One way is to buy these global brands, not available in India, on your next trip abroad, the other is to hand a list to your NRI relatives.
According to a report published by logistics firm DHL, The 21st century spice trade: A guide to the cross-border e-commerce opportunity, which quotes the Google Consumer Barometer, what drives consumers in less mature e-commerce markets like India to shop cross-border is better quality, broader range and trustworthiness. But it may not be as simple to shop from a global e-commerce site as it is from familiar online retail firms like Flipkart or Amazon India—there are charges to take care of and payment and shipping options to consider.
We hand-hold you through the hiccups and tell you smart ways to reduce your costs. Shipping charges: While we are used to one-day free delivery option from most domestic e-commerce sites, ordering products from an international website typically attracts shipping charges.
There are various factors that determine how costly the shipping is going to be. Most global e-commerce websites have preferential rate agreements with a particular courier company and the same is displayed upfront at checkout. On top of that, you also have to pay goods and services tax GST depending on the slab rate fixed by the government. Check the import customs tariff of various commodities here. While some websites might levy local taxes to be paid in your country in advance, some collect the customs duty upon delivery.
If you are purchasing something online, the CIF value will be mostly put up by the courier company; their cost generally includes insurance, too," said Bipin Sapra, tax partner, EY. Assessable value is self-assessed by the importer and is accepted by the customs officer.
In case, such value is rejected by the customs officer, then the officer may determine the value as per applicable rules," said Suresh Nandlal Rohira, partner, Grant Thornton India LLP. The CIF value may sometimes get rejected by the customs officer if she has any reason to believe that the product has been undervalued by the sender.
Currency conversion: Websites usually list products in their local currency say US dollar or British pound. The rupee is not one of the strongest currencies globally and hence conversion rates might spike up the charges.
Compensation Cess: This is an additional tax that is imposed along with GST on both imported items as well as domestically manufactured items on products that are classified as notified E. There are five mechanisms that can be used to reduce the applicable BCD.
Exemption or waiver of IGST is not permitted as per law:. Popular: fdi policy , taxation in india , major investors. Company Name. India Presentation Updates. Invest India Newsletter. Sectors of Interest. Auto Components. Capital Goods. On February 26, , India announced that it would further delay the implementation of these tariffs. The United States has urged India to work to address the common problem of excess capacity in the global steel and aluminum sectors, rather than engage in unjustified retaliation designed to punish American workers and companies.
The United States will take all necessary action to protect U. In September , India increased import duties again on 19 items in an attempt to narrow a widening current account deficit and relieve downward pressure on the rupee against other world currencies.
Tariffs were increased on jet fuel and 18 other items deemed non-essential, including air-conditioners, refrigerators, and small washing machines as well as products such as footwear, tableware, suitcases, gold and silver jewelry, and semi-processed diamonds.
The GST is designed to simplify the movement of goods within India, but it also applies to imports. Under the new system, goods and services are taxed under four basic rates — five percent, 12 percent, 18 percent and 28 percent. Some items, like vegetables and milk, have been exempted from the GST.
The price of most goods and services increased in the immediate aftermath of the tax, and as expected, economic growth slowed for several months following GST implementation. The classification of the imports and exports of the goods are governed by the Customs Act of and Customs Tariff act of It is also worth noting that the excise authorities use HS codes for classifying goods to levy excise duty manufacturing taxes on goods produced in India.
How Customs Duty is calculated All goods imported into India are subject to duty. There are several factors that go into calculating customs duty, including: Basic Customs Duty BCD This duty is levied either as 1 a specific rate based on the unit of the item weight, number, etc.
In some cases, a combination of the two is used. GST Cess is levied on supply of certain notified goods — mostly belonging to the luxury and demerit category.
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