+ All Categories
Home > Documents > Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1...

Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1...

Date post: 20-Mar-2020
Category:
Upload: others
View: 6 times
Download: 0 times
Share this document with a friend
13
1 (C)-www.indiaBR.com Customs duty on your imports into India from any country reevaluate your import sourcing options and save on duty payable
Transcript
Page 1: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

1 (C)-www.indiaBR.com

Customs duty on your imports into India from any country

reevaluate your import sourcing options and save on duty payable

Page 2: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

India customs duty calculator Advantage

Rates of duty largely depend on Product and Country of origin of imports.

The duty calculator lets you identify the correct product code , country specific duty and conditions of imports like import policy and rules of origin.

This allows you to reevaluate your imports sourcing options and save on duty payable

(C)-www.indiaBR.com 2

Page 3: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

What are different types of Duties on imports?

Total duty payable in India is calculated taking into account the following duties

Basic Custom duty

Additional duty or CVD

Additional duty of customs

Preferential duty

Anti-dumping /safeguard Duty

Education cess

3 (C)-www.indiaBR.com

Page 4: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

Can I pay less duty while importing?

• Suppose you plan to import goods of value US$200 into India. In India, if normal(MFN) duty on your products is 20% and FTA duty is 5%, you will pay US$40 if you export normally buy will pay US$10 if export under the FTA. Export under FTA will result in money saving of US$ 30.

Value of Savings

if India has an FTA with the country of origin of your imports, it is possible to import at duties lower than normal duties.

4 (C)-www.indiaBR.com

How do you calculate this?

Page 5: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

screen shots

India Import duty Calculator

5 (C)-www.indiaBR.com

Page 6: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

Lets evaluate the duty on Baby shoes imported from Singapore

(C)-www.indiaBR.com 6

Page 7: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

(C)-www.indiaBR.com 7

I-Detailed product description Product selected by you: 640192 Baby Shoes

Chapter (at 2 digit level): 64

FOOTWEAR, GAITERS AND THE LIKE; PARTS OF SUCH ARTICLES

Description (at 4 digit level): 6401

Waterproof footwear with outer soles and uppers of rubber or of plastics, the uppers of which are neither fixed to the sole nor assembled by stitching, riveting, nailing, screwing, plugging or similar processes

Description (at 6 digit level): 640192 Covering the ankle but not covering the knee

Description (Country specific):

64019200 Of rubber

Page 8: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

2-Trade Policy Details:

(C)-www.indiaBR.com 8

Product selected : 64019200- baby shoes This item can be freely imported which means no licenses are to be obtained from the Directorate General of Foreign Trade (DGFT). However normal Customs duty is to be paid.

Page 9: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

3-Normal(MFN) import duty

(C)-www.indiaBR.com 9

Head Duty Criteria Duty Rate Value (Rs.) Total duty (Rs.)

(A) Assessable Value 1,010.00

(B) Basic Customs Duty Basic Customs Duty calculated on A 10 101 101

(C) Sub total for calculating CVD (A+B) 1,111.00 (D) CVD CVD calculated on C 12 133.32 133.32

(E) Custom duty value (for calculating Education cess) B+D 234.32

(F) Education Cess of Customs

Education Cess of Customs - calculated on E 3 7.03 7.03

(G) Customs duty for calculating Special CVD C+D+F 1,251.35

(H) ACD Special CVD - calculated on H 4 50.05 50.05 (I) NCCD NCCD calculated on A+B 0

(J) Anti dumping duty calculated as % of Assessable value 0 0

(K) Total Duty Total of all duties (B+D+F+H+I+J) 291.4

(L) Duty as % of Base Price Duty as % of Base Price 29.14%

Page 10: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

4-Duty on Imports from Singapore

(C)-www.indiaBR.com 10

Head Duty Criteria Duty Rate Value (Rs.)

Total duty (Rs.)

(A) Assessable Value 1,010.00

(B) Basic Customs Duty Basic Customs Duty calculated on A 8 80.8 80.8

(C) Sub total for calculating CVD (A+B) 1,090.80 (D) CVD CVD calculated on C 12 130.9 130.9

(E) Custom duty value (for calculating Education cess) B+D 211.7

(F) Education Cess of Customs Education Cess of Customs - calculated on E 3 6.35 6.35

(G) Customs duty for calculating Special CVD C+D+F 1,228.05

(H) ACD Special CVD - calculated on H 4 49.12 49.12 (I) NCCD NCCD calculated on A+B 0

(J) Anti dumping duty calculated as % of Assessable value 0 0

(K) Total Duty Total of all duties (B+D+F+H+I+J) 267.17

(L) Duty as % of Base Price Duty as % of Base Price 26.72%

Page 11: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

5-Duty saving while importing from Singapore

(C)-www.indiaBR.com 11

Duty details Normal Imports from any country (MFN duty)

Imports from Singapore under India - ASEAN- Comprehensive Economic Cooperation Agreement (CECA) - Trade in Goods Agreement

CIF Value 1,000.00 1,000.00

Assessment Value 1,010.00 1,010.00

Basic Customs Duty 101 80.8

CVD 133.32 130.9

Education cess 7.03 6.35

ACD 50.05 49.12

NCCD 0 0

AD Duty 0 0

Total Duty 291.4 267.17

% Duty of CIF 29.14% 26.72%

Duty saving while importing from

Singapore

Rs 24.23 on imports of Rs 1000

Page 12: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

How do I know if my products qualify for

FTA concession?

Goods do not automatically qualify for FTA concessions, they should be considered originating Goods.

For qualifying as originating , goods must meet the Rules of origin criteria as mentioned in the FTA Agreement

Understanding Rules of Origin

Rules for establishing the origin of products are an important part of any Free Trade Agreement. They define rules for ensuring that preferential duty entry may be given only to the originating products of FTA partner country and not to the products of other countries.

Rules of origin sets specific and detailed condition on the level of processing an imported item from a non FTA partner country must undergo before being called originating product of a FTA partner country.

12 (C)-www.indiaBR.com

Page 13: Customs duty on your imports into India from any …indiabr.com/IndiaBRcustomdutytool.pdf(C)- 1 Customs duty on your imports into India from any country reevaluate your import sourcing

Steps to calculating import duty payable in India

Get the HS code of your product

Get the total custom duty payable

Get the FTA duty on that product.

Compare normal (MFN) rate and FTA rate.

Decide to import under FTA only if the FTA rate is less than the normal duty.

INDIABR FTA CALCULATOR-

just type your product name and get

information on money that can be

saved 13 (C)-www.indiaBR.com


Recommended