Description
Taxmann Customs Tariff, IGST and Foreign Trade Policy Rate Reckoner 2024-25 by R.K. Jain and Kishore Harjani
This book is an essential reference guide for those dealing with customs, GST, and EXIM regulations. It benefits customs officials, GST practitioners, importers and exporters, tax professionals, legal advisors, policymakers, and researchers.
Each chapter is structured to ensure that all necessary details are easily accessible to arrive at the—'total duty payable on import of goods' into India. Each HSN entry features up to 13 columns detailing the following:
Basic rate of customs duty
Preferential rate of customs duty
The effective rate of customs duty
Agriculture Infrastructure and Development Cess (AIDC)
Social Welfare Surcharge (SWS)
National Calamity Contingent Duty (NCCD)
Health Cess
Integrated GST Rate (IGST)
Total rate
Foreign Trade Policy (FTP) for import
Conditions in FTP for import
The Present Publication is the 2024-25 Edition, amended by the Finance (No. 2) Bill 2024 and updated till 23rd July 2024. It is edited by CA. Kishore Harjani and incorporates the following noteworthy features:
[HSN-wise Computation] – Detailed computation of total customs duty aligned with each HSN, including descriptions and units. Exemptions, additional duties, and FTP conditions are mapped to each HSN for comprehensive information on a single page.
[Final Rate Calculation] – The 'Total Customs Duty' column provides the final rate, streamlining the evaluation of multiple exemptions or additional duty notifications. Where the final rate cannot be computed due to specific exemptions or duties, relevant details are included in the footnotes
[Anti-Dumping and Countervailing Duties] – Includes chapter-wise references to anti-dumping, safeguard, and countervailing duties for better understanding of trade protection measures
[Exemption Notifications] – Lists general and chapter-specific exemption notifications at the end of each chapter for thorough coverage
[Ad Valorem Rates] – Presents ad valorem rates in percentage terms for straightforward calculation of customs duties
[Multiple Rates] – Provides dual rates of 'Total Customs Duty' and 'IGST Rate' for products within each HSN that may be subject to two or more IGST rates, ensuring accurate duty assessment
[Comprehensive Circulars/Notifications] – Exhaustive coverage of chapter-specific circulars, notifications, and advance ruling orders for customs and GST
[Landmark Rulings] – Includes a chapter-specific digest of case laws on Customs and GST for quick access to judicial precedents on classification issues
[Base Notifications Reference] – Offers chapter-specific references to all base notifications related to customs and GST
[E-Way Bill Exemptions] – Highlights chapter-wise exemptions from e-way bill at the end of each chapter
[One-Stop Reference] – Consolidated resource for customs, GST, and policy conditions governing the import and export of goods
[No Alteration in HSN] – Mapping of exemptions, GST rates, and cess is done with customs tariffs seamlessly, without altering the HSN description
[Expert Validation] – A panel of subject matter experts has vetted the computation and mapping of notifications with the HSN
The structure of the book is as follows:
Beginning of the Section/Chapter
Section and Chapter Notes
General and specific exemption notifications relevant to the Chapter
Tariff Table – The tariff table contains tariff classification-wise mapping of:
Basic duty rate
Preferential rate, wherever applicable
Effective duty rate (post-factoring general and specific exemptions)
Additional levies (e.g., AIDC, Health Cess, etc.)
SWS
IGST Rates
Total duty
Policy Restrictions
Exemptions under Customs and GST
Beginning of the Chapter – General and specific exemptions applicable to the chapter are mentioned at the beginning of each chapter
Product-wise and HSN-wise – Specific exemptions applicable to the products within the chapter are captured at the HSN level
Footnotes – Exemptions that are chapter-wise or at the two to six-digit HSN level are mentioned via footnotes
Footnotes
Duty rates or exemptions that are chapter-wise or at the two to six-digit HSN level are mentioned via footnotes
End of Chapter
Anti-dumping and Safeguard Duty rates relevant to the Chapter
Customs exemptions relevant to the Chapter
Judicial Pronouncements, Advance Rulings, and Departmental Clarifications relevant to the Chapter
Product-Specific E-Way Bill Exemptions relevant to the Chapter
Other GST Rates relevant to the Chapter
The Tariff is divided into nine parts, comprising two volumes:
Volume 1
Part 1 – Customs Tariff Act, 1975 (Text)
Part 2 – Import Tariff - First Schedule (98 Chapters in 21 sections),
Part 2A – Export Tariff – Second Schedule
Volume 2
Part 3 – Customs Exemptions
Part 4 – IGST – Integrated Goods and Services Tax (Extracts, Rules, Rates & Exemptions, notifications, and Introduction)
Part 5 – Annexures (Compensation Cess, Road and Infrastructure Cess, Social Welfare Surcharge, NCCD, Health and Other Cess, Additional Duty, Special Duty & Baggage Rules)
Part 6 – Rules for Safeguard Duty and Notifications Imposing Safeguard Duty
Part 7 – Rules for Anti-Dumping and Countervailing Duties and Notifications imposing Anti-Dumping Duty and Countervailing Duty
Part 8 – Commodity Index and Chronological List of Basic Notifications
The book includes detailed sections such as:
Customs Tariff (Determination of Origin of Other Preferential Areas) Rules, 1977 and relevant notifications
Rules of Determination of Origin of Goods under various trade agreements (Asia-Pacific Trade Agreement, SAARC Preferential Trading Arrangement, India-Sri Lanka Free Trade Agreement, etc.)
Customs Tariff Rules under bilateral agreements (with countries like Afghanistan, Thailand, Singapore, Chile, MERCOSUR, Korea, ASEAN, Malaysia, Japan, Mauritius, UAE, and Australia)
Validating Provisions & Notifications related to Customs Tariff
Safeguard Duty Rules and Notifications
Anti-Dumping and Countervailing Duty Rules and Notifications
Miscellaneous sections, including Commodity Index and Chronological List of Basic Notifications