Customs Duty Tax Code

[Former Member]

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.

[former_member206488 · Accepted solution]

Hi,

Check this link:

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

Thanks,

Neetu

[Former Member · Accepted solution]

Neetu,

This link of yours is not taking to the desired document.

[former_member206488 · Accepted solution]

Check

Thanks,

Neetu

[Former Member · Accepted solution]

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.

Regards,

Rahul