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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.

  1. Indirect Tax
  2. Customs
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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