![]() This was initiated with an aim to curb imports of specified imported items. This was done in an effort to shore up the falling rupee and restrict the current account deficit. The Indian government has increased the basic customs duty on an array of items that include refrigerators, air-conditioners, footwear, washing machines, furniture fittings, tableware, jewelry and many more. Recent Developments Increase in basic customs duty – Effective from 27th September 2018 Finally, click on the print button and save your payment copy.Once the payment is done, you would be redirected back to the ICEGATE portal.You could then choose the challan that you wish to pay and select the payment method and you would be then redirected to the payment gateway.You would be able to check all e-challans which under your name.Enter the import or export code or simply key in the login credentials provided by ICEGATE.Login into the e-payment portal of ICEGATE.One can pay customs duty online with a few simple steps: Rule 9 – The Fallback method that is based on previous methods with an element of higher flexibility.Rule 8 – Computed value method that employs costs related to materials, fabrication, and profit in the country of production.Rule 7 – Deductive value method that uses sale price of such good in the importing country.Rule 4 & 5 – Comparative value method that compares the transaction value of identical or similar items.If there are doubts regarding the truth or accuracy of the value of goods, valuation of such item is done through the following method: Such value is determined as per the rules laid down in the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007. In other words, it is calculated on the value of goods. These are divided into:Ĭustoms duties are computed on a specific or ad valorem basis. Types of custom dutiesĬustoms duties are charged almost universally on every good which are imported into a country. Few of the items on which Customs Duty Rates are revised are as follows: -a) Reduced duty on copper scrap from 5% to 2.5%ī) Basic and Special additional excise duty on petrol and high-speed diesel oil (both branded and unbranded) is reducedĬ) Increased duty on solar inverters from 5% to 20% – Raised duty on solar lanterns from 5% to 15%ĭ) The basic customs duty on gold and silver reducedĮ) The department will rationalise duty on textile, chemicals and other productsį) The revised rates will be applicable from 2nd February 2021 onwards.
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