India followed the ad-valorem type of taxation before 2017. Here, the duty was not uniform and they differ from states. However, in July 2017, the Government of India adopted the goods and service tax or GST. Since then, the customs department of India follows the GST type of taxation. They come under the Central Board of Excise & Customs or CBEC. Hence, anyone willing to start a new export-import business must check seair.co.in for the latest update of customs duty or tariff details on five thousand plus products in foreign trade. Here, we have discussed the customs duty charges and their calculation in India.
India import duty has changed for certain goods after the budget 2021. The below-mentioned product rates will be affected from 2nd February 2021.
· A reduction in the customs duty from 5% to 30% on copper scraps is applicable from 2nd February 2021.
· An additional special excise duty is imposed on crude oil and its products.
· A 5% to 20% customs duty is increased on Solar Inverters.
· A 5% to 15% increase on customs duty on solar lanterns.
· BCD is reduced on precious metals like Gold and Silver
There is some good news for the customs duty reduction for textile, chemicals, and a few goods, which comes under the other category products in India.
Import duty India is based on the below-mentioned assessment.
· Identification of products in trade
· Assessment of products in terms of value, dimensions, and weight
· A product that comes under Anti-Dumping or not is checked before goods are taken out of any ports from India
Hence, the Basic Customs Duty or BCD on imports remains 10% of the value of the goods imported in India. The other charges are educational cess, the customs handling charges, and anti-dumping charges if any.
The custom duty after gst differs with goods. A product imported to India, which is already self-reliant will have a higher customs duty as it comes under the anti-dumping policy. The medical products have a lesser duty or no customs duty, as they are life-saving medicines. Thus, if you check HS codes wise of goods imported in India, you can find a varied customs duty on the last 4-digit of those HS codes. It is advisable to check in the customs duty calculator online and find the latest charges levied by the CBEC.
Are you looking for export import data online before starting your India? If yes then, contact us through the details provided below. There have been many changes that occurred in the import duty of India after the implementation of search hs code so get the updated duty for products.
Comments