File Name: difference between excise duty and custom duty .zip
Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act,
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Custom duty is a type of indirect tax that is levied on all the goods that are imported to the country as well as some goods exported from the country. The duty levied on the former is referred to as import duty while that on the latter is referred to as the export duty. To simplify it, any tariff that is introduced on goods across national borders is referred to as custom duty. The duty levied depends on the value of the goods, its dimensions and weight along with a lot of other criteria. While value-based duties are called valorem duties, quantity-based duties are called specific duties. On the other hand, duties on values plus other factors are called compound duties. Custom Duty in the country falls under the Customs Act,
The government imposes duties as a means of revenue collection for undertaking various social and development works. It is through the taxes and duties that the government is able to run the state. Duty, which is an indirect tax, can be called a tax levy on goods which are imported from another nation and also manufactured in the country. It can also be noted that duty is only levied on produce and not on individuals. The duty that is levied for goods manufactured inside the state can be called as excise duty. And the duty that is levied on goods imported from a foreign country is the customs duty.
In India, term “Excise Duty” has not been defined, either in the Constitution of India or even in The following are the different types of customs (Import) duties –.
To prescribe effectives rates of duty, following notifications are being issued:. The remaining legislative changes would come into effect only upon the enactment of the Finance Bill, Important changes in respect of Customs and Central Excise duty including cesses are contained in the Annexure to this letter as detailed below. Simultaneously, basic customs duty is being reduced on the items being brought under new cess.
Excise Duty vs Custom Duty. There are many taxes that a local government collects from people running their businesses or doing service in that country. There taxes are collected to meet the expenses incurred by the government in developing infrastructure and providing basic necessities to its citizens. These taxes are of two types direct and indirect taxes. Two types of indirect taxes are excise duty and custom duty.
Customs is an authority or agency in a country responsible for collecting tariffs and for controlling the flow of goods, including animals, transports, personal effects, and hazardous items, into and out of a country. In recent decades, the views on the functions of customs have considerably expanded and now covers three basic issues: taxation , security , and trade facilitation. The traditional function of customs has been the assessment and collection of customs duties , which is a tariff or tax on the importation or, at times, exportation of goods. Commercial goods not yet cleared through customs are held in a customs area , often called a bonded store , until processed.
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