Understand the Custom Import Duty in India

The import and export of various goods are governed by the India’s Export Import (EXIM) Policy and Foreign Trade (Development & Regulation) Act, 1992. Moreover, DGFT (India’s Directorate General of Foreign Trade) is the main governing body accountable for all matters linked with custom import duty, and new rules on Foreign Trade Policy (FTP) are regularly introduced.

Important for Calculating Import Tax

It is important for the important for the importers to register with the DGFT to get an Importer Exporter Code Number (IEC) approved against their Permanent Account Number (PAN), before getting into the EXIM things. Once an IEC has been attained, the source of products for import should be identified as well as declared. The Indian Trade Classification – Harmonized System (ITC-HS) permits for the free import of most goods without any sort of individual import license.

Specific products that come under the following categories need unique permission or even licensing, however:

Licensed products: One can import the licensed products after finding an import certification from the DGFT. These comprises some user goods which include costly and semi-precious stones, products linked to safety and security, seeds, pharmaceuticals, plants, animals, insecticides, and chemicals, and some electronic products.

Custom Import Duty in India

Canalized Products: one can easily import the canalized products just through specified transportation channels and approaches, or through government agencies which include the State Trading Corporation (STC). These comprise petroleum products, bulk agricultural products which include grains and vegetable oils, and some medical products.

Forbidden Items: these products are severely prohibited from import and comprise allow fat, wild animals, animal rennet and unprocessed ivory.

TheBill of Entry should be presented as follows:

·         The original as well as copy for customs
·         A print for the importer
·         A print for the bank
·         A print for creating remittances

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