Importing Electronics items from china what is custom duty ?

pls visit

 

https://www.cybex.in/indian-custom-duty/Memory-Cards-Duty-Calculator-85235220.aspx

 

Sir,

You can see in every side of trasaction, it will attract any type of tax, like......

- by importing - We need to pay Customs Duty

- by Sale - We need to pay Sales Tax

- by having income - We need to pay incometax

- by providing Service - We need to pay service tax

- by having Wealth - We need to pay wealth tax

- by manufacturing - We need to pay Excise Duty etc........

 

As we said, When we Importing the goods from other country, we need to pay Customs Duty.

Custom Duty is imposed under the Indian Customs Act formulated in 1962 by the Constitution of India under the Article 265, which states that “no tax shall be levied or collected except by authority of law. So, the Indian Custom Act was introduced that allow the Central Government to collect the taxes under the name of Custom Duty.

Custom Duties are usually levied with ad valorem rates and their base is determined by the domestic value 'the imported goods calculated at the official exchange rate. Similarly, export duties are imposed on export values expressed in domestic currency.

For Customs Duty Calculation :-

1- CIF Value  : FOB value + Freight Amount + Insurane Amount

2- Landing Cost : (CIF * Exchange Rate * Quantity) * 1%

3- Assessable Value : (CIF * Exchange Rate * Quantity) + Landing Cost

4- Basic Custom Duty : Assessable Value * BCD Percentage

5- Counterveling Duty (MRP) : (MRP * (100-Abaitment) * Quantity) * CVD Percentage

6- Counterveling Duty (Non MRP) :( Assessable Value + 10%) * CVD Percentage

7- CESS on Duty : BCD + CVD * 3%

8- SAD (if applicable) : (Assessable Value + BCD + CVD + CESS)*4%

 

as per the above you can calculate your duty.......

For your Memory Card, The following duty derivatives are applicable.

1- BCD - no BCD

2- CVD - 6%

3- CESS - 3%

Respected Sir/Madam, I wish to start buisness of Importing Memory cards from china & sell it to retails shops in India directly. I m only Individual & dont have any proprietory firm.I have made some purchase query to wholesellers in CHINA & they say dat u dont have to any import duties etc. but i dont think they r correct. Since I m very small & new businessman i wish to avoid govt. formalities. So can u tell me easiest way to do this trade. Also can u tell me whts d rate of import duty on such product. How i have to pay that. What formalities i have to comlete to start this business. How i can send payments & receive products...& any risk & other factors....