There are 2 laws of Customs
- The Customs Act, 1962-containing procedure of Customs
- The Customs Tariff Act, 1975 –containing rates of Customs Duty
There are 2 schedules in Customs Tariff Act
- First Schedule-Contains goods liable to import duty
- Second Schedule Contains goods liable to export duty
Different rates of duties?
There are 2 types of rates in Customs
- Preferential rate of duty
- Standard rate of duty
If goods are are imported from the preferential areas [as notified by the Central Government], then a lower preferential rate of duty will be applicable
Otherwise, standard rate will be applicable.