Import - Export Guideline

  IGST on import of goods When is IGST applicable? IGST full form is the Integrated Goods and Services Tax. IGST became law in 2017, and is an aggregate tax pulling in several older tax types. This makes calculations simpler, saving traders time, and improving payment accuracy. Under IGST, taxes must be paid on interstate shipments and imports according to the IGST rate for the specific goods being shipped. IGST is paid to the end-point state for any goods - or services - being imported into India. How to pay custom duty in India? You can pay Indian import duty online easily through ICEGATE. Here’s how: Go to the ICEGATE e-payment portal Log in using your ICEGATE credentials, or enter your import/export code Click on the e-payment option Check the payments outstanding in your name - these are shown as e-challans, electronic payment demands Choose which challan you want to pay, and click to select the payment method You’ll be redirected to the bank you select to process payment Once...

 If you plan on importing into India, you need to know what customs duty or tariffs you may need to pay. This guide covers all you need - plus some handy insight into how Wise can help, with mid-market rate currency exchange, for a better deal when paying for goods from overseas. What is a custom duty? Customs duty tax is an indirect government tax on consumers. Duties are paid by importers and distributors - who then pass the cost on to consumers. You may also see reference to excise duties. These are added to products like alcohol and tobacco, increasing the cost of harmful goods and discouraging public use. How about customs tariff? Duties are charged on both local and imported goods. Tariffs, however, are only used for imported and exported goods. Tariffs protect the local economy by making imported goods more expensive compared to domestic production. Indian customs duties Customs tariff in India Indian customs duty costs vary according to the goods involved, where they’r...