How is customs duty calculated in India? & What is the import duty on garments in India?
How is customs duty calculated in India? & What is the import duty on garments in India?
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How is customs duty calculated in India? & What is the import duty on garments in India?
How is customs duty calculated in India? & What is the import duty on garments in India?
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In India Import duty calculation is based on the product and and its classification code as per custom tariff of India. In Import duty 3 duties calculated. A) Basic custom duty which differ with product categories and its custom heading, it is charged on the CIF / Assessable value of goods. B) SWC (Read more
In India Import duty calculation is based on the product and and its classification code as per custom tariff of India. In Import duty 3 duties calculated.
A) Basic custom duty which differ with product categories and its custom heading, it is charged on the CIF / Assessable value of goods.
B) SWC (swatch Bharat cess) is basically 10% on Basich custom duty amount, but some products has exemption from it as per the notification issued by Finance ministry of India.
C) GST is 18% on most of goods but there are notification no 001/2017 for different rate of GST as per product and Custom tariff heading , however it is calculated on Assessable value+ basic duty amount + Swc Amount.
On garment product the GST rate is divided in 2 parts, 5% and 12 % however the custom duty is differ with 10 % to 25 % or Per pcs and per sqmtr also, depend on product and tariff heading.
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