Custom duty India is a tax levied by the Government of India on the import and sometimes export of goods. The indirect tax is levied when goods across international borders.
Why custom Duty is important?
Custom duty helps to earn revenue for the economy. Custom duty helps to protect the domestic industry, employment, and the environment by regulating the flow of goods, especially on restricted and prohibited goods across the country’s border. Custom duty helps to restrict imports protecting the foreign reserves of the country and reduce the trade deficit.
The main types of customs duty in India are:-
Import Custom Duty in India is administered by the Government of India Foreign Trade Act and India’s Export-Import Policy on import taxes. Importers trading in India needs to register before engaging in trading. The import duty is calculated on a specific value (weight, quantity, etc) or on ad votem basis. The value of goods is fixed as per Rule 3(i) of Customs Valuation (Determination of Value of Imported Goods) Rules, 2007.
If there are no quantifiable data regarding valuation, the valuation of the imported commodity is done according to the following hierarchy:-
The trader must pay the correct import custom duty to avoid penalties or delays in releasing the consignment. Importer, Exporters, and trading partners can pay customs duty online using Indian Customs Electronic Commerce/ Electronic Data Interchange (EC/EDI) Gateway or the ICEGATE. The portal allows users to e-filling, online payments, tracking, registration, IE code status, verifications of DEPB/EPCG/DES license, etc. The ICEGATE portal allows users to access to custom duty calculator.
There are various websites where you can get to know custom duties. The Indian Government and the Federation of Indian Exporters created the Indian Trade Portal. Several websites provide information regarding custom duty. The best website to Know Indian custom duty is Seair Exim Solutions. The website offers statistical import-export data and provides comprehensive Custom duty information. You can get the latest custom notification and news on the website. The easy to navigate website allows users to find custom duty for the product easily using product description and HS Code.
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