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What are the types of customs duty? CA Final Notes

types of customs duty ca final note

Customs duty CA Final Notes

The Customs Act of 1962 and the Customs Tariff Act of 1975 govern customs law in India.

Types of customs duty

  • Special duty
  • Basic Customs duty - It's the standard rate at which duty is imposed. Most of the time, it's a percentage of the product's value, as defined under section 14 of the Act. The average interest rate is 10%. A notification under Section 25 may exempt the duty in particular situations.
  • Additional Customs duty/Countervailing Duty - Additional Customs Duty is paid to make customs duty equivalent to products manufactured in India. Countervailing Duty is another name for it.
  • Anti-Dumping Duty - Some countries export items to India at a lower cost than they must sell in their own country. It frequently resembles product dumping in our country. As a result, a protective tariff known as an anti-dumping duty is imposed on such items in order to protect the interests of local businesses.
  • Safeguard Duty, Protective Duties - To protect domestic industries' interests, a safeguard duty is levied on their products.
  • Goods and Services Tax Compensation Cess- In compliance with the Goods and Services Tax Act of 2017, the government implemented a GST Compensation Cess. The government imposed this tax to compensate states for any revenue losses that may occur as a result of the adoption of GST on July 1, 2017. According to the GST Council, this cess is only valid for five years.
  • Integrated Goods and repair Tax
  • Social Welfare Charge


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