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IS there any duty on freight charges on import duty? If
yes, what is the percentage?
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Answer Posted / h.r. sreepada bhagi
All those who have posted the answers, read & understand the
question and then answer, if you know.a s these will be
referred by many job aspirants.
The question appears to mean whether Custom Duty is charged
on the freight component in the exporter's invoice.
Yes, while assessing the value of imported goods, Value of
goods, Freight, Insurance, etc. will be added and this value
is called Assessable Value. Invoice value in foreign
currency will be converted to the currency of the importing
country at the prevailing exchange rate as per the
applicable law and assessed to Import Duty (Inclusive of all
components, such as Basic duty, Additional duty, Surcharge,
Cess, etc)
The rate of import duties and CVD differ for different
class/type of goods and is as per the Customs Tariff &
Central Excise Tariff valid at the time of import. These
will be based on HSN mentioned in the concerned Tariff with
Chapter & Sub-Chapter headings. To know more, refer Customs,
Central Excise or Import-Export book or manual.
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pass the journal as wellas ledger entries off the foll 1st jan :> started businress with cash rs 1,20,000 & goods worth rs 60,000. 2nd jan > cash purchases rs 50,000. 4th jan >cash sales rs 40,000. 6th jan > purchase good's from sonali on credit worth rs 30,000 at 10 % trade discount. 8th jan> sold sood's to komal on credit rs 20,000 at 10% trade discount. 10th jan > paid rent by a cheque rs 50,000. 12th jan > good's worth rs 4,000 lossed by fire. 14th jan > good's worth rs 3,000 withdrawn from business for personal use. 16th jan > good's worth rs 2,000 distributed as free samples. 18th jan > good's worth rs 1,000 exchange for furniture.
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