Custom Excise Consultancy Services offered by us involves handling the requirements of Custom excise duty that is levied on import of goods into India at rates specified in Customs Tariff Act, 1975. The Custom excise duty in India comprises Basic Customs Duty (BCD), Countervailing Duty (CVD), Additional Duty of Customs (ADC) and Education Cess. Here, our team of experts makes us well qualified to handle the consultancy demands.
Further, the custom tax advisory services also involves service areas including :
- Book-Writing
- Handling requirements of customers in terms of service tax
- Central excise
- Customs duty
Presently, we are successfully serving the customers based in services, IT and manufacturing sector who find our services extremely beneficial and useful. As service providers for service tax, we hold expertise in handling all issues in relation to service tax, central excise and customs that is based on completely outsourced model. Further, our strong and comprehensive service support that arises from arising out of better understanding of service tax related issues has also helped customers to save significant amount.
Presently, we are successfully serving the customers based in services, IT and manufacturing sector who find our services extremely beneficial and useful. As service providers for service tax, we hold expertise in handling all issues in relation to service tax, central excise and customs that is based on completely outsourced model. Further, our strong and comprehensive service support that arises from arising out of better understanding of service tax related issues has also helped customers to save significant amount.
Custom excise duty are levied on import of goods into India at the rates specified in the Customs Tariff Act, 1975. The effective rates of customs duties may vary pursuant to general and / or specific exemption or concession notifications issued by the government in this regard.
Custom excise duty in India currently comprise the following:
- Basic Customs Duty (BCD) - Current general peak rate is 15 per cent.
- Countervailing Duty (CVD) - This duty is equivalent to central excise duty leviable on a like product manufactured in India. Current rate applicable to majority of the industrial products is 16 per cent plus 2 per cent education cess, taking the effective rate to 16.32 per cent. This duty is calculated on the value of product + basic customs duty.
- Additional Duty of Customs (ADC) - This duty is levied to countervail the sales tax, value-added tax, local taxes and other charges leviable on the like goods on their sale or purchase or transportation in India. Presently, this duty is levied at 4 per cent on certain items viz items bound under the Information Technology (IT) Agreement and on specified inputs / raw materials for manufacture of electronic / IT goods. This duty is levied on value of product +basic customs duty + countervailing duty.
- Education Cess - This cess is levied at 2 per cent on the amount of BCD +CVD.
In addition, government also levies anti-dumping and safeguard duties on specified products for specified periods. "Value" for the purpose of levy of customs duty is "transaction value" in the course of international trade in arm's length unrelated party transaction.
Import-Export Policy
Import of goods into and export from India is regulated by the Foreign Trade Policy (the Policy) issued from time to time by Government of India. The Policy remains in force for five years and is amended from time to time. The Policy currently in force is for tax year 2004-09. Majority of goods are now freely importable.