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A custom duty is basically a form of a tax that is charged on goods that are imported from abroad and are collected by specifically defined customs officials in points of entry. Apart from the government raising a considerable sum of money on such imports, they are also meant to protect local manufacturers from unfair competition from imports that would be slightly cheaper than locally manufactured goods. The computation of the tax is usually based on the value of the goods or any other agreed criteria.
Every government has a duty to protect the residents in relation to products that are allowed to enter the country. One major group that is protected is manufacturing industries whose continued stay in business assures jobs for local residents and a place from which the government will collect taxes. Consumers also need to be protected from sub-standard goods and also those goods that can be dangerous if they were to be allowed into the country. Governments therefore enforce a raft of regulations about the standard of goods that can be imported on top of the taxes that are remitted by importers.
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What is difference between tax and duty?
Tax is a broad term & duty is a part of tax.......Tax levied on person, product, services & assets for example-INCOME TAX levied on person,VAT levied on sale of products,SERVICE TAX levied on providing taxable services, WEALTH TAX levied on assets..........Genrally DUTY levieble on goods for example-EXICE DUTY levieble on manufaturing of goods, CUSTOM DUTY levieble on import & exports of goods...........................Sachin gupta from jhalawar (RAJASTHAN)
What is the dfrc scheme?
Duty Free Replenishment CertificateDuty Free Replenishment Certificate is issued to a merchant-exporter or manufacturer-exporter for the import of inputs used in the manufacture of goods without payment of Basic Customs Duty, Surcharge and Special Additional Duty. However, such inputs shall be subject to the payment of Additional Customs Duty equal to the Excise Duty at the time of import.Duty Free Replenishment Certificate shall be issued only in respect of export products covered under the SIONs as notified by DGFT.Duty Free Replenishment Certificate shall be issued for import of inputs, as per SION, having same quality, technical characteristics and specifications as those used in the end product and as indicated in the shipping bills. The validity of such licences shall be 12 months. DFRC and or the material imported against it shall be freely transferable.The Duty Free Replenishment Certificate shall be subject to a minimum value addition of 33%The export products, which are eligible for modified VAT, shall be eligible for CENVAT credit owever, non excisable, non dutiable or non centrally vatable products, shall be eligible for drawback at the time of exports in lieu of additional customs duty to be paid at the time of imports under the scheme.The exporter shall be entitled for drawback benefits in respect of any of the duty paid materials, whether imported or indigenous, used in the export product as per the drawback rate fixed by Directorate of Drawback (Ministry of Finance). The drawback shall however be restricted to the duty paid materials not covered under SION.The export under deffered payment scheme to Russia is also allowed for issuance of DFRC.The difference between DFRC & Advance Licence together with DEPB is as under DFRC is transferable script available on post export basis. In this case basic custom duty surcharge and special additional duty is exempted but payment of additional customs duty (CBD) is applicable Advance Licence is issued with actual user condition and non transferable.In this case all duties of customs and excise are exempted DEPB is transferable script available on post export basis for the duty incident on the custom duty incident on the import content of the export product.The importer has the option to pay additional customs duty if any in cash as well .
Duties of a sales person in personal loans?
Sales people that are selling loans have a duty to make sure the person can afford he loan and pay it back. The duty to the borrower is more of a moral duty, but the duty to the bank is legal.
Who should pay the Stamp duty for Loan Agreement - Bank or Loan applicant - Why?
The Home buyer has to pay a certain amount of money as stamp duty on the loan amount, which is known as stamp duty loan. Percentage of stamp duty loan depends on the value of the residential property that the buyer is buying. Paying stamp duty is compulsory while purchasing a residential property as its registration.
Where can on purchase custom business magnets?
Custom business magnets , the magnet with your company logo on.Magnets can be found ,after you have designed them.At printing companies.Most of these companies also print company business cards.
What are 2 types of indirect taxes?
Excise-Duty and Custom-Duty
What is the custom duty to import LED light from China to Nepal?
The custom duty to import LED light from China to Nepal is 5%.
What is custom duty on 32 LCD TV purchased from Bangkok to India?
there is no custom duty on 32 inch lcd i bought sony bx32
How much custom duty or vat have a on rough diamond in uk?
The custom duty and the VAT usually increase the value of the rough diamond in the UK.
Is custom duty direct tax?
yes
How do you calculate customs duty in India?
custom duty on glass imports from Pakistan to India
How van we take a 32 inches smart tv from New York to Delhi without paying custom duty?
India imposes 36% as the custom duty and there is no duty free allowance on televisions now.
What is custom duty inch led TV in India?
Custom duty in India on 35" inches TV is nill, upto 35 K tere are no charges.
How do you name your custom in call of duty black ops ps3?
go to the custom and press square
What is the custom duty on lcd tv 40 samsung in Pakistan?
Haha you said double duty loser
Which indirect tax registered the maximum growth?
Custom duty
Define what duty means?
Duty is a course of action that is required of one by honour, position, social custom, law, or religionDuty is a course of action that is required of one by honour, position, social custom, law, or religion
