india taxation

Custom Law Service

Custom duty refers to the tax that a state imposes on the export and import of goods, inside or outside of the country. The government earns a huge amount of revenue through custom duty. In India, custom duty is levied upon the entity with reference to the provisions of Schedules under the Customs Tariff Act 1975. Matters related to customs are also undertaken by the Customs Act 1962. In case an entity fails to pay customs duty, he/she shall be liable to a penalty or a criminal case will be filed against him/her. Customs duty is levied on almost every commodity that is imported in the country, except a few – food grains, fertilizers, saving drugs etc.

Custom Duty Levied on Imported Goods

The custom duty that is levied on imported products includes basic duty, additional customs duty and special additional duty of customs.

  • Basic Duty is charged at a standard rate or preferential rate.
  • Additional Custom Dutycharged is equal to the central excise duty that is levied on the commodities manufactured in India.
  • Special Additional Duty of customs is charged at the rate of 4%. It renders a level playing field to indigenous goods which often bear the sales tax. Some indigenous products also bear additional custom duty @Re1/- per litre in case that indigenous product is petrol or the high-speed diesel oil.
  • Anti-dumping/safeguard duty is charged on the import of some of the specified products in order to safeguard the interests of domestic industry.

Disputes Related to Custom Duty

It might happen that when businesses deal with government under customs act, certain disputes and issues might arise with regards to the applicability of various laws under specific circumstances. This usually leads to litigation. Being your confidante cum chartered accountant, we help you to sort out this matter legally by filing an appeal. We are proficient enough to sort matters related to original and appellate side in order to achieve great results.

Importance of Custom Law Services

As a business entity, you need a chartered accountant who is accustomed to the matters related to central excise, customs and service tax. He will act as an authority in export concessions related issues. Since we have a thorough experience of dealing with sales tax, excise duty and customs related matter from last 10+ years, we know how matters stuck under different circumstances needs to be sorted out.

So many legal formalities to fulfil and a lot of business operations to undergo, it’s tough, right? Why don’t you hire a permanent custom law service provider & adviser or consultant who will not only be your guiding light on this legal path but will also be your confidante with regards to an accounting of operations? They say “you should never call an accountant a credit to your profession because a good accountant is a debit to your profession”. So, if you are looking for a confidante cum accountant in Delhi, reach out to us.