Indian custom import duty is an Indian tax applicable on all the products imported in India. Everyone who is involved in the international import business must pay this tax for every importation of products. This tax is executed on every product imported in India. It is imposed generally on the basis of weight, size and dimensions of the products. It is considered the most important source for revenue in India. It may also be imposed to defend the domestic industry from foreign rivalry.Indian custom import duty
is like a tax applicable on all the products imported in India from a foreign country such as mobile phones, laptop battery, iPod, music players, printers, web cameras, internet modem, computer processor, CDs, DVDs and many more. This tax is payable at the entry of ports like SEA port data, AIR port data, ICD/DRY port data and Road shipment data. Sometimes, courier companies pay this tax on the behalf of their clients and release goods after receiving the full payment of custom duty from clients.
It is important to know that the calculation of custom import duty is done based on the assessed value of an imported product and not the invoice value.
India is a developing country so it is important to focus on importation and exportation business and to bring globalization and to expand new economic opportunities for the country. Indian custom import duty is considered the backbone for the growth of its economy. Now India has found a notable place in the domain of importation business and has become an essential market place for the global traders.
Now, India has developed like a good and booming business because the government of India has designed a wonderful atmosphere for business personnel and also encouraged entrepreneurs in order to get engaged in import trading.