This is the second course in Tax Academy's Customs Certification. This certification would provide you with relevant skills to apply Customs knowledge in less than two months. In this course, you will build upon your knowledge on legal principles of classification and valuation of goods.
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Once you are able to correctly classify and declare the value of goods, you will be able to take accurate decisions about Customs duty payment and ascertain other compliance requirements. Correct classification and valuation is also important for GST-related disclosures, and consistency under the two laws is necessary from a compliance standpoint.
Learners who complete this certification can gain the skills required to apply to introductory job positions in the industry or consultancies.
This course is part of the India Customs and Allied laws Specialization Specialization.
What you'll learn
- Learn how to read Customs Tariff and other statutory references used for determining classification.
- Correctly apply all the steps involved in classification in sync with the accepted principles of classification.
- Determine the value of the transaction on which Customs duty needs to be paid.
- Evaluate complexities around related party transactions.
Syllabus
Classification
Module 1
Each product that is imported/ exported from India is to be classified under India's Customs Tariff for the correct application of duties and necessary approval/ licenses, if any. India's Customs Tariff classifies goods at an unique eight-digit tariff code, and there is a series of steps, principles and sources that one needs to refer to in order to correctly classify goods. In this module, we will explain the accepted principles of classification in India and how it is aligned with the World Customs Organization or WCO framework. We will also demonstrate some complex case-studies to explain the practical application of these principles in view of advancement in technology, dynamic nature of products and the statutory references.
Valuation
Module 2
In this part of the module, we shall explore the legal concepts, valuation principles that are accepted under Custom laws of India, nuances of related party transactions and the complexities of business scenarios under the lens of statutory provisions.
