Custom Duty vs. Import Tax in India: What’s the Difference?
The words import tax and custom duty are frequently confusing to importers in international trade . Despite their apparent similarities, they reflect distinct facets of import taxes . Understanding the distinction is crucial for precise cost planning and maintaining compliance with Indian import laws; it goes beyond simple words. Describe custom duty. A charge known as custom duty i s applied to commodities that are imported into or exported from India . Under the 1962 Customs Act, the Indian government charges it with the following main duties: Controlling the flow of goods across borders Safeguarding local industries from global competition Contributing to national revenue There are various kinds of customs duties, such as: Customs Duty Basic (BCD) Duty of Countervailing (CVD) Duty Against Dumping Protective Obligation Custom Duty in India ex...

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