Custom Duty – Online Submission is Also Possible

If you are new into the trade of export and import business, you should be aware about the custom duty. One can easily submit their custom duty easily online.

What is Custom Duty?

Custom duty is an option of indirect tax and is appropriate on all items imported and some goods exported out of the nation. Duties charged on import of product are known as import duty while duties remain on exported goods are known as export duty. Nations around the world charge custom duties on import/export of goods as a way to lift revenue and/or protect domestic organizations from greedy or proficient competitors from other locations.

Customs duty need to pay according to the value of goods or dimensions, weight and similar conditions as per the goods in question. If duties are depend on the value of goods, then they are known as ad valorem duties, while quantity/weight supported duties are known as precise duties. Compound duties on products and services are a right combination of value and different other factors.

Custom Duty in India:

Under the Customs Act, 1962, Custom duty in India is discussed and allows the government to pay duty on export or import, ban export and import, process for importing/exporting and offences, penalties etc. All issues linked to custom duty come under the Central Board of Excise & Customs (CBEC). On the other hand, The CBEC is a section of the Department of Revenue of the Ministry of Finance. CBEC prepares policies that associated with the collection or levying of custom duties, duty evasion, smuggling stoppage and management decisions linked with customs formations.

CBEC has various divisions that take care of the field work including Commissionerate of Customs, Customs, Customs (preventive and Central Excise Zones, Central Revenues Control Laboratory and Directorates etc. CBEC also oversees proper tax administration for foreign and inland travel.

Online Custom Duty:

Online Custom Duty is offered from ICEGATE (Indian Customs Electronic Commerce/Electronic Data Interchange (EC/EDI) Gateway). This website offers e-filing services to clients of Customs Department counting business and cargo carriers, jointly known as Trading Partner. ICEGATE provides services including Shipping Bills, electronic filing of Bill of Entry, and other linked messages between customs and the business partner through e-mail, FTP and internet-uploading.

Shipping as well as airline agents can file patents with the help of the website, while cargo logistics and custodians are capable to interrelate with customs EDI for logistics and cargo linked details. Other than e-filing, this portal permits e-payment, paper tracking, and online register for IPR, IE code status, confirmation of DEPB/EPCG/DES licenses and PAN based CHA data among others. 24*7 help is available for all the trading partners to solve problems immediately.

I am professional content writer on behalf of Seair Exim Solution. Seair.co.in provide highly targeted import export shipment data specifically designed for the needs of importers and exporters.