In India, the basic law for levy and collection of customs duty is Customs Act, 1962. This document is highly rated by B Com students and has been viewed 11886 times. Study Material will be provided. What percentage of the classes you have watched? Have you taken online or pen drive or live class from a renowned faculty? Persons possessing specified goods to intimate the place of storage, etc. The whole Act is divided into XVII chapters comprising of 161 sections. Customs Act, 1962; Customs Tariff Act, 1975 -CTA; Cus Rules & Regulations; Cus Tariff/ Rate/ Classification; Notifications; Circulars ; Forms ; Customs Board's Manual ; Customs Case Laws ; Foreign Trade Policy. A ‘National Calamity Contingent Duty’ (NCCD) of customs has been imposed vide section 134 of Finance Act, 2003, On pan masala, chewing tobacco and cigarettes. 52 of 1962) [13 th December, 1962] An Act to consolidate and amend the law relating to Customs. The body of the Customs Law comprises of,‐ The Customs Act,1962 It provides for levy of import and export duties of customs on goods imported into or exported from India through sea, air or land. Custom Act, 1962 . 89 Laws Acts 2 of 1963, 32 of 1964, 19 of 1967, 24 of 1968, 42 of 1969 3rd Sch, 14 of 1971 1. 45/2020-Customs See our Privacy Policy and User Agreement for details. CUSTOMS ACT, 1962 [Act No. The provisions of the Customs Act, 1962 relating to confiscation, penalty and prosecution shall apply to cases where wrong declaration, information, statement or documents are furnished. 19 of 1971, 29 of 1971, 7 of 1974, S.6., 45 of 1975, 25 of 1978, 12 of 1985 Sch., 4 of 1991, 35 of 1997, 16 of 2000, 3 of 2001, 25 of 2003, 14 of 2004, 16 of 2009. Initially only few topics are published. Powers of Officers of Customs. How important it is for you to pass the exam in this attempt? This Act may be cited as the Customs Act. BE it enacted by Parliament in the Thirteenth Year of the Republic of India as follows:- CHAP PRELIMINARY CHAPTER I … Types of duties under Customs Act, 1962: Basic Custom Duty, Integrated Tax, Goods and Services Tax Compensation Cess, Additional Duty of Customs, Special Additional Duty, Protective Duty, Safeguard Duty, Countervailing Duty on Subsidized Articles, Provisional Countervailing Duty on Subsidized Articles, Anti-Dumping Duty, Provisional Anti-Dumping Duty. Clipping is a handy way to collect important slides you want to go back to later. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. This document is highly rated by B Com students and has been viewed 10375 times. Definitions. December, 1962] An Act to consolidate and amend the law relating to customs. Application for advance ruling. The Central Board of Excise & Customs (CBEC) is the apex body for customs matters. Classes of officers of custom. 1962 Customs Act replaced it. Extra Duty Deposit recovery under Customs act 1962 (Valuation Rules) is a frequent occurrence nowadays with the advent of Globalisation and off shoring. Shaded provisions are not in force. As per section 157 of the Custom Act, 1962, the Central Board of Excise and Customs (CBE&C), now renamed Short title, extent and commencement (1) This Act may be called the Customs Act, 1962. (1) This Act may be called the Customs Act, 1969. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Short title, extent and commencement (1) This Act may be called the Customs Act, 1962. Looks like you’ve clipped this slide to already. How many times you have revised the topics you have finished. officers of Customs under Customs Act, 1962 with an all-India jurisdiction. We are happy to help you make successful in your exams. Along with Section wise summary on Custom Act 1962,You can also watch top faculty video lecture for CA/CS/CMA Exam, Watch CA Final DT Video lecture at www.cakart.in, CA Final Group 2 Direct Tax – By Arpit Gupta, CA FINAL Group 2 – Direct Tax Laws – DT – By CA R Sowmya Narayan. 52 of Year 1962 dated 13th. Branches of MNCs in India which import materials and components from their Parent company are very consistently demanded an Extra Duty deposit which as per law ranges from 1% - 5%. ... CUSTOMS ACT 1962 1878 Sea Customs Act was the earlier one. No notes for slide. Be it enacted by Parliament in the Thirteenth Year of the Republic of India as follows: - CHAPTER-I PRELIMINARY. Notes : See coming into force provision and notes, where applicable. Be it enacted by Parliament in the Thirteenth Year of the Republic of India as follows: - CHAPTER-I PRELIMINARY. Section wise summary on Custom Act 1962 has been uploaded by Zeroinfy.com for the benefit of CA Final students.To download the notes click on the link given below Notes for Guidance – Customs Act 2015 The notes contain: • An overview of the provisions of each Part of the Act; • A commentary on every section in each Part of the Act, giving a detailed description of the provisions and effects of the sections. Jan 02, 2021 - Definition & Basic Concept of Custom Duty - Customs Act,1962, Indirect Tax Laws B Com Notes | EduRev is made by best teachers of B Com. Customs. 52 of Year 1962 dated 13th. The Act came into force on the first day of February 1963 when the government issued notification in the Gazette of India. Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute? Jan 01, 2021 - Import and Export Procedure - Customs Act,1962, Indirect Tax Laws B Com Notes | EduRev is made by best teachers of B Com. Share this article with your friends! Index of Customs Act, 1962 Other Customs Acts Chapters/Section. Subscribe to our YouTube channel to get all videos for your exam. Amendment Clause of the Finance Bill, 2018 1. Date: 30-12-2020 Notification No. s Section 5 The Customs Act 2015 (No. Chapter - II Officers of Customs Section 3 . We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Validation clause has been taken in the Finance (No.2) Bill, 2009 to validate appointment of officers of customs under sub-section (1) of section 4 read with sub-section (1) of section 5 of Customs Act, 1962 and specifying their jurisdiction vide notification No. 5. The point of payment of duty as per sec. The Import and Excise Duties (Validation) Act, 1984 (Act No. Customs Act, 1962 and Customs Tariff Act, 1975 are the two limbs of Customs Law in India which must be read with rules and regulations. Quality is much better than local tuition, so results are much better. An Act to consolidate and amend the law relating to customs. 52 OF 1962 [13th December, 1962.] And All Theory papers across all levels of CA, CS, and CMA is available Only On Zeroinfy.in (2) R extends to the whole of Pakistan. 12 of Customs Act, 1962, import into India is the taxable event. Click on the links below to access. BE it enacted by Parliament in the Thirteenth Year of the Republic of India as follows:- CHAP PRELIMINARY CHAPTER I … Your email address will not be published. Customs provisions applicable to Central Excise • Section 12 in the Central Excise Act, 1944 • The Central Government may, by notification in the Official Gazette, declare that any of the provisions of the 1[Customs Act, 1962 (52 of 1962)] relating to • levy of and exemption • drawback • warehousing, • offences and penalties, • confiscation, and • procedure relating to offences and appeals • with such … It provides for levy and collection of duty on imports and exports, import/export procedures, prohibitions on imports and exports of goods, penalties, offences, etc. Income Tax Appellate Tribunal has no power to stay prosecution of taxpayers i... From zero to infinity the journey of indian mathematics, Customer Code: Creating a Company Customers Love, Be A Great Product Leader (Amplify, Oct 2019), No public clipboards found for this slide, Thakur Institute of Management Studies and Research, Mumbai. 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