Import Duty
This query is : Resolved
02 November 2010
Hello,
Mr.Ramesh Kumar Verma,
How are you?
I recently started my Export Import Business, & I want to target Chinese market and my main focus is on USB Flash Drive but when I checked with a professional who is Expert in Export Import field, He said there is 17% custom + Ware house Charges + Airline Charges(even if it is free shipping) and his fee of custom clearance, I am quite surprised when I calculated everything, its almost double amount of the product.
Can you please help me in this matter & one more thing, can you tell me where can I get a free copy of customs Export Import duty tariff.
Mr.Ramesh Kumar Verma,
How are you?
I recently started my Export Import Business, & I want to target Chinese market and my main focus is on USB Flash Drive but when I checked with a professional who is Expert in Export Import field, He said there is 17% custom + Ware house Charges + Airline Charges(even if it is free shipping) and his fee of custom clearance, I am quite surprised when I calculated everything, its almost double amount of the product.
Can you please help me in this matter & one more thing, can you tell me where can I get a free copy of customs Export Import duty tariff.
02 November 2010
Dear Mr. ramesh
If you ship it by air its expensive, if you do it by sea its economic.
Warehouse charges: if you use warehouse then only you have to pay, else you can directly move to your own warehouse after custom clearance
If you can let me know what is the size of your shipment, may beI can suggest you cost effective way
please mail to me at deepakj@mbggroup.co.cc
If you ship it by air its expensive, if you do it by sea its economic.
Warehouse charges: if you use warehouse then only you have to pay, else you can directly move to your own warehouse after custom clearance
If you can let me know what is the size of your shipment, may beI can suggest you cost effective way
please mail to me at deepakj@mbggroup.co.cc
02 November 2010
agree with mr. joshi ji,
HI,
Actually this item belongs to tariff item ITC CODE NO: - 85235290, import policy free of this item however ACD, (4%) CVD (8%) and cess will be applicable here.
for custom tariff here is The Following Path:-
http://www.cbec.gov.in/customs/cst-0910/cst-main.htm
HI,
Actually this item belongs to tariff item ITC CODE NO: - 85235290, import policy free of this item however ACD, (4%) CVD (8%) and cess will be applicable here.
for custom tariff here is The Following Path:-
http://www.cbec.gov.in/customs/cst-0910/cst-main.htm
02 November 2010
Thanks a lot Guys for sharing such important information.
And very specially thanks to Mr.Ramesh Kumar Verma for providing me that link of Import Duty Tariff Chapters.
Anyway guys, here is an example:
suppose I order USB Pen Drive from China, & the cost of USB is US $2.37x100 = $237. And shipping is free to India. payment is done & my items are reached India, Now how much I suppose to pay custom duty of US $237 for USB Pen Drive & If it is custom duty free so is there any thing else that i need to take care or is there any other charges that I have to pay?
Thanks A lots for helping Me
And very specially thanks to Mr.Ramesh Kumar Verma for providing me that link of Import Duty Tariff Chapters.
Anyway guys, here is an example:
suppose I order USB Pen Drive from China, & the cost of USB is US $2.37x100 = $237. And shipping is free to India. payment is done & my items are reached India, Now how much I suppose to pay custom duty of US $237 for USB Pen Drive & If it is custom duty free so is there any thing else that i need to take care or is there any other charges that I have to pay?
Thanks A lots for helping Me
02 November 2010
thanx hussain ji,
assume that 13 dollar is insurance & freight ,
CIF VALUE IN USD IS :- 250
ASSUME THAT EXCHANE RATE
IS(RS. 46) INR :- 250*46=11500
LANDING COST WILL BE:- RS. 1% OF RS.= 115
CVD WILL BE = 929.00
CESS EDU & BCD RS. =38
ACD = 503
AND TOTAL DUTY WILL BE = RS.1470(929+38+503)
REGARDS,
assume that 13 dollar is insurance & freight ,
CIF VALUE IN USD IS :- 250
ASSUME THAT EXCHANE RATE
IS(RS. 46) INR :- 250*46=11500
LANDING COST WILL BE:- RS. 1% OF RS.= 115
CVD WILL BE = 929.00
CESS EDU & BCD RS. =38
ACD = 503
AND TOTAL DUTY WILL BE = RS.1470(929+38+503)
REGARDS,
03 November 2010
Thanks A Lot
Mr.Ramesh Kumar Verma you are great!
But one thing I want to tell you,
As I told you in my first message that I am totally new in export import business so please can you write your answer again for me because I didn't understand the short forms in your previous answer, Please...!
Like
CIF stands for what?
CVD stands for what?
CESS EDU Stands for what?
And ACD Stands for what?
and do I need to pay landing cost every time whenever I import? and is it only 1% on everything? whatever it may be?
My last question?
every exporter or manufacturer in China demands the payment mode is either T.T, Western Union, or Money Gram, now are these payment modes safe?
If not, then which is the best and safe mode of payment?
I am planning to pay by L/C.
please advice me?
Thanks A Lot Again...
Regards,
Hussain
Mr.Ramesh Kumar Verma you are great!
But one thing I want to tell you,
As I told you in my first message that I am totally new in export import business so please can you write your answer again for me because I didn't understand the short forms in your previous answer, Please...!
Like
CIF stands for what?
CVD stands for what?
CESS EDU Stands for what?
And ACD Stands for what?
and do I need to pay landing cost every time whenever I import? and is it only 1% on everything? whatever it may be?
My last question?
every exporter or manufacturer in China demands the payment mode is either T.T, Western Union, or Money Gram, now are these payment modes safe?
If not, then which is the best and safe mode of payment?
I am planning to pay by L/C.
please advice me?
Thanks A Lot Again...
Regards,
Hussain
Message likes :
1 times
03 November 2010
Dear hussain ji,
CIF stands for what?
REPLY: - IF WE IMPORT OF GOODS 237 USD & PAID INSURANCE 4 USD FREIGHT OF 9 USD
IT WILL BE (237+4+9) =250 USD,
Opposite it fob= free on board, will less if we export the goods of 250 USD less (13) USD in respect of freight and insurance.
HENCE, WE CAN SAY THAT this is a global shipping terms which use in international trade. CIF means Cost Insurance and Freight. That means shipper/Trader has to pay the Cost of shipment up to the ship, Insurance cost of cargo and Freight cost up to destination port. FOB stands for Free On Board which means shipper/trader pays only costs up to the ship and Insurance cost, but freight charges is paid by the Buyer/Consignee.
******************************************
CVD stands for what?
REPLY:- CVD stands for Countervailing Duty. It is applicable to goods imported in the country.
CESS EDU Stands for what?
REPLY:-All taxes in India are subject to an education cess, which is 3% of the total tax payable. With effect from assessment year 2009-10, Secondary and Higher Secondary Education Cess of 1% is applicable on the subtotal of taxable income. Mainly education cess is applicable on excise duty and service tax
And ACD Stands for what?
ADDITIONAL CUSTOM DUTY
and do I need to pay landing cost every time whenever I import? and is it only 1% on everything? Whatever it may be?
IT WILL BE 1% WILL BE PAID BY EVERY CLEARANCE
& LAST QUESTION REPLY IS:-
AS PER EXPORT SALES CONTRACT AS YOU BOND YOURSELF.
IN VIEW OF ABOVE IT ALSO DEPANDS ON EXPORT IMPORT SALES CONTRACT.
HOWEVER TELEGRAPHIC TRANSFER (TT) IS A BEST METHOD TO PROVIDE INTERNATIONAL FUND TO YOUR CONSIGNER.
REGARDS,
Ramesh Verma
CIF stands for what?
REPLY: - IF WE IMPORT OF GOODS 237 USD & PAID INSURANCE 4 USD FREIGHT OF 9 USD
IT WILL BE (237+4+9) =250 USD,
Opposite it fob= free on board, will less if we export the goods of 250 USD less (13) USD in respect of freight and insurance.
HENCE, WE CAN SAY THAT this is a global shipping terms which use in international trade. CIF means Cost Insurance and Freight. That means shipper/Trader has to pay the Cost of shipment up to the ship, Insurance cost of cargo and Freight cost up to destination port. FOB stands for Free On Board which means shipper/trader pays only costs up to the ship and Insurance cost, but freight charges is paid by the Buyer/Consignee.
******************************************
CVD stands for what?
REPLY:- CVD stands for Countervailing Duty. It is applicable to goods imported in the country.
CESS EDU Stands for what?
REPLY:-All taxes in India are subject to an education cess, which is 3% of the total tax payable. With effect from assessment year 2009-10, Secondary and Higher Secondary Education Cess of 1% is applicable on the subtotal of taxable income. Mainly education cess is applicable on excise duty and service tax
And ACD Stands for what?
ADDITIONAL CUSTOM DUTY
and do I need to pay landing cost every time whenever I import? and is it only 1% on everything? Whatever it may be?
IT WILL BE 1% WILL BE PAID BY EVERY CLEARANCE
& LAST QUESTION REPLY IS:-
AS PER EXPORT SALES CONTRACT AS YOU BOND YOURSELF.
IN VIEW OF ABOVE IT ALSO DEPANDS ON EXPORT IMPORT SALES CONTRACT.
HOWEVER TELEGRAPHIC TRANSFER (TT) IS A BEST METHOD TO PROVIDE INTERNATIONAL FUND TO YOUR CONSIGNER.
REGARDS,
Ramesh Verma
03 November 2010
Thanks A lot.........!
Mr.Ramesh Kumar Verma
you are Magnificent SIR
Thank You Very Much
Mr.Ramesh Kumar Verma
you are Magnificent SIR
Thank You Very Much
03 November 2010
welcome for put up query in "ca club india"
05 November 2010
Hi Ramesh Kumar verma!
How are you?
I want to know, if I order something from China or Hong Kong just one piece and I asked the exporter to deliver the item as gift, you know wrapped in fancy paper with compliment sticker, so after reaching India, do the customs still apply duty on gift item or they just release the gift item without any duty on it.
or is there any other way to buy items from China and bring in India without customs duty because presently I don't have export import license,
I just want to buy one thing and for that I don't want to make a new Export Import License.
Please help me...
Thanks
Regards
Hussain
How are you?
I want to know, if I order something from China or Hong Kong just one piece and I asked the exporter to deliver the item as gift, you know wrapped in fancy paper with compliment sticker, so after reaching India, do the customs still apply duty on gift item or they just release the gift item without any duty on it.
or is there any other way to buy items from China and bring in India without customs duty because presently I don't have export import license,
I just want to buy one thing and for that I don't want to make a new Export Import License.
Please help me...
Thanks
Regards
Hussain
08 November 2010
for more info:-
http://www.cbec.gov.in/js-menu/imp-gifts.htm
Regards
http://www.cbec.gov.in/js-menu/imp-gifts.htm
Regards
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