Correct and accurate customs import duty rates

Every single thing that is imported in India is taxable. This tax that is levied on Indian imports is known as customs imports duty. Imports means bringing goods in India from other countries and customs duty is type of indirect tax that is imposed on these. The rates are either specific or on ad removal basis that is on the value of goods. These duties are levied for two main purposes that is to increase the state revenue and to protect the domestic industry from predatory foreign competition the customs imports duty rates applicable on all the goods is different  and is levied and collected by the customs and excise board of India under the Indian revenue department. It Is levied as soon as they enter the territory or the territorial waters of India.

Applicability of Customs Import Duty Rates

The import duty is to be paid by the importers and it’s an additional cost that they have to bear. The customs duty for different goods is a fixed rate. Before getting the goods from the ports the importers need to pay these and get clearance to claim their goods. Without paying the customs duty one cannot get the possession of the goods that they have imported. It often does happen that the price of same goods is much less in the international markets than in the domestic markets and hence those are dumped in large quantities due to which the domestic industries suffer and are often forced to shut down.  To prevent the domestic industries from such predatory competition the government imposes heavy customs duty on the goods to reduce the gap in the prices.

The customs import duty rates India are available online on a number of governmental websites as well as the portals that provide information about import export trade. One can get this information by simply entering the HS codes of the goods they are willing to import. The rates are yearly ratified and any changes in the same are notified. Importers need to have access to correct and accurate customs import duty rates because they have to bear that cost and it included the total cost of importation. The rates are uniform all over India and are applicable on the goods with the exception of life saving drugs and food grains. Knowledge of these can help the importers in planning their imports and finances for their business.

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