Customarily, the role that customs played was of a “gatekeeper” via which international trade must pass and it is important for shielding the nations’ interest. So, it can be said that the role that custom plays has changed remarkably due to the progressions of technology and escalating globalization of trade. Avail online Customs and Global Trade Services homework writing services from our best experts.
Kinds of Customs Duty
Basic Customs Duty – This is the duty which is imposed on the goods’ worth at a particular rate and this duty remains fixed at a particular rate. Basic Customs Duty was imposed from the year 1962 and the Customs Tariff Act regulates it.
CVD or Countervailing Duty – The Central Government imposes CVD at a time when a nation does pay the subsidy to those exporters who export goods to India.
Special CVD – For equalizing imports with the local taxes, such as VAT, service tax and various other domestic taxes that get imposed, a particular countervailing duty gets imposed on the imported goods.
Safeguard Duty – For ensuring that no harm has been done to the domestic industries, this duty is imposed for safeguarding the interests of local domestic industries.
Anti-Dumping Duty – Habitually, large manufacturers from other companies might export goods at a reasonable price in comparison to the costs of the domestic market and this dumping might be with the purpose to cripple the domestic industry. It can also be due to disposing of their additional stock.
Protective Duties – When the Tariff Commission does recommend and the Central Government becomes satisfied that fast action is required for protecting the interests of the Indian industry, then protective duties might be advised under the Customs Tariff Act.
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The Explanation of GTS (Global Trade Services)
The system for GTS permits people to automate their global trade transactions, maintain huge numbers of documents and business partners, and confirm that the company complies with altering international legal regulations constantly. This solution does support people’s global trade activities along with the tools that they require for taking part in the updated systems plus automated means of communication that are used by customs authorities and government agencies.
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