Description
Customs law covers taxes and other actions used in handling the flow of goods into and out of a nation.
Custom Duty is an indirect tax set under the Customs Act framed in 1962. The power to pass the law is under the Constitution of India under Article 265. It states that no tax shall be set or collected except by the authority of law. The Customs Act of 1962 is the prime decree that handles the entry or exit of diverse vessels, planes, goods, passengers, etc., in and out of the nation. The Act extends to the customs law in India.
Customs Act of 1962 just like any other tax rule it is mainly for the levy. And at the same time, it has vital objectives such as:
(i) Ordinance of imports and exports;
(ii) Security of domestic industry;
(iii) Prevention of smuggling;
(iv) Protection and Boost of foreign trade and so on.
Reviews
There are no reviews yet.