. For imports, the taxable event is when goods mix with India's landmass, while for exports it is when goods cross India's territorial waters. Territorial waters extend 12 nautical miles from India's coastline, while the exclusive economic zone extends 200 nautical miles.

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    Customs duty on imports and exports

    Customs duty is on imports into India and export out of India. Section 12 of Customs Act, often called charging section, provides that duties of customs shall be levied at such rates as may be specified under The Customs Tariff Act, 1975, or any other law for the time being in force, on goods imported into, or exported from, India. There are many common provisions and/or similarities in provisions Central Excise and customs Law. Administration, Settlement Commission and Tribunal are common. Provisions of Tariff, principles of valuation, refund, demands, exemptions, appeals, search, confiscation and appeals are similar. In case of imports, taxable event occurs when goods mix with landmass of India Kiran Spinning Mills v. CC1999(113) ELT 753 = AIR 2000 SC 3448 (SC 3 member bench).In case of warehoused goods, the goods continue to be in customs bond. Hence, import takes place only when goods are cleared from the warehouse confirmed in UOI v. Apar P Ltd. 112 ELT 3 = 1999(6) SCC 118 = AIR 1999 SC 2515 (SC 3 member bench).- followed in Kiran Spinning Mills v. CC 1999(113) ELT 753 = AIR 2000 SC 3448 (SC 3 member bench). In case of exports, taxable event occurs when goods cross territorial waters of India UOI v.Rajindra Dyeing and Printing Mills (2005) 10 SCC 187 = 180 ELT 433 (SC). Territorial waters of India extend upto 12 nautical miles inside sea from baseline on coast of India and include any bay, gulf, harbour, creek or tidal river. (1 nautical mile = 1.1515 miles = 1.853 Kms). Sovereignty of India extends to the territorial waters and to the seabed and subsoil underlying and the air space over the waters.Exclusive economic zone extends to 200 nautical miles from the base-line. Area beyond that is high seas. Indian Customs waters extend upto 12 nautical miles beyond territorial waters. Powers of customs officers extend upto 12 nautical miles beyond territorial waters.

    Similarity between excise and customs

    Taxable event in imports

    Taxable event in exports

    Territorial waters and exclusive economic zone

    Indian Customs Waters

    Type of Customs Duties

    Basic customs duty

    Basic customs duty levied u/s 12 of Customs Act is generally 10% of non-agricultural goods, w.e.f. 1-3-2007. CVD equal to excise duty is payable on imported goods u/s 3(1) of Customs Tariff Act to counterbalance impact of excise duty on indigenous manufactures, to ensure level paying field. CVD is payable equal to excise duty payable on like articles if

    Countervailing Duty (CVD)

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