Customs Duty Registration India – Customs Duty is levied upon import and export of goods from or into India. Section 12 of Customs Act provides that duties of customs shall be levied at such rates as may be specified under ‘The Customs Tariff Act, 1975’.
Basic customs duty levied u/s 12 of Customs Act is generally 10% of non- agricultural goods. In case of exports, taxable event occurs when goods cross territorial waters of India. In case of imports, taxable event occurs when goods mix with landmass of India.
Every Exporter/Importer has compulsorily to apply for IEC code with DGFT before undertaking any export/import activity from or into India. And also required to register with Foreign Exchange dealer.
The custom clearance is a complicated and time consuming procedure, as manual checking is done for all the consignments and accordingly customs duty is levied upon the goods. Though documents can be filed through e-filing system of Customs. Various kind of Customs Duty are levied like Countervailing Duty (CVD), Special CVD, Anti-dumping duty, Safeguard duty. And also one can apply for Duty Drawback in certain cases.