Customs Duty – Customs Duty is paid on your exports\imports. à Tax Components – a) Basic Customs Duty (BCD b) Counter Availing Duty (CVD) c) PECess on BCD d) SHECess on BCD e) PECess on CVD (on BCD+ CVD+ PECess + SHECe f) SHECess on CVD (on BCD+ CVD+ PECess + SHECess) à Tax Credit available on CVD, PECess on BCD and SHECess on BCD. Setoff available on a) CVD – Basic Excise Duty b) PECess on BCD – PECess on Excise c) SHECess on BCD – SHECess on Excise à Calculation of assessable value: a) When it is CIF consignment: Total Assessable Value = CIF (Cost + Insurance + Freight) + 1% landing cost b) When it is FOB Consignment: Total Assessable Value = C (Cost) + 1% landing cost
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