India comes under WCO nations in international trading. It does follow the WCO standards and the Ministry of Finance. Here, India’s customs department plays a significant role in levying tax, tariff, or duties on imported goods as per the best practice in trading and taxation. It has helped many exporters and importers to do a fair business in the EXIM industry. They are advised to know the customs act of 1962. For more details, you can check seair.co.in 24/7. They are trusted EXIM data service provider in India for exporters-importers and allied people involved in this industry.
Custom Duty India has updated its tariff as and when necessary. Currently, India follows goods and service tax or GST. It is as per the ad-valorem calculation. Hence, the customs duty differs from 0% to 150% in India. Therefore, export-import business people must know the HSN codes and classify them as per their trading interest. It is the best way to find your tax rates. There are custom duty calculation tools are available online. You can check with them instantly from anywhere with your Smartphone. If you calculate, you may find an average of 12% goes as customs duty for import and export of goods from India.
Custom Import Duty differs with products. Here, IGST is levied, which you can note them with HSN codes. Here, the last four digits are meant for custom duty on import. Hence, the customs department can quickly identify tariff. However, import duties are exempted when the exporting nation and India are under free trade agreement. It depends on the foreign trade policy with different nations too. Here, the most preferred nations and a country under preferential trade agreement might be exempted from import duties, when such goods arrive in the Indian seaport and air cargo terminals.
Import Duty in India includes the following charges.
· CIF at Indian Port
· Assessment Value = 1%
· Basic Customs Duty = 10% of the value of the goods
· Social welfare charges = 10% of the Basic Customs Duty
· Integrated Goods and Service Charges = IGST varies from 0% to 28%
· Compensation Cess = 1%
Apart from the standard import duty, there might be anti-dumping charges. It is advisable to check the goods you import come under the anti-dumping product list. Here, the import duty is double than the standard one. Either, it can go above 120% of the value of the goods.
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