Presentation on GST
meaning of duty
'In this world,nothing is certain but death and taxes'
- BENJAMIN FRANKLIN
Summary
DUTY IN GST
Duties provide a form of commerce protection for jobs, the economy, the environment, and other interests by controlling the influx and outflow of merchandise.
- Duty is a form of taxation levied on certain goods, services, or other transactions that are imported and exported.
- Duty rates are a percentage determined by the total value of the goods paid for in another country.
Duties are enforceable by statute and are levied independently of people on goods or financial transactions.
Duty can either be a form of taxation or a personal obligation.
TWO KIND OF DUTIES ARE:
CUSTOM DUTY OR IMPORT DUTY
'EXCISE DUTY
‘Customs Duty’ refers to the tax imposed on the goods when they are transported across the international borders.
types of custom duties
Basic Customs Duty (BCD)- 0 to 100% (depending upon the HS code and its origin)Special Additional Duty (SAD)- 4.00% Countervailing Duty (CVD)- 0% to 12% (depends upon the goods) Social Welfare Surcharge (SWS)-10% Anti-dumping Duty - As per notification Compensation cess- Depends upon product type Safeguard Duty- As per notification Integrated Goods & Services Tax (IGST) - 5.00%, 12%, 18%, and 28% Customs handling fee -1.00%
currently...
'Customs Duty Update in Union Budget 2023
Finance Minister of India, Nirmala Sitharaman has announced the Union Budget on 1 February 2023, where she has mentioned some changes in customs duty and here are the following changes:
- The concessional duty on lithium-ion cells will be continued for another year
- Custom duty of camera lenses reduced to 2.50%
- Custom duty on open cells of LED TV panels reduced to 2.50%
- Custom duty reduced for camera lenses of mobile phone
EXCISE DUTY
Excise duty is a tax levied on domestically produced goods. Generally, it is charged on their production and sale and is also known as CENVAT or Central Value Added Tax.
Comparison Timeline:
EXCISE DUTY
Excise Duty is imposed on goods and services produced domestically, primarily at the manufacturing stage
CUSTOM DUTY
Customs Duty is levied on imported goods at the point of entry into a country.
Affects the pricing of domestic goods and services. Typically, it does not affect international trade directly
Affects the pricing of imported goods. May influence trade through tariff rates and protectionist measures
THANK YOU!
A PRESENTATION BY SIMRAN BHATIA, 00620688821.
Newspaper Presentation
Simran Bhatia
Created on February 14, 2024
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Transcript
Presentation on GST
meaning of duty
'In this world,nothing is certain but death and taxes'
- BENJAMIN FRANKLIN
Summary
DUTY IN GST
Duties provide a form of commerce protection for jobs, the economy, the environment, and other interests by controlling the influx and outflow of merchandise.
Duties are enforceable by statute and are levied independently of people on goods or financial transactions.
Duty can either be a form of taxation or a personal obligation.
TWO KIND OF DUTIES ARE:
CUSTOM DUTY OR IMPORT DUTY
'EXCISE DUTY
‘Customs Duty’ refers to the tax imposed on the goods when they are transported across the international borders.
types of custom duties
Basic Customs Duty (BCD)- 0 to 100% (depending upon the HS code and its origin)Special Additional Duty (SAD)- 4.00% Countervailing Duty (CVD)- 0% to 12% (depends upon the goods) Social Welfare Surcharge (SWS)-10% Anti-dumping Duty - As per notification Compensation cess- Depends upon product type Safeguard Duty- As per notification Integrated Goods & Services Tax (IGST) - 5.00%, 12%, 18%, and 28% Customs handling fee -1.00%
currently...
'Customs Duty Update in Union Budget 2023 Finance Minister of India, Nirmala Sitharaman has announced the Union Budget on 1 February 2023, where she has mentioned some changes in customs duty and here are the following changes:- The concessional duty on lithium-ion cells will be continued for another year
- Custom duty of camera lenses reduced to 2.50%
- Custom duty on open cells of LED TV panels reduced to 2.50%
- Custom duty reduced for camera lenses of mobile phone
EXCISE DUTY
Excise duty is a tax levied on domestically produced goods. Generally, it is charged on their production and sale and is also known as CENVAT or Central Value Added Tax.
Comparison Timeline:
EXCISE DUTY
Excise Duty is imposed on goods and services produced domestically, primarily at the manufacturing stage
CUSTOM DUTY
Customs Duty is levied on imported goods at the point of entry into a country.
Affects the pricing of domestic goods and services. Typically, it does not affect international trade directly
Affects the pricing of imported goods. May influence trade through tariff rates and protectionist measures
THANK YOU!
A PRESENTATION BY SIMRAN BHATIA, 00620688821.