Indian Custom notifications majorly indicate the Indian Custom duty which is a big source of India’s revenue
Indian government update custom notifications from time to time and these notifications are very much helpful for importers and exporters in India. Central Board of Excise & Customs (CBEC) is an apex Government body which releases these custom notifications. Central Board of Excise and Customs (CBEC) is a part of the Department of Revenue under the Ministry of Finance, Government of India. CBEC is also responsible for prevention of smuggling into our country and administrative matters pertaining to customs, central excise, Service tax and also narcotics to some extent .Custom duties are levied on the goods and at the rates specified in the schedules to the Custom Tariff Act, 1975.
Custom notifications are different for different merchandise and are based on coordinated duty schedule which defines the duty to be levied on particular goods as a fraction of its assessed value. The custom officer after physically investigating the goods assesses the value of the goods and then ascertains the custom duty applicable on those goods according to the customs tariff heading.
CBEC, RBI, circulars, public notice, Service tax and central excise are all the part of custom notifications which is declared by central board of excise and customs.
CBEC frequently changes rules and taxes on various types of goods. Custom Notifications for different products are customized from time to time according to the need of the industry and economy. Importers and exporters need to update themselves regularly through various sources. Every merchant would like to keep himself updated with the latest notifications released by CBEC pertaining to his business but they do not have sufficient resources to get this valuable data. Traders can however take help of various valuable sites which have latest information on CBEC. These sites can serve as a very useful resource for most updated information on custom notifications, CBEC Notifications, Indian custom notifications, Central excise and service tax.
There are several global network portals helping the people involved in foreign trade for a long time now. Any merchant who is dealing in import export can check the most recent data about Indian Custom Notifications, custom duty, Circulars, Public Notices, CBEC, RBI, CBEC Notification, Tariff, Non-Tariff Notifications, Central Excise etc on these sites.
Article Source: http://www.articlesbase.com/taxes-articles/custom-notificationsindian-custom-notificationcbec-notifications-4659344.html
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www.custom-notifications.com is leading online web portal serving the Exim community for a long time now. It’s a sister concern of www.cybex.in. You can check the most modernized Indian Custom notifications 2011, Custom Notifications , Indian Customs, Circulars, CBEC Notification, RBI, Central excise notifications, Service tax Notifications, etc on www.custom-notificaions.com absolutely free of cost
Tags: cbec, central board of excise and customs, custom notifications, custom tariff, customs tariff, excise and customs, india central, ministry of finance government of india, tariff act, tariff heading, taxes