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Customs Duty Tax Code

Hi,

How To define customs duty tax code. The code breakup goes as follows

Customs Duty on Assessable value = 10%

CVD on (Assessable value + 10% Custom Duty) = 10%

Edu Cess on CVD = 2%

HSE Cess on CVD = 1%

Edu Cess on Customs Duty = 2%

HSE Cess on Customs Duty = 1%

Additional Duty (on Imports) = 4% (on total value i.e. assessable value + all above)

Regards,

Mansoor.

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  • Best Answer
    Posted on Oct 12, 2010 at 09:19 AM

    Hi,

    Check this link:

    http://72.14.235.104/search?q=cache:m7ViL2X4fHYJ:www.merck.co.in/investor/Annual%2520Report%25202004.pdfexciseandcustomduty%2BSAP+B1&hl=id&ct=clnk&cd=7&gl=id

    Thanks,

    Neetu

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    • Former Member Former Member

      Hi Mirza....

      If you know how to define a normal tax code then you can create custom duty tax code also. You need to know on which amount how much %age of tax is applied.

      Say, Custom duty has 7 main Components.

      Customs Duty on Assessable value = 10%

      CVD on (Assessable value + 10% Custom Duty) = 10%

      Edu Cess on CVD = 2%

      HSE Cess on CVD = 1%

      Edu Cess on Customs Duty = 2%

      HSE Cess on Customs Duty = 1%

      Additional Duty (on Imports) = 4%

      In Order to define tax code please refer this thread.

      multiples-service-tax-for-a-single-item

      Regards,

      Rahul

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