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Customs Act
SUBJECT : Management
AUTHOR : K Yathiraju
PUBLISHED ON : 02/04/18
NUMBER OF PAGES : ( 62 Pages)
PRICE : Rs 40.3

The term customs is not new for us. It was customary for a trader who brings the goods to a particular kingdom to offer gifts to the King for allowing him to sell his goods in that kingdom. The gifts given by the dealer to the king was nothing but a customary practice in those days. In the modern days, these gifts are collected by the government of India in the form of Customs Duty from the importer who imports the goods from a country outside India and from an exporter who exports the goods to a county outside India. As ancient customs, a merchant entering a kingdom with his goods had to make a suitable gift to the king. In the course of time, this custom was formalized into Customs Duty. This is collected on imports and exports. The word ‘Customary’ is derived from ‘Customs’, which indicates that it is a very old tax Taxes on goods were levied on various goods right from the Veda period