On what basis is the Customs Duty Calculated? The final amount of duty payable is calculated based on the product’s classification (HS Code), value (typically CIF – Cost, Insurance, and Freight), and the country of origin, all of which are factored according to the Customs Tariff Act, 1975 and the Customs Act, 1962. Importers can use online tools… Read More »
Customs Duty Customs Duty is an indirect tax imposed by the government on goods when they are transported across international borders. It is a tool used not just for collecting money, but for shaping a country’s economic landscape. Why is Customs Duty Levied? The government applies these taxes for four main strategic reasons: Protection of… Read More »
Government benefits for importers in India are primarily focused on reducing costs (duty exemption) and enhancing efficiency (trade facilitation). Most schemes are linked to a commitment to export, but some are standalone benefits for compliance and modernization. Here are the major government benefits available to importers: 1.Advance Authorisation (for Importing Inputs Duty-Free) What it offers:… Read More »