Custom Import Duty- percentage might differ from one country to another

Not many traders enter into the niche fully prepared and this leads to a lot of confusion and commotion, especially when we talk about the taxes and duties. An important thing that every trader out there needs to comprehend is that there are some taxes that need to be paid in advance while few can be made once the transit is done. Out of the ones that need to be paid before hand is the custom import duty. This is an indirect tax that is applicable on all the goods that go out of the country. The custom duty is also levied on the goods that enter the country; yes the percentage might differ from one country to another.

custom import duty

It gets vital for a trader to learn about the custom import duty in detail so that the finances can be planned well in advance. Another important thing that needs to be understood that the custom duty on the imports might vary from one commodity to other, thus it is important to check in for the import rules of the country so that a correct payment of the tax can be made. The prime factors on the basis of which the import duty tax is calculated are weight of the goods, dimensions, value and specific other duties that come attached to the shipment.

There are certain rules in place regarding the custom import duty, if we talk of India; there is a fixed percentage that is decided by the government. To ensure that the correct facts and figures are known one can get help from the online duty calculators or refer to the official sites. Do not even think of getting away with the payment of the custom duty as this would make that legit act of trade to come out as smuggling.

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