Importing and selling taxation and procedure
AjaxJags (Owner) (72 Points)
17 July 2014AjaxJags (Owner) (72 Points)
17 July 2014
V Prabhakara Rao
(Assistant Manager)
(106 Points)
Replied 22 July 2014
Dear Mr. Jagadish,
To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number.
Video Game Console falls under Chapter 95045000 and Customs Duty may be :
Import Duty Calculator | |||
CIF Value in Rs. 100 | |||
Value and Duty Descripttion | Custom Duty Rates | Calculated Amount | Formula |
Assesable Value(AV) | 101 | CIF Value + Landing Charges ( @ 1% of CIF Value) | |
Basic Duty of Customs (%) | 10.1 | (AV x BD rate) / 100 | |
Basic Duty Pref (%) | 0 | (AV x BD Pref rate) / 100 | |
Additional Duty of Customs(CVD) (Including Cess, if any) (%) | 13.332 | (AV + BD. Amt.) x CVD rate / 100 | |
Central Excise Education Cess (%) | 0 | (CVD Amt.) x Central Excise Edu. Cess Rate / 100 | |
Customs Education Cess (if any) (%) | 0 | (BD Amt. + CVD Amt. + Edu. Cess. Amt.) x Custom Edu. Cess Rate / 100 | |
Special Additional Duty of Customs(Spl.CVD) (if any) (%) | 4.97728 | (AV + BD Amt. + CVD Amt. + Edu. Cess. Amt. + Custom Edu. Cess Amt.) x Spl. CVD Rate / 100 | |
Total Customs Duty | 28.40928 | BD Amt. + CVD Amt. + Edu. Cess Amt. + Custom Edu. Cess Amt. + Spl. CVD Amt. |
Alternatively you can get in touch with the traders who regularly import from US to avoid liasoning with the Customs Authoroties for Clearance.