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Custom Duty tax is an indirect tax and it applies to goods that are imported and some goods that are exported out of countries. The duties levied on imported goods are called import duty and duties levied on goods exported are known as an export duty. The countries all across the globe levy custom duties tax on export/import of goods to raise revenue or protect domestic institutions from efficient competitors. Indirect tax is a complicated subject and understanding customs duty taxation needs a thorough understanding of government laws, policies, and regulations imposed on businesses, individuals, organizations, and corporations. This is the reason students avail of Custom Duties Tax assignment help from BookMyEssay.

What is Custom Duties Tax?

Customs Duty is the taxation imposed on goods at the time of their transportation across international borders. The objective is the levy of customs duty for safeguarding the country’s jobs, economy, residents, environment, etc. by regulating goods movement particularly restrictive and prohibited goods, both in as well as out of a country.

All goods have a predefined rate of duty, which is determined based on different factors such as where the goods were produced, from where the goods were acquired, and what the goods are made up of. Anything brought into the country for the very first time must be declared according to the customs rules. You have to declare items that are purchased in foreign countries and gifts that you acquire in a foreign country. BookMyEssay has hired qualified taxation assignment experts who can offer exceptional Custom Duties tax assignment writing help.


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Factors on Which customs Duty is Calculated

The factors on which customs duty is calculated is highlighted in our Custom Duties Tax homework writing help as follows:

  • The place wherein the goods were made
  • The place where the goods were acquired
  • The materials of the goods
  • Dimensions and weight of goods

Types of Custom Duties

Custom Duties Tax is levied on all goods that are imported into a country. Export duties are levied on goods mentioned under the Second Schedule. Import duties are not levied on items such as fertilizers, lifesaving equipment/drugs, food grains, etc. Import duties are divided further into basic duty, countervailing duty, additional customs duty, education cess, protective duty, safeguard duty or anti-dumping duty. All these duties are explained when you buy assignment help with Custom Duties Tax as follows:

  • Basic Custom Duty: This duty is applicable to imported goods. It is imposed on the goods’ value at a specified rate because the rate is fixed on the ad-valorem basis. The rates have been amended from time to time. The Government has the right to exempt particular goods from basic customs duty tax.
  • Countervailing Duty: Additional Customs Duty or CVD is imposed on imported goods, which fall under the Customs Tariff Act. This duty is the same as the Central excise Duty that is levied on goods produced in India.
  • Education Cess: It is levied at 2% along with an additional 1% on the aggregate custom duties.
  • Protective Duty: This duty is imposed to protect the country’s industry against imports from the rates recommended by Tariff Commissioner.
  • Safeguard Duty: This duty is a way to safeguard the increase in exports. At times, the government might feel that an increase in exports may damage the domestic industry so it can levy this duty.
  • Anti-Dumping Duty: This duty is imposed on the dumping margin. It the difference between the normal price and the export price. It is imposed when goods are imported below the market price.

Calculating Customs Duty

Customs duty tax is calculated either on ad valorem or specific basis. The valuation of goods is done through means based on hierarchy basis such as the following:

  • Comparative Value Method
  • Deductive Value Method
  • Fallback Method


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