Difference between excise duty and custom duty pdf
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Excise Duty vs Custom Duty. There are many taxes that a local government collects from people running their businesses or doing service in that country. There taxes are collected to meet the expenses incurred by the government in developing infrastructure and providing basic necessities to its citizens.
General Information on Customs and Excise Duties
To prescribe effectives rates of duty, following notifications are being issued:. The remaining legislative changes would come into effect only upon the enactment of the Finance Bill, Important changes in respect of Customs and Central Excise duty including cesses are contained in the Annexure to this letter as detailed below. Simultaneously, basic customs duty is being reduced on the items being brought under new cess. This new cess is also being imposed as additional duty of excise on petrol and diesel. The details are at Annexure C.
Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act, Description: In this case, the service provider pays the tax and recovers it from the customer. Service Tax was earlier levied on a specified list of services, but in th. Direct tax is a type of tax where the incidence and impact of taxation fall on the same entity.
WHAT IS CUSTOMS DUTY
Institute of Tax Administration. Ministry of Finance. Ministry of Industry, Trade and Investment. Tanzania Ports Authority. African Tax Administration Forum. Kenya Revenue Authority.
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ing the customs value of the goods increased by customs duty, excise tax and costs Data necessary to determine what is subject to VAT (for example delivery.
Customs is an authority or agency in a country responsible for collecting tariffs and for controlling the flow of goods, including animals, transports, personal effects, and hazardous items, into and out of a country. In recent decades, the views on the functions of customs have considerably expanded and now covers three basic issues: taxation , security , and trade facilitation. The traditional function of customs has been the assessment and collection of customs duties , which is a tariff or tax on the importation or, at times, exportation of goods. Commercial goods not yet cleared through customs are held in a customs area , often called a bonded store , until processed.
The government imposes duties as a means of revenue collection for undertaking various social and development works. It is through the taxes and duties that the government is able to run the state. Duty, which is an indirect tax, can be called a tax levy on goods which are imported from another nation and also manufactured in the country. It can also be noted that duty is only levied on produce and not on individuals. The duty that is levied for goods manufactured inside the state can be called as excise duty.