Duty credit on Import, Central Excise

[Ashok Tank]

Dear Sir/Madam,

Kindly inform formula to calculate custom and excise duty from import bill of entry. Also clarify on maximum/total duty credit allowed on imports in Cenvat register and column number where to be recorded.

Thanks

Posts / Replies

[YAGAY AND SUN]

From CBEC/ICEGATE Website you can get the duty calculation and the CENVAT credit shall be available to you would be sum total of CVD + SAD.

[Ganeshan Kalyani]

Sir, the formula is as below:

A) Cost = ×××

B) Add: landing charges = 1% of cost

C) Assessable value = A+B

D) BCD = C x % of duty applicable

E) Value = C + D

F) CVD = E x % of CVD

G) Total value = E + F

H) Ed. Cess = (D+F)*3%

I) Total Import value = G+H.

Thanks.

However please cross check with the import duty calculator before implementation. Thanks.