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Service ProviderAdvisory
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Goods And Services Tax
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Inarguably, GST is a game changing reform for the Indian economy and businesses, and it has created a common Indian market, widened the tax base by minimizing exemptions, and reduced the cascading effect of tax on the cost of goods and services. Being a fundamental overhaul of the erstwhile indirect tax structure, GST impacts the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization, reporting, as well as the entire value chain of operations.
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Custom Law
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Customs duty is a type of indirect tax levied on goods imported into India as well as on goods exported from India. Taxable event is import into or export from India. In India, the basic law for levy and collection of customs duty is Customs Act, 1962. It provides for levy and collection of duty on imports and exports, import/export procedures, prohibitions on importation and exportation of goods, penalties, offences, etc. The Constitutional provisions have given Union the right to legislate and collect duties on imports and exports. The Central Board of Excise & Customs (CBEC) is the apex body for customs matters. It is a part of the Department of Revenue under the Ministry of Finance, Government of India. It deals with the task of formulation of policy concerning levy and collection of customs duties, prevention of smuggling and evasion of duties and all administrative matters relating to customs formations.
Basic Customs Duty
Basic custom duty is the duty imposed on the value of the goods at a specified rate on ad-valorem basis. The charge flows from the Customs Act, 1962, whereas the rate is regulated by the Customs Tariff Act of 1975.
Countervailing Duty (CVD)
This duty is imposed by the Central Government in order to counter the negative impact of import subsidies to protect domestic producers are called countervailing duties.
Additional Customs Duty or Special CVD
In order to equalize imports with local taxes which are imposed from time to time, a special countervailing duty is imposed on imported goods. The same is done to promote fair trade & competition practices in our country.
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