Ch 5 · Customs — Levy, Valuation & Procedures

5 concept points · 4 formulas · 4 exam-critical points.

📘 Core concepts

• 1Customs Act 1962 governs import/export duties; Customs Tariff Act 1975 prescribes rates.
• 2Types: BCD (Basic Customs Duty), Social Welfare Surcharge, IGST, Compensation Cess, Anti-dumping.
• 3Valuation Rules 2007 — Transaction Value (Rule 3); other methods only if Rule 3 inapplicable.
• 4Procedures: Bill of Entry (import), Shipping Bill (export); RMS-based selection for examination.
• 5Drawback (Sec 74, 75) — refund of duty on re-export / on export of goods with imported inputs.