Today, the customs duty is as per GST rates. Either, Government of India implemented goods and service tax or GST from 1st July 2017. Hence, imports and exports have to pay tariffs or customs duties as per India’s current GST act. It is advisable to check seair.co.in for full details on India’s export-import duties. They are a trusted market research company and export-import data service provider in India.
Custom duty from India depends on the size or dimensions of a product, its quantity, weight and the product type. Hence, India’s customs department levies duty from various seaports, airports, and ICDs present in India. The structure of customs duty in India is as follows.
· Basic Customs Duty or BCD
· Additional Customs Duty
· Protective Duty
· Education Cess
· Anti-dumping Duty
· Safeguard Duty
In the resent days, the exporters and importers can make an online payment for customs duties. Central Board of Excise & Customs or CBEC facilitates it for a paperless transaction under the Go Green policy adopted in India. Here, the online payers must use the ICEGATE or eSANCHIT. Thus, you need to know the right tariffs on various good you import or export from India.
Import duty for India differs with product types.
HSN Code 8415 is for Air Conditioners. Its BCD varies from 10% to 20%
HSN Code 71 is for cut and polished gems. Its BCD varies from 5% to 7.5%
HSN Code 6401 to 6405 is for footwear. Its BCD varies from 20% to 25%
Hence, the customs duty differs on products. The CBEC might impose a higher duty on certain products, which might come under anti-dumping of goods. However, there are certain items where customs duties are exempted. It can happen when India suffers from natural calamities, or India sends medical aid, medical equipment, and food to any other countries listed under WCO, where some natural disasters have happened.
Changes in import duty India is announced by the Ministry of Finance. The CBEC will notify it. Such updates are also available with export-import ancillary service providers. They serve with HSN Code tool finder and providing segregated import data from the customs department of India. You can get them off any seaports, air cargo terminals, and specified data for your market research purposes. Thus, you can get them as free and paid data from trusted customs data service providers online. It will be helpful for anyone new to the import business.
SEAIR Exim Solutions is the right web portal that is offering actual information regarding custom data search. We are a market research firm that offers custom duty details including HS code search, customs duty, GST rate, trade data, etc
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