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Latest Customs Duty India

Customs duty is an indirect tax collected during the import and export of goods. The tax is levied when commodities cross international borders. Custom duty India is bifurcated into custom import duty and custom export duty. 

Customs duty is a revenue generator for the Government of India. It helps to provide economic stability. It aids the government in creating jobs and protects the environment. The tax prevents or restricts the trade of restricted items. It protects domestic markets against unfair trade practices. 

Custom duty India can be classified into:-

  • Custom Import Duty India
  • Custom Export Duty India

Custom duty India is levied on most imported goods. Export duties apply to specific goods described in the Second Schedule. Import duty does not apply to fertilizers, life-saving drugs, specific medical equipment, food grains, etc. 

Custom import duty in India is computed using Integrated Goods and Service Tax Rules it includes:-

  • Basic custom duty
  • Integrated Goods and Services Tax (IGST)
  • CESS (Education + Higher Education) 
  • Landing Charge (LC)

For some imports the government may levy the following additional duties:-

  • Anti-dumping duty is imposed when imported product is valued below fair market price. 
  • Protective duty is charged to protect the local industry against imports.

In the case of exports, the government may impose a safeguard duty if it feels that exports can harm the domestic market in the country. 

The basic customs duty (BCD) is based on the HS-Codes and the country of origin. It is updated periodically. It is published on the CBIC website and in reputable Exim solution providers such as Seair Exim Solutions.

Custom duty India calculations are on the value of the goods (ad valorem basis). The value of the imported goods is as per the Custom Valuation Rules 2007 (Rule 3i). This rule uses the transaction value of the goods. If measurable data or quantifiable data is unavailable or there are reservations about the accuracy of the declaration. The customs duty is computed using the following hierarchy. 

  • The comparative Value method compares transaction values of products similar in nature (Rule 4 and Rule 5).
  • The deductive value method uses the sale price of the items in the importing country (Rule 7).
  • The computed value method utilizes the manufacturing cost, raw material cost, and profits in the production country (Rule 8).
  • The fallback method is based on previous methods that offer higher flexibility (Rule 9). 

Importers can fill custom returns and duty online through ICEGATE or Indian Custom Electronic Commerce/Electronic Data Interchange (ED or FDI) Gateway. The website allows e-filling services to the customs department to trading partners. Trading partners include importers, exporters, and cargo carriers. 

The ICEGATE portal permits the electronic filing of the bill of lading, shipping bills between customs and the trading partners through e-mails, FTP and website uploads. 

The ICEGATE portal has a customs duty calculator. The custom duty calculation is done based on the HS Codes, product description, and country of origin. This dynamic chart allows viewers to enter the value and check the exact custom duty payable. 

Trading partners can log in with their credentials and proceed to make payments against the e-challan uploaded. They can make payment for the e-challan of their choice. Once the payment is made the trading partner is redirected to the ICEGATE website. They can view, print, and save the payment copy. 

Seair Exim Solutions is one of the best export import data providers company in India. It offers updated, genuine, and reliable global import export trade data of more than 80 countries of the world such as India, USA, Russia, Sri Lanka, Kenya, Mexico, Indonesia, Vietnam, Pakistan etc. Our major services are USA imports data, India import dataIndian export data, import data Indonesia, Russia customs data, Vietnam export data, Mexico trade data, Kenya shipment data etc. You can find various free resources related to import export business like HS codes list, HS code search, HS codes Finder, sac code list, sac code , custom duty in India, custom duty calculator, foreign ports, trading partners of India, GST rates in India, GST rates list and many more on our website –

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  • Seair Exim
  • 05-Sep-2020

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