Write a short note on social welfare surcharge under Customs Act 1962.
CS Executive · Tax Laws · PYQS · June 2019
Write a short note on social welfare surcharge under Customs Act 1962.
Answer & Explanation:
Section 110 of the Finance Act, 2018 introduced social welfare surcharge w.e.f. 02.02.2018. It is levied on the goods specified in the first schedule to the Customs Tariff Act, 1975 for the purpose of Union Government. It is levied @ 10% on the aggregate of the duties collected by the Central Government under Section 12 of the Customs Act, 1962. However, it is not applicable on safeguard duty, anti-dumping duty, IGST, GST compensation cess and countervailing duty.
Topics: Customs Act, 1962
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