If you are an importer, it will help you if you follow the guidelines provided by the CBEC or central board of excise and customs. The national committee on trade facilitation or NCTF does update regarding changes in customs duty or tariff. For in-depth details on customs duty levied on imports to Indian Territory, it will help you if you check Seair Exim Solutions. It is the best EXIM site and data provider for anyone new to export-import business or the existing importers. All of them need a timely update on customs duties levied in India.
custom Import Duty India is nil for some products, which are scares in nature. However, the duty imposed on other goods varies as per its quantity, size, value, and goods classification. This customs duty is applicable if you import goods via air, ship and across the international borders by road. India follows goods and service tax or GST from 1st July 2017. Hence, IGST or integrated goods and service tax is applicable for imports to Indian Territory. It is subject to the act IGST of 2017. It will be a daunting tax to study from the customs act of 1975 to know the import duty tariff on listed goods in international trade.
In India, 10% of the value of the goods is imposed as import duty. It is also known as the basic customs duty on import. However, there are many other charges, which are applicable as per goods classification. Since there are more than a thousand products, India imports from countries, which abide by the rules and regulation set by the World Customs Organization or WCO. The other charges are as follows-
- A 1% duty is imposed as handling charges
- A 3% duty is imposed as educational cess
- An 18% duty is imposed as an integrated tax
- A 15% duty is imposed as compensation cess
It is advisable to check with HSN code or by product name to get the exact value of the import duty to India. The last four digits of an HS code is a tariff. Hence, you will get the imported goods name and its customs duty. It will help you if you check this online with tools available to calculate import duty in India. Custom duty India is also levied on services apart from goods or products. For this, you must read section 13 thoroughly of the IGST act of 2017. Hence, the duty is determined by the nature of service.
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