Indian Custom Act - A Complete Study

Indian Custom Act - A Complete Study

What you'll learn

Overview of Customs Law: Understanding the basic concepts of Customs law in India and its history.

Import & Export Regulations: Knowledge of import and export regulations and procedures under the Indian Customs Act

Tariff & Duty: Understanding of tariffs, duties, and levies imposed on imported and exported goods.

Customs Valuation: Study of customs valuation methods and principles used for determining the value of goods for duty purposes.

Import & Export Licensing: Understanding of import and export licensing requirements and procedures.

Requirements

Background in law: A basic understanding of laws and legal concepts is recommended.

Familiarity with trade & commerce: Familiarity with the basics of trade and commerce and the international trade system.

Basic knowledge of accounting: A basic understanding of accounting concepts is helpful, as customs duty is based on the value of goods.

Access to course materials: Access to the course materials, textbooks, and case studies will be necessary.

Description

The Indian Customs Act, 1962 is a principal piece of legislation that regulates the import and export of goods in India. It provides the legal framework for the collection of customs duties and taxes, and sets out the rules and procedures for the import and export of goods in India.Under the Customs Act, customs duties are levied on imported and exported goods, and these duties are based on the value of the goods and the nature of the goods being imported or exported. The Customs Act also provides for the collection of other types of duties and taxes, including anti-dumping duties, countervailing duties, and safeguard duties, which are designed to protect domestic industries from foreign competition.In addition to regulating the collection of duties and taxes, the Customs Act also contains provisions related to the control and regulation of the import and export of goods in India. For example, the Act contains provisions related to the issue of licenses and permits for the import and export of certain types of goods, as well as provisions related to the seizure and confiscation of goods that are being imported or exported in violation of the Act or any other laws of India.Overall, the Indian Customs Act is an important piece of legislation that plays a vital role in regulating the import and export of goods in India and in protecting the country's domestic industries.Course ContentModule 1-Overview of Custom lawa. Meaningb. Historyc. Backgroundd. GATT, WTO and IndiaModule 2-Glipmse of Taxability under Custom Acta. Taxable eventb. Scope of custom lawc. Import by Governmentd. Common aspect of GST and CustomModule 3-Categories of goodsa. Various general principle involvedb. Interpretation rulesc. Valuation of goodsModule 4-Functions of Custom Acta. Overview of Important definitions under custom lawb. Functions of Custom Departmentc. Types of Custom dutyd. Social Welfare ChargeModule 5-Overview of transactional valuea. Concept of Transactional valueb. Valuation of Goods for levy of custom dutyc. Nature of Custom Duty in Indiad. Glimpse of taxable event in case of Warehouse goodsModule 6-Custom duty & exemptiona. Glimpse of exemptions from custom dutyb. Drawbacks of custom dutyc. Rules under custom ActD. Taxable event under GST & SupplyModule 7-Constitutional Provisionsa. Constitutional provisionb. Custom duty in Indiac. Structure of Custom duty in Indiad. Calculation of Custom duty

Overview

Section 1: Introduction

Lecture 1 Introduction

Section 2: Overview of Custom law

Lecture 2 Meaning of Custom Law

Lecture 3 History of Custom Act

Lecture 4 Background

Lecture 5 GATT WTO India

Section 3: Glipmse of Taxibility under Custom Act

Lecture 6 Taxable Event Scope of Custom Law

Lecture 7 Import by Government Common - GST and Custom

Section 4: Categories of goods

Lecture 8 Categories Of Goods

Lecture 9 Valuation Of Goods

Section 5: Custom Act & Duty

Lecture 10 Functions Of Custom Act

Lecture 11 Types Of Custom Duty

Section 6: Functions of Custom Act

Lecture 12 Concept of Transactional Value

Lecture 13 Nature of Custom Duty in India

Section 7: Custom duty exemption

Lecture 14 Exemptions from Custom Duty

Lecture 15 Rules under Custom Act

Section 8: Constitutional Provisions

Lecture 16 Constitutional Provision

Lecture 17 Structure of Custom duty in India

Trade & commerce students: Students and aspiring professionals who are interested in trade and commerce and want to learn about customs laws.,Lawyers & legal professionals: Lawyers and legal professionals who want to specialize in customs law and represent clients in customs-related matters.,Government officials: Government officials who work in customs departments and enforce customs laws and regulations.,Customs brokers & agents: Customs brokers and agents who handle customs clearance procedures for importers and exporters.