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The Federal Government can impose additional customs duty on imported goods specified in the First Schedule through a notification in the official Gazette. The additional customs duty should not exceed 35% of the goods value, as specified under Section 25-2A or Section 25A-2b.
This is a list of countries by tariff rate. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1. Import duty refers to taxes levied on imported goods, capital and services. The level of customs duties is a direct indicator of the openness of an economy to world trade.
For Harmonized Codes, see Harmonized System. The following is a list of export product categories that were exported the most and fetched foreign currency for India. The list includes the HS Codes and the value of the product exported. The data referenced in the system do not have any legal sanctity and is for general reference only.
After Independence, the Imperial Customs Service was reconstituted as the Indian Revenue Service (Customs and Central Excise) in 1953. The nature of the service underwent a transformational change with the enactment of the One Hundred and First Amendment of the Constitution of India , which overhauled the administration of indirect taxation in ...
The process of assigning HS codes is known as "HS Classification". All products can be classified in the HS by using the General Rules for the Interpretation of the Harmonized System ("GRI") that must be applied in strict order. HS codes can be determined by a variety of factors including a product's composition, its form and its function.
The Customs Declaration Service is also used for declarations on goods movements to or from Northern Ireland, including goods moving from Great Britain to Northern Ireland, [35] but other customs declarations will continue to use CHIEF pending a longer-term move to the CDS. HMRC explains that "CHIEF is a reliable and robust platform" but "its ...
GRI 1 prescribes how to classify products at the 4-digit Heading level, based on the wording of the headings and the relative HS Section and Chapter Notes. GRI 2 prescribes how to classify both incomplete and unassembled goods, and mixtures and combinations of goods.
The WCO maintains the international Harmonized System (HS) goods nomenclature, and administers the technical aspects of the World Trade Organization (WTO) Agreements on Customs Valuation and Rules of Origin. [3] [4] The WCO oversees the implementation of new technologies, artificial intelligence, to improve the efficiency of customs operations ...