Understanding Objectives and Types of Custom Duties
Custom duties play a crucial role in regulating imports and exports, preventing smuggling, and collecting revenue. There are various types of custom duties including basic customs duty, GST, protective duties, safeguard duty, countervailing duty, anti-dumping duty, and social welfare surcharge. These duties serve different purposes in enforcing trade regulations and facilitating international transactions.
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Presentation Transcript
OBJECTIVES AND TYPES OF OBJECTIVES AND TYPES OF CUSTOM DUTIES CUSTOM DUTIES
Custom duty refers to the tax imposed on the goods when they are transported across the international borders. Objectives of custom duty It regulates imports and exports It governs the import and export activities Prevention of smuggling Collection of revenue in the form of custom duty Laying down the procedure for export and import Enforcing prohibitions and restrictions on certain goods Imposing penalties and punishments for offences.
Types of custom duty Following are the different types of custom duties Basic customs duty Integrated goods and services tax GST compensation cess Protective duties Safeguard duty Countervailing duty on subsidized articles Anti-dumping duty Social welfare surcharge.
