Know How Much it Costs to Import Your Goods Into India
When goods are exchanged across international borders, they are liable for a government-
import clearance called a customs duty or custom clearance charges. The import and export of
goods can impose multiple import clearance and export clearances, along with several
other charges. These custom freight duties and charges must be considered as when
combined they can impact your total shipping charges. Therefore, it is very important for
importers and exporters to completely dive into the concept of customs duties applied to their
goods and know how to work on customs solution(s).
In this write-up, you will gain insights into customs clearance services with cutting-edge
technology so that you can plan strategically how to import goods into India. This will help you
to get an idea of customs clearance in India, its customs duties, taxes, and other charges that
are imposed by the Indian government.
Custom/Import duty in India
In India, all customs duties are headed by the Customs Act (1962) and the Finance Act. Its duty
cost or tariff generally depends on the product and on specific factors like where the product is
manufactured, and prepared and the material used while its preparation.
The collection of these charges falls under the Central Board of Indirect Taxes and Customs (CBIC).
Any modification or amendment in customs duty rates is announced in the annual Budget, which is
usually proposed on the first day of February, or circulated via notifications in the Gazette of India.
Primarily, India has implemented and imposed import or customs duties to
a) Oversee the local economy
b) Gain government earnings
Types of import duties in India
● Basic Customs Duty (BCD)
● Countervailing Duty (CVD)
● Anti-dumping Duty (ADD)
● National Calamity Contingent Duty (NCCD)
● Agriculture Infrastructure and Development Cess (AIDC)
● Social Welfare Surcharge (SWS)
● Safeguard Duty
● Protective Duty
Other import-related Costs
● Integrated Goods and Services Tax (IGST)
● Compensation Cess
● Customs Handling Fee
How to calculate import duty?
The calculation of import duty involves estimating a percentage of the assessable worth of the
imported goods. If the products are imported considering the Cost, Insurance, and Freight (CIF)
To obtain the CIF value, just add the cost or invoice value of the items together with the
insurance and freight prices.
Process of paying import duty in India
As soon as Indian customs waves the green flag on imported goods, you can make an online
payment on Icegate, (the Indian Customs’ electronic data interchange platform). To pay custom
duty you can simply follow these steps:
● Enter your Import/Export Code or use your Icegate credentials
● Press on the e-payment option
● Your unpaid e-challans or electronic payment demands will display
● Opt for the challan that has to be paid
● Pick your bank and payment Mode
● You will be redirected to the bank’s payment gateway
● Do the payment
● Once payment is done, you will be redirected to Icegate
● In the end, you can take a print of your payment receipt
A few factors affecting import duty
There are several aspects to consider while calculating import duty:
● Harmonized System (HS Code)
● Free Trade Agreements (FTAs)
● Rules of Origin
What is a Duty exemption?
The Duty Exemption enables the duty-free import of goods essential for export production.
● export. These schemes are not only levied to raw materials or items but also fuel and packaging
materials utilized in the process of production. The primary goal of these duty exemption
policies is to help Indian export brokers in promoting Indian export services through custom
clearance documents and export international shipping documents. Therefore, they are also
defined as export promotion schemes.
● The duty exemption plan allows one to do so through an advanced license. The duty exemption/
Remission schemes ensure the duty-free import of goods for export production, together with
replenishment of the same. The schemes include:
● (a) Duty Exemption Schemes, (b)Duty Remission Scheme, ©Scheme for Rebate on State and
Central Taxes and Levies (RoSCTL), as notified by the Ministry of Textiles
Address:- Hindustan Infralog Private Limited
Ahura Centre, A Wing, 5th Floor, Mahakali
Caves Road,Andheri (East) – Mumbai 400093,
Maharashtra
Website:- https://www.cargoes.com/
Mail: support.in@dpworld.com
Phone No.2269107300

Customs Solution.pptx

  • 1.
    Know How Muchit Costs to Import Your Goods Into India
  • 2.
    When goods areexchanged across international borders, they are liable for a government- import clearance called a customs duty or custom clearance charges. The import and export of goods can impose multiple import clearance and export clearances, along with several other charges. These custom freight duties and charges must be considered as when combined they can impact your total shipping charges. Therefore, it is very important for importers and exporters to completely dive into the concept of customs duties applied to their goods and know how to work on customs solution(s). In this write-up, you will gain insights into customs clearance services with cutting-edge
  • 3.
    technology so thatyou can plan strategically how to import goods into India. This will help you to get an idea of customs clearance in India, its customs duties, taxes, and other charges that are imposed by the Indian government. Custom/Import duty in India In India, all customs duties are headed by the Customs Act (1962) and the Finance Act. Its duty cost or tariff generally depends on the product and on specific factors like where the product is manufactured, and prepared and the material used while its preparation.
  • 4.
    The collection ofthese charges falls under the Central Board of Indirect Taxes and Customs (CBIC). Any modification or amendment in customs duty rates is announced in the annual Budget, which is usually proposed on the first day of February, or circulated via notifications in the Gazette of India. Primarily, India has implemented and imposed import or customs duties to a) Oversee the local economy b) Gain government earnings
  • 5.
    Types of importduties in India ● Basic Customs Duty (BCD) ● Countervailing Duty (CVD) ● Anti-dumping Duty (ADD) ● National Calamity Contingent Duty (NCCD) ● Agriculture Infrastructure and Development Cess (AIDC) ● Social Welfare Surcharge (SWS) ● Safeguard Duty ● Protective Duty
  • 6.
    Other import-related Costs ●Integrated Goods and Services Tax (IGST) ● Compensation Cess ● Customs Handling Fee How to calculate import duty? The calculation of import duty involves estimating a percentage of the assessable worth of the imported goods. If the products are imported considering the Cost, Insurance, and Freight (CIF)
  • 7.
    To obtain theCIF value, just add the cost or invoice value of the items together with the insurance and freight prices. Process of paying import duty in India As soon as Indian customs waves the green flag on imported goods, you can make an online payment on Icegate, (the Indian Customs’ electronic data interchange platform). To pay custom duty you can simply follow these steps:
  • 8.
    ● Enter yourImport/Export Code or use your Icegate credentials ● Press on the e-payment option ● Your unpaid e-challans or electronic payment demands will display ● Opt for the challan that has to be paid ● Pick your bank and payment Mode ● You will be redirected to the bank’s payment gateway ● Do the payment ● Once payment is done, you will be redirected to Icegate ● In the end, you can take a print of your payment receipt A few factors affecting import duty
  • 9.
    There are severalaspects to consider while calculating import duty: ● Harmonized System (HS Code) ● Free Trade Agreements (FTAs) ● Rules of Origin What is a Duty exemption? The Duty Exemption enables the duty-free import of goods essential for export production.
  • 10.
    ● export. Theseschemes are not only levied to raw materials or items but also fuel and packaging materials utilized in the process of production. The primary goal of these duty exemption policies is to help Indian export brokers in promoting Indian export services through custom clearance documents and export international shipping documents. Therefore, they are also defined as export promotion schemes. ● The duty exemption plan allows one to do so through an advanced license. The duty exemption/ Remission schemes ensure the duty-free import of goods for export production, together with replenishment of the same. The schemes include: ● (a) Duty Exemption Schemes, (b)Duty Remission Scheme, ©Scheme for Rebate on State and Central Taxes and Levies (RoSCTL), as notified by the Ministry of Textiles
  • 11.
    Address:- Hindustan InfralogPrivate Limited Ahura Centre, A Wing, 5th Floor, Mahakali Caves Road,Andheri (East) – Mumbai 400093, Maharashtra Website:- https://www.cargoes.com/ Mail: support.in@dpworld.com Phone No.2269107300