Cabinet approves Agreement between India and UK on Customs Cooperation
On April 28, 2021, the Union Cabinet chaired by Prime Minister Narendra Modi approved the agreement signed between Government of India and the Government of UK. The agreement was signed on Customs Cooperation and Mutual Administrative Assistance in Customs matters.
India and UK have been signing several trade related agreements after the latter moved out of European Union.
About the Agreement
- The Agreement will provide a legal framework to share intelligence and information between the customs department of the two countries.
- It will help to ensure if Customs laws are abided.
- It will also help in prevention and investigation of custom offences.
- Also, the agreement will help in exchange of information about origin of goods traded between the countries, customs value, tariff classification, etc. It is important to learn about these information as they are included in the calculation of customs duty.
How are Customs Duties calculated in India?
The Customs Duties are calculated based on the following factors:
- Place of acquisition of goods
- Place where the goods were made
- Material of the goods
- Dimensions and Weight of the goods
Customs Duty in India
The Customs Duty in India is imposed under Customs Act, 1962 and Customs Tariff Act, 1975. The Indian Tariff System is based on the Harmonised System of Nomenclature.
Types of Customs Duties in India
- Basic Customs Duty: Levied under Customs Act, 1962
- Additional Customs Duty: It has been subsumed by GST now.
- Protective duty: Levied to protect indigenous goods
- Education Cess
- Anti-Dumping Duty
- Safeguard Duty
- Countervailing Duties
- Social Welfare Charges
- Compensation Cess
- Customs Handling Fee
Month: Current Affairs - April, 2021
Category: Economy & Banking Current Affairs - 2022 • International / World Current Affairs
Topics: Customs • Customs Act 1962 • Customs Tariff Act 1975 • India-UK • Union Cabinet
Current Affairs MCQs PDF - February, 2023
Current Affairs Articles Compilation [PDF] - February, 2023
Current Affairs [PDF] - February 16-28, 2023
|View All E-Books: Recent Release|