Check sibling questions

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

  • P r ef e r e nt i a l r a t e o f d u t y
  • S t an d ar d ra t e o f d ut y

 

If goods are are imported from the p r ef e r e nti a l a r ea s [a s notified by the Central Government] , then a lower preferential rate of duty will be applicable

Otherwise, standard rate will be applicable.

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 12 years. He also provides Accounts Tax GST Training in Delhi and Kerala.