Importing products from other countries to India is always a big deal. Although the products cost very little outside India, the charge for import and the customs duty imposed on the products are so complicated. Previously, there was customs duty on all the products that cost more than Rs. 2,000. The importer has to provide evidences like an invoice or sales documents to show the value of the products to the customs authorities. Only then, the receiver shall accept the product after paying the price with the duty imposed on it. Now they announced no custom duties charges check out the every info from here.
After the ‘Make in India’ campaign was launched, the customs duty was increased so that the quantity of products imported would fall and people would start manufacturing goods within the country. This change was accepted for the good since this idea is what ‘Make in India’ advocates. But on May 4, it was reported that accessories imported to India will not be charged under customs. It was expected that the price of smartphones sold in India will drop by 20% as the smartphone brands were supposed to be benefited by the current tax exemption. so from now on there will be no custom duties charges, read more to find out.
No Custom Duties Charges :
But now, according to a new provision passed by the Ministry of Commerce and Industry in India, the C.I.F value of import of consumer electronic goods will be Rs. 50,000 which means there won’t be any customs duty imposed on electronic items worth Rs. 50,000 or less.
When we Indians import smartphones or other recent gadgets, we need to pay a duty of 0% to 42%. When asked about the details of the customs duty, at least the private couriers would show some tax information but the Indian Postal services would just demand the money without explanation.
Most of the smartphones cost less than Rs. 50, 000 and hence no duty imposed on them will directly hit the smartphone brands who were selling their mobiles at a premium price that would be 25% less in international markets.
This new amendment is still under theory and hence you will be still levied with duties for products worth more than Rs. 10,000 or those that have been sent as a gift. But you would have to show proofs to the customs officer that it has been sent as a gift.
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