Table of Contents
What is an excise drawback?
Excise duty drawback is a refund of UK excise duty. It is made when excise goods have not been and will not be consumed in the UK (although see section 11), providing certain conditions and requirements are met.
What is custom regulation?
The Indian Customs Act of 1962 governs import (and export) tariffs and sets the rules for customs valuation. The Central Board of Indirect Taxes and Customs (CBITC) is the apex body for customs, GST, Central Excise, Service Tax & Narcotics related matters in India.
What are the prohibited goods?
- Narcotic drugs and psychotropic substances.
- Pornographic and obscene material.
- Counterfeit and pirated goods and goods infringing any of the legally enforceable intellectual property rights.
What is constructive warehouse?
The Legislation 100 Constructive warehousing. (1) Where goods have been entered for warehousing, they may, without being warehoused in accordance with the entry, be further entered in accordance with section 99 and be dealt with in accordance with that further entry as if they had been so warehoused.
Who can claim duty drawback?
Section 74: As per section 74, if the re-exports of imported goods, which are identified quickly and within two years from the date of payment of duty on the importation. Then an exporter is eligible to claim 98% of the duty paid by him as drawback under section 74.
Can I claim duty back?
You can claim for repayment of duties where only part of the goods are defective. You must only claim the difference between the duty: charged on the whole of the goods. that would have been charged, if it had been imported without the defective parts.
What are the roles of customs?
The principal roles of the Customs Service include:
- exercising customs control on the commercial international exchange.
- assessing and collecting customs duties and taxes in the part calculated at the State’s border (VAT, excise)
- fighting against smuggling activity and counteracting customs fraud.
What is prohibited importation?
Prohibited importations are generally those not allowed to be brought into the country except when given permission under high controlled conditions as provided for in the laws prohibiting them.
What restricted imports?
Import restrictions refer to various tariff and non-tariff barriers imposed by an importing nation to control the volume of goods coming into the country from other countries. Import restrictions are adopted to maintain the exchange rate of the country’s currency.
What do you mean by bonded warehouse?
Definition of bonded warehouse 1 : a warehouse under bond to the government for payment of customs duties and taxes on goods stored or processed there. 2 : a warehouse insured against loss or damage to goods stored therein.
What is the difference between bonded warehouse and customs warehouse?
The difference between a non-bonded warehouse and that which is bonded relates to the connection with customs. However, when using a customs bonded warehouse, goods can be held until duties and inspections are addressed. In some cases, exporters can defer payment of duty and taxes until the goods have been purchased.
What’s the job description of a warehouse storekeeper?
Warehouse Storekeepers perform various functions including shipment and taking deliveries. This post provides complete information on the job description of a warehouse storekeeper, to help you learn what they do.
How are the responsibilities divided in customs warehousing?
The responsibilities in customs warehousing are divided between the holder of the authorisation and the holder of the procedure. The holder of the authorisation is responsible for making sure that the goods remain in the warehouse (under customs supervision) and are not released for free circulation without Customs’ consent.
What’s the obligation to keep records in a warehouse?
The obligation to keep records is defined according to which type of warehouse is in question. If you are responsible for keeping records, you make sure that the entries in the records have been done correctly, the records are appropriate and up-to-date and the receipts have been archived correctly.
Who is responsible when goods are released from the warehouse?
When goods are released from the warehouse, the holder of the authorisation is also responsible for inspecting that the information in the release document corresponds to the information in the consignment. In practice, this means for instance that the information regarding the previous procedure has been declared correctly in the release document.