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Custom Duty

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Custom Duty
The Custom Duty in India is one of the most important tariffs. The custom duty in India is regulated by the Customs Act of 1962. The main purpose of the custom duty in India is the prevention of the illegal export and import of goods. The rates of the custom duty levied on the imported and exported goods are assigned in the Custom Act, 1962.
The Acts under the custom duty in India:

* Foreign Trade (Exemption from application of Rules in certain cases) Order, 1993 * Customs Act, 1962

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The Registrars of Companies in different states chiefly manage: * Customs Tariff Act, 1975 * Foreign Trade (Development and Regulation) Act, 1992 * Taxation Laws (Amendment) Act, 2006 * Provisional Collection of Taxes Act, 1931 * Central Excise Tariff Act, 1985 * Foreign Trade (Regulation) Rules, 1993 * Central Excise Act, 1944
The rules and regulations under the custom duty in India: * Foreign Privileged Persons (Regulation of Customs Privileges) Rules, 1957 * Denaturing of Spirit Rules, 1972 * Customs (Attachments of Property of Defaulters for Recovery of Government Dues) Rules, 1995 * Accessories (Condition) Rules, 1963 * Specified Goods (Prevention of Illegal Export) Rules, 1969 * Re-Export of Imported Goods (Drawback of Customs Duties) Rules, 1995 * Notice of Short-Export Rules,1963 * Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidized Articles and for Determination of Injury) Rules, 1995 * Customs and Central Excise Duties Drawback Rules,1995 * Customs Tariff (Identification, Assessment and Collection of Anti-Dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 * Customs Valuation (Determination of Price of Imported Goods) Rules, 1988 * Customs Tariff (Determination of Origin of Goods under the Agreement on SAARC Preferential Trading Arrangement) Rules,1995 * Notified Goods (Prevention of Illegal Import)

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