Mandatory Bank Account Details Submission Under GST

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Mandatory furnishing bank account details by registered taxpayers under Rule 10A of the Central Goods and Services Tax Act, 2017. Let's Understand What Is Rule 10A Under CGST Act, 2017. The objective of Rule 10A is to prevent fraudulent activities such as the creation of fake GST registrations and the generation of bogus invoices. By verifying the bank account details of new GST registrants, the government can ensure that only genuine businesses are registered under the GST regime. So all the registered taxpayers are required to furnish their bank account details within the prescribed period of time. Mandatory Bank Account Details Submission as Per Law: All Registered Taxpayers are required under the provisions of CGST Act, 2017 and the corresponding Rules framed thereunder to furnish  their bank Account  Details within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier. Taxpayers are therefore advised to promptly furnish the...
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CUSTOM DUTY IN INDIA

"Customs duty" in India refers to the tax levied on goods imported into or exported out of the country. It is a crucial component of the country's economic policies, serving both fiscal and protective purposes. The customs duty is administered by the Central Board of Indirect Taxes and Customs (CBIC), under the Department of Revenue, Ministry of Finance.

Types of Customs Duty:

1. Basic Customs Duty (BCD): This is the main component and is applied to the assessed value of the imported goods. The rates vary based on the nature of the goods and the country of origin.

2. Additional Customs Duty (ACD): Also known as Countervailing Duty (CVD), it is imposed to counterbalance any subsidies provided by the exporting country.

3. Protective Duties: These are imposed to safeguard domestic industries from unfair competition. Anti-dumping and safeguard duties fall under this category.

4. Education Cess: It is levied as a percentage of the aggregate of duties of customs to fund education initiatives.

5. Integrated Goods and Services Tax (IGST): Applicable on the value of imported goods plus duties and charges.


Custom Duty Charges on Gold Bars, Coins & Ornaments 

Gold Bars: If the amount of gold bars brought in is less than One kilogram per passenger, a 10% customs charge is levied on the value of the gold bars. If the quantity of gold bars is less than 20 grams, no customs duty is required. A 3% customs charge is levied on the value of gold bars weighing 20-100 grams.

Gold Coins: A 10% customs charge is levied on gold coins if the total amount imported is less than 100 grams per passenger. However, if the total weight of the gold coins is less than 20 grams, no customs duty is required. a customs charge of 10% Is levied on the total stated value of gold coins weighing 20 grams to 100 grams.

Gold Jewellery & Ornaments: No customs Duty is due on gold jewellery and ornaments if the total weight is less than 20 grams and the entire value is less than INR 50,000. However, if the quantity is less than 20 grams and the value exceeds INR 50,000, a 10% customs charge is levied on the excess amount.

Calculation of Customs Duty: The customs duty is calculated based on the CIF (Cost, Insurance, and Freight) value of the goods. It includes the cost of the goods, insurance charges, and freight charges up to the port of destination.

Exemptions and Concessions: Certain goods may be exempt from customs duty based on international agreements or government policies. Additionally, concessions may be granted for specific purposes, such as promoting exports or supporting specific industries.

Procedures and Documentation: Importers are required to follow a set of procedures and submit relevant documents for customs clearance. This includes a bill of entry, commercial invoice, packing list, and other specific documents depending on the nature of the goods.

Recent Developments: Customs duties are subject to change, and governments often revise rates to align with economic priorities. Staying updated on these changes is essential for businesses engaged in international trade.

Challenges: The complex nature of customs duties, coupled with changing regulations, poses challenges for businesses. Ensuring compliance with customs procedures and staying informed about tariff changes is crucial for successful international trade operations.

In conclusion, customs duty in India is a multifaceted system aimed at regulating the inflow and outflow of goods, protecting domestic industries, and generating revenue for the government.


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