Hello Financial Experts and Friends,
I have some questions regarding the taxes imposed by the government on electronic goods.
What taxes have to be paid to the government for imported electronics goods?
And if you sell that electronics goods to end-user i.e consumer then what other taxes have to be paid?
Are the taxes applicable whose earning is below 1 lakh?
Is license need for this business?
Thank you!
For imported goods below customs duties are to be paid
Basic customs duty- varied from 0% to 10%
Counter valling duty- 12% generally across all products, some relaxaation on selected items, For selected items it is on MRP less abatement of 35%
Cess- 3%
Special addditionl duty - 4%
Post imports on sale of such goods, you can get refund of Special additional duty, or alternatively exempt on imports itslef, if indented for retail sale and MRP is declated
On sale you need to pay VAT/ CST as applicable
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