Export and import duty is necessary for India as per the customs tariff act of 1975. However, it is subject to changes, where the National Committee on Trade Facilitation or NCTF notifies as and when tax modifications are there. India follows goods and service tax from 1st of July 2017. Hence, every exporters and importer have to pay IGST while importing and exporting goods internationally from India. For more details, you can refer seair.co.in 24/7 online.
custom duty on import is as per specific duties, and Ad Valorem based. Either, a product or goods in international trading differs in size, quantity, and value of goods. As on today, 10% of the goods value is charged as customs duty for imports and export of goods in international trade. Therefore, one must know the latest IGST in India. You can find this from NCFT notifications and in many other EXIM websites. They do update as and when tariff or duty changes. However, these changes are as per the approval given by the Ministry of Finance, India.
Import duty to India differs with products. For example, when you import cereals from the USA, a 70% duty is imposed on the value of the goods. It is apart from 05% IGST and GST Compensation Cess if any and 1% of goods are for handling charges by the customs department of India. Hence, the duty changes as per season a product is most in-demand and non-seasons. It is to safeguard the local producers. Thus, a few crash crops and its products are charged more than 130%. Here, you have to check with currency converters online. It is to get the right value of the duty on imported goods in India.
Import duty for India is high for those goods, which are locally in surplus. Hence, an importer might have to pay more than 100% if they import such goods to India. However, there are some essential goods, which might not have any duty or they are listed under the duty-free products. It can be life-saving medicines, some products, which are not manufactured in India and so on. The Government of India does this to avoid anti-dumping activities by the traders.
It is advisable to read the SAC code act of 1962, if you are now or startup into EXIM business. You can check this online to get the duty of a product by using the customs duty calculator. It will help you if you can check for Gst rates list to the other countries from India and wise-versa.
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