What is Customs duty? Explain in detail. How to handle this efficiently while preparing Purchase order.
Asked by jagan deesan, 13 Oct '08 07:20 pm
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Custom Duty : Duty levid by government to promote local industry.It is a way of making the imports expensive to promote the local goods. There is a book and list of imported items and the duty on this amended every year. Check the BTN number and get the duty.Answered by pvn prasad, 13 Oct '08 07:23 pm
Customs is an authority or agency in a country responsible for collecting and safeguarding customs duties and for controlling the flow of goods including animals, personal effects and hazardous items in and out of a country. Depending on local legislation and regulations, the import or export of some goods may be restricted or forbidden, and the customs agency enforces these rules. The customs agency may be different from the immigration authority, which monitors persons who leave or enter the country, checking for appropriate documentation, apprehending people wanted by international search warrants, and impeding the entry of others deemed dangerous to the country. A customs duty is a tariff or tax on the import of or export of goods. In England, customs duties were traditionally part of the customary revenue of the king, and therefore did not need parliamentary consent to be levied, unlike excise duty, land tax, or other forms of taxes. Commercial goods not yet cleared throu ...moreAnswered by dharamender nebhnani, 13 Oct '08 07:22 pm
Http://en.wikipedia.org/wiki/Customs_dutyAnswered by Ashish Desai, 13 Oct '08 07:21 pm