R.K. Jain
Published: 2024-07-29
Total Pages: 21
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This book is an essential reference guide for those dealing with customs, GST, and EXIM regulations. It benefits customs officials, GST practitioners, importers and exporters, tax professionals, legal advisors, policymakers, and researchers. Each chapter is structured to ensure that all necessary details are easily accessible to arrive at the—'total duty payable on import of goods' into India. Each HSN entry features up to 13 columns detailing the following: • Basic rate of customs duty • Preferential rate of customs duty • The effective rate of customs duty • Agriculture Infrastructure and Development Cess (AIDC) • Social Welfare Surcharge (SWS) • National Calamity Contingent Duty (NCCD) • Health Cess • Integrated GST Rate (IGST) • Total rate • Foreign Trade Policy (FTP) for import • Conditions in FTP for import The Present Publication is the 2024-25 Edition, amended by the Finance (No. 2) Bill 2024 and updated till 23rd July 2024. It is edited by CA. Kishore Harjani and incorporates the following noteworthy features: • [HSN-wise Computation] – Detailed computation of total customs duty aligned with each HSN, including descriptions and units. Exemptions, additional duties, and FTP conditions are mapped to each HSN for comprehensive information on a single page. • [Final Rate Calculation] – The 'Total Customs Duty' column provides the final rate, streamlining the evaluation of multiple exemptions or additional duty notifications. Where the final rate cannot be computed due to specific exemptions or duties, relevant details are included in the footnotes • [Anti-Dumping and Countervailing Duties] – Includes chapter-wise references to anti-dumping, safeguard, and countervailing duties for better understanding of trade protection measures • [Exemption Notifications] – Lists general and chapter-specific exemption notifications at the end of each chapter for thorough coverage • [Ad Valorem Rates] – Presents ad valorem rates in percentage terms for straightforward calculation of customs duties • [Multiple Rates] – Provides dual rates of 'Total Customs Duty' and 'IGST Rate' for products within each HSN that may be subject to two or more IGST rates, ensuring accurate duty assessment • [Comprehensive Circulars/Notifications] – Exhaustive coverage of chapter-specific circulars, notifications, and advance ruling orders for customs and GST • [Landmark Rulings] – Includes a chapter-specific digest of case laws on Customs and GST for quick access to judicial precedents on classification issues • [Base Notifications Reference] – Offers chapter-specific references to all base notifications related to customs and GST • [E-Way Bill Exemptions] – Highlights chapter-wise exemptions from e-way bill at the end of each chapter • [One-Stop Reference] – Consolidated resource for customs, GST, and policy conditions governing the import and export of goods • [No Alteration in HSN] – Mapping of exemptions, GST rates, and cess is done with customs tariffs seamlessly, without altering the HSN description • [Expert Validation] – A panel of subject matter experts has vetted the computation and mapping of notifications with the HSN The structure of the book is as follows: • Beginning of the Section/Chapter o Section and Chapter Notes o General and specific exemption notifications relevant to the Chapter • Tariff Table – The tariff table contains tariff classification-wise mapping of: o Basic duty rate o Preferential rate, wherever applicable o Effective duty rate (post-factoring general and specific exemptions) o Additional levies (e.g., AIDC, Health Cess, etc.) o SWS o IGST Rates o Total duty o Policy Restrictions • Exemptions under Customs and GST o Beginning of the Chapter – General and specific exemptions applicable to the chapter are mentioned at the beginning of each chapter o Product-wise and HSN-wise – Specific exemptions applicable to the products within the chapter are captured at the HSN level o Footnotes – Exemptions that are chapter-wise or at the two to six-digit HSN level are mentioned via footnotes • Footnotes o Duty rates or exemptions that are chapter-wise or at the two to six-digit HSN level are mentioned via footnotes • End of Chapter o Anti-dumping and Safeguard Duty rates relevant to the Chapter o Customs exemptions relevant to the Chapter o Judicial Pronouncements, Advance Rulings, and Departmental Clarifications relevant to the Chapter o Product-Specific E-Way Bill Exemptions relevant to the Chapter o Other GST Rates relevant to the Chapter The Tariff is divided into nine parts, comprising two volumes: • Volume 1 o Part 1 – Customs Tariff Act, 1975 (Text) o Part 2 – Import Tariff - First Schedule (98 Chapters in 21 sections), o Part 2A – Export Tariff – Second Schedule • Volume 2 o Part 3 – Customs Exemptions o Part 4 – IGST – Integrated Goods and Services Tax (Extracts, Rules, Rates & Exemptions, notifications, and Introduction) o Part 5 – Annexures (Compensation Cess, Road and Infrastructure Cess, Social Welfare Surcharge, NCCD, Health and Other Cess, Additional Duty, Special Duty & Baggage Rules) o Part 6 – Rules for Safeguard Duty and Notifications Imposing Safeguard Duty o Part 7 – Rules for Anti-Dumping and Countervailing Duties and Notifications imposing Anti-Dumping Duty and Countervailing Duty o Part 8 – Commodity Index and Chronological List of Basic Notifications The book includes detailed sections such as: • Customs Tariff (Determination of Origin of Other Preferential Areas) Rules, 1977 and relevant notifications • Rules of Determination of Origin of Goods under various trade agreements (Asia-Pacific Trade Agreement, SAARC Preferential Trading Arrangement, India-Sri Lanka Free Trade Agreement, etc.) • Customs Tariff Rules under bilateral agreements (with countries like Afghanistan, Thailand, Singapore, Chile, MERCOSUR, Korea, ASEAN, Malaysia, Japan, Mauritius, UAE, and Australia) • Validating Provisions & Notifications related to Customs Tariff • Safeguard Duty Rules and Notifications • Anti-Dumping and Countervailing Duty Rules and Notifications • Miscellaneous sections, including Commodity Index and Chronological List of Basic Notifications