Custom Duty India And What Are Its Benefits Custom Import Duty India?
If you are into the import business, then one thing which never leaves your path is custom duty. It is important to have knowledge about it as it needs to be paid in every scenario (in almost all countries). Today we will be discussing Indian Custom Import Duty in the upcoming section for better clarity.
What Is Custom Duty In India?
Custom duty is a type of indirect tax that is levied on all imported goods and sometimes on exported goods. The duty that will be imposed on imported goods will be labeled as Custom Duty Import in India, and the duty imposed on exported goods is known as Export Duty. It is imposed as per the cost of goods, dimensions, weight, and other such parameters. If this Custom Duty is calculated on the basis of goods’ value, then it is known as ad valorem duties, and duties calculated on the basis of quantity or weight are known as specific duties. It follows the guidelines defined under Customs Act, 1962. But on 1, July 2017, Custom Duty was replaced by Goods and Services Tax (GST). So now the guidelines are followed as mentioned under the GST regime.
Types of Indian Custom Import Duty
· Basic customs duty
· Additional Customs Duty (Countervailing Duty (CVD)):
· Protective Duty:
· Education Cess:
· Anti-dumping Duty:
· Safeguard Duty
Advantages Of Custom Duty
· Generate Some Revenue
Custom Duty Import in India helps in gaining some revenue, attaining economic stability and protecting the country’s economy from the invasion of foreign goods.
· Generate Some Jobs
There is a different department for Custom Duty Import India and many people are professionally engaged in the same. Hence the introduction of this tax has helped in creating some job opportunities.
· Regulate The Flow Of Goods
Flooding Indian markets with imported goods can become a threat for Indian products. Hence custom duty helps in getting information about all the imports and regulating their flow by imposing high duties or providing some concession on the same.
· Restrict Items
Many items like illegal drugs, alcohol, etc., are harmful to the population of the country. Thus, imposing an Import Custom Duty India can help in restricting their high flow and get information on all the inflow of all the restricted items.
So we discussed the definition and advantages of custom duty. But its calculation is complicated. If you want to get some help in the calculation of Custom Duty Import India, then you can contact Seair Exim Solutions. They can help in the calculation of duties and finding more sellers for your import business through trade data. You can even analyze the performance of your competitors and find out the simplest way to beat them. So contact them now to try the demo and get a customized report that can help in expanding your trading business.
