Hello all !
This is my first post on this forum. I have been reading this forum since a month about IEC code.
I am starting Importing goods (Memory Cards & Pen Drives for now) from China and then selling them to wholesellers here. I have few questions about the same, I appreciate any help :)
1) I have applied for IEC code. Do I need to apply for any other licenses too? If yes, what they are?
2) I read here about custom duties on Memory cards. One member mentioned that it is custom duty free product another member mentioned that the custom duty is 4.12%. Which is true?
3) I am planning to visit China to buy these products. Can I carry the memory cards and pen drives in luggage while coming back to India?
4) If the answer to question "3" is "yes" then can I pay custom duty on Airport?
5) Apart from custom duty, are any other fees or taxes that I need to pay for importing these goods from China?
6) This should be a too noob question, sorry for this, I am not familiar with Commerce terms.. What is difference between Custom and Excise?
I hope that someone from the forum can answer my silly questions. Thanks in advance :)
CAclubindia
