In India, the CBIC or Central Board of Indirect taxes and Customs or is the governing body for tax or tariff for foreign trading in India. It comes under the Ministry of Finance. The Indian customs department follows the import duties levied for more than thousands of HS codes. Thus to know the latest updates on import duties is the best to check on seair.co.in. It is one of the top export-import or EXIM data service providers. You can check import duties online by product name or by HS Codes.
Import duty for India differs with goods, which are imported from WCO participating nations. There are more than 100 nations; India imports life-saving medicines, oil, electronics, machinery, and chemicals. However, the GOI restricts imports of those goods, which are self-reliant in India. If any importer imports such goods have to bear a higher tax, which will have double the price of such products. Hence, the trade deficit is maintained by imposing a higher duty, listed by the CBIC frequently. The CBIC intimates such changes on their official site, and it is available of EXIM ancillary service provider’s websites.
Custom duty charges in India is valued at 10% of the imported goods. The CBIC calculates the ad-valorem type of tax calculation. However, some goods are calculated on specific duties. Moreover, GOI follows the goods and service tax policy from 1st of July 2017. Hence, IGST is necessary to pay by every importer in India. However, the customs department does not levy any import duty, an exemption under the list of free trading nations. The customs duties in India are inclusive of the below-mentioned type of tariff.
· Basic Custom Duty or BCD
· Additional Customs Duty
· Protective Duty
· Education Cess
· Anti-dumping Duty
· Safeguard Duty
Import duty India varies from 5% to 40%, which are depending on the goods type. It is advisable to try online import duty calculator and check with goods name. It will help anyone new to the import business. In this way, you can avoid the intermediaries in EXIM services. Hence, you can pay online and save money by paying to tax consultants. It will be better to download the list of import duties of products, which are eligible to import in India. Thus, checking online for import duties is the best way to know the current rates on different goods, you wish to import from India.
Follow the link given below to know your commodity’s custom duty charges in India. Customs duty is the tax levied on the goods exported and imported via the Indian borders. SEAIR Exim Solutions also provides import export data search of various countries in the world. This data covers useful information fields such as traders name, their contact details, product description, HS code search, shipment date, country of origin, quantity, and so on.
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