How many types of custom duty are there?

Import duties are further divided into basic duty, additional customs duty, true countervailing duty, protective duty, education cess and anti-dumping duty or safeguard duty. Basic Customs Duty: Basic customs duty is applicable on imported items that fall under the ambit of Section 12 of the Customs Act, 1962.

What are the classification of customs?

Customs classification explained HTS-code (Harmonised Tariff System) Commodity code. HS-code (Harmonised system) GS-code (Dutch: Geharmoniseerd Systeem)

What are the 3 trade barriers?

The three major barriers to international trade are natural barriers, such as distance and language; tariff barriers, or taxes on imported goods; and nontariff barriers. The nontariff barriers to trade include import quotas, embargoes, buy-national regulations, and exchange controls.

What are the 5 types of trade restrictions or barriers?

Trade Barriers

  • Tariff Barriers. These are taxes on certain imports.
  • Non-Tariff Barriers. These involve rules and regulations which make trade more difficult.
  • Quotas. A limit placed on the number of imports.
  • Voluntary Export Restraint (VER).
  • Subsidies.
  • Embargo.

What is special additional duty of customs?

Special Additional Duty (SAD): It is charged on the total value of imports including CIF + Basic Customs duty + CVD. This 4% Special Additional Duty is refundable to the importer traders i.e. who sold their goods in India without changing identity/modification of goods in pursuance of Notification No. 102/07-Custom Dt.

What is custom duty and its types?

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.

What is a specific tariff?

A “unit” or specific tariff is a tax levied as a fixed charge for each unit of a good that is imported – for instance $300 per ton of imported steel. An “ad valorem” tariff is levied as a proportion of the value of imported goods. An example is a 20 percent tariff on imported automobiles.

What are the classifications of a product?

What are the four classifications of products?

  • Convenience goods.
  • Shopping goods.
  • Specialty goods.
  • Unsought goods.