Importing goods into India is a complex task since so many formalities are to be completed. One has to take import export code before entailing into import export activities. You are also liable to pay certain amount as custom / import duty before taking the delivery of the goods. These duties are normally payable at the entry port after the goods have been assessed by the custom officer. Unlike income tax where tax rates are similar irrespective of source of income, the rate of custom / import duty varies from goods to goods. Some goods are taxed at zero duty while others are taxed at 30%. The duty payable is calculated at the value assessed by the custom officer not the value of invoice. If you have purchased Laptop from Amazon and have Laptop shipped to India. The invoice sent by the seller is of $1500 but as per custom officer the value of the Laptop is $2000. In this case you have to pay duty on $2000 (assessed value) not on $1500 (invoice value) at the rate of 16.85% as stated in the table. Gift having assessed value of Rs.5,000 can be imported free.
Posted on: Mon, 15 Jul 2013 06:24:42 +0000
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