All That You Need To Know About Import Duty
Customs Act was passed by the parliament of India in the year 1962. Which gives the government of India the authority to levy a tax on goods imported from foreign country. Import duty is charged on the actual imported value of goods. In addition to this, GST (Goods and Services Tax) came into existence by replacing many forms of taxes which was very cumbersome in nature. After the introduction of GST, it drastically changed the overall taxation system. Under import, IGST (Integrated Goods & Services Tax) is charged and proceeds of which directly goes to the central government.