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Definition of Custom Duty - Customs Act,1962, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
FAQs on Definition of Custom Duty - Customs Act,1962, Indirect Tax Laws Video Lecture - Indirect Tax Laws - B Com
| 1. What is the definition of Custom Duty according to the Customs Act, 1962? |  |
Ans. Custom Duty refers to the tax imposed on goods that are imported or exported from a country. The Customs Act, 1962, is the legislation in India that governs the levy and collection of custom duties.
| 2. What are some examples of indirect tax laws related to Custom Duty? | |
Ans. Some examples of indirect tax laws related to Custom Duty include the Customs Act, 1962, the Customs Tariff Act, 1975, and the Integrated Goods and Services Tax (IGST) Act, 2017.
| 3. How is Custom Duty calculated? | |
Ans. Custom Duty is calculated based on several factors such as the value of the imported or exported goods, the applicable tariff rates, and any additional taxes or cess. The calculation may also consider factors like the origin of the goods and any applicable trade agreements.
| 4. What is the purpose of imposing Custom Duty? | |
Ans. The primary purpose of imposing Custom Duty is to protect domestic industries, regulate imports and exports, and control the inflow or outflow of certain goods. It also serves as a source of revenue for the government.
| 5. Can Custom Duty be exempted or reduced? | |
Ans. Yes, Custom Duty can be exempted or reduced under certain circumstances. The government may provide exemptions or reduced rates for specific goods based on factors such as the purpose of import/export, international agreements, or to promote certain industries.
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