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 -...
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