Feb 04, 2020 - 04:53 PM
Thanks for your question. Please find my answer below -
- The custom duty in India varies from product to product, may differ from trading country to country.
- The custom duty levied on import of garment has been increased from 10% to 20%.
- Custom duty on toys is 20%.
- The custom duty levied on the agricultural product is 7.5%.
- The custom duty on levied on cosmetics is 40%.
Follow the below procedure to get the details:
Firstly, you have to enter the value of the invoice at the “FOB Value in FC” column.
Then enter the current exchange rate.
After this, if the term of shipment is FOB or EXW then enter the actual Freight Amount or 20% of the Invoice value, If your shipment is C&F or CIF then enter “0” (Zero) in Freight column.
Once that is done, enter the Actual Insurance Value or 1.125% of the Invoice value, If your shipment is CIF then enter “0” (Zero) in the Insurance column.
Next steps are the CIF value and assessable value. which are automatically calculated on the basis of the value you provided.
After this, enter the Quantity in SQM, KGS (as per classification).
Then enter the Rate (as per classification).
You need to enter B.C.D (Basic Customs Duty), Social Welfare Surcharge (SWS), and IGST enter as per the classification.
For Example:- If the Duty structure for your goods is BCD 20% or Rs.200 per KGS whichever is higher, SWS is 10%, and IGST is 5%.
You need to enter Rs.200 in the “Rate column” Eight columns and the total net weight in the “Quantity column” Seventh column.
And 20% in BCD column, 10% in SWS column, and 5% in IGST column.
The Import duty calculator will automatically calculate the total payable duty amount.
At the bottom of the import duty calculator, you can see the payable duty including IGST amount and excluding IGST amount.
As an additional feature, we added the Bond value section for those who want to issue an advance license from DGFT. I hope I answered your question.
Thanks and regards,