The basic legislation is the Indian Customs Act, 1962 read with Customs Tariff Act, 1975. Section 12 of the Customs Act,'62 empowers levy of duties on goods imported into or exported from India.
However, the rates at which the different import export duties shall be leviable have been respectively specified in the First and Second Schedule to the Customs Tariff Act, 1975-called the import Tariff and Export Tariff respectively.
With effect from Feb. 28, 1986, the new tariff import schedule based on international convention of Harmonised Commodity and Coding system, commonly known as Harmonised Coding System came into being.
The basic features of the Import Tariff Nomenclature are outlined below: The headings, the Section and Chapter Notes and the interpretive Rules
However, the rates at which the different import export duties shall be leviable have been respectively specified in the First and Second Schedule to the Customs Tariff Act, 1975-called the import Tariff and Export Tariff respectively.
With effect from Feb. 28, 1986, the new tariff import schedule based on international convention of Harmonised Commodity and Coding system, commonly known as Harmonised Coding System came into being.
The basic features of the Import Tariff Nomenclature are outlined below: The headings, the Section and Chapter Notes and the interpretive Rules