Jul 13, 2017

India GST and Custom Duty Changes

India GST & Custom Duty

GST on Imports in India 

Would there be any changes on BCD (Basic Customs Duty) after GST?  Are there any changes in Education Cess, Anti-dumping duty, Safeguard duty? What is the changes in CVD and SAD after introduction of GST? 

BCD has been kept outside the purview of GST and will be charged as per the current law only.

India GST Custom Duty
New Custom Duty on Gold
Prior to GST being implemented, the overall tax rate on gold jewellery stands at 12.2%. ( 10% customs duty, 1% excise duty, and 1.2% VAT)

GST replaces the excise duty and VAT components, but sits on top of the Import Duty. The Gold rate of 3% announced on 3rd June is significantly lower than many had feared. And, on the face of it, represents only a modest tax increase.

VAT varies state-by-state from 1% in Rajasthan to 5% in Kerala. Additional local taxes can push the overall tax on gold jewellery even higher


10 percent basic customs duty (BCD)
On the same day of Goods and Service Tax (GST) roll out across the country, the Government also imposed a 10 percent basic customs duty (BCD) on cellular mobile phones and specified parts of cell phones such as chargers, battery, wired headphones, microphones, keypad, USB cables, and receivers.

Also, the basic customs duty charges of 10 percent will also be applicable for “certain other specified electronic goods,” but the government did not disclose the items.





Impact of GST on imports in India
On the imports side there would be no major impact on levy of Basic Customs duty, Education Cess, Anti-dumping duty, Safeguard duty and the like.  However, the Additional duties of Customs, which are in common parlance referred to as Countervailing Duty (CVD) and Special Additional duty
of Customs (SAD), would be replaced with the levy of Integrated Goods and Services Tax (IGST), barring a few exceptions.

Mar 8, 2017

How much Alcohol can you carry Duty Free to India ?

 What is the Indian Duty Free Allowance & Entitlements for Alcohol ?

You are allowed to carry 2 litres of Alcoholic Liquor or Wine.
Chivas Regal

Whisky, Cognac, Brandy, Gin, Rum, Vodka, Tequila

If you are buying duty free at a  international airport abroad, then you can carry it as a part of your cabin baggage. 


However in case you are buying it outside the airport or have been gifted the alcohol or wine will have to go in your  checked luggage.

Connected Domestic Flights in India

In case you are taking a local connecting flight within India you will have to check in the alcohol bottles including those bought at Duty Free Shops in India.

Duty is payable if items are brought in excess of the prescribed limits

Duty around 100% - 170%
Total Duty  = BCD + ACD + education cess @3%

BCD - Basic Customs Duty
ACD - Additional Customs Duty





 

Whiskey


Top Alcoholic Liquor
Johnnie Walker
Black Label
Red Label
Chivas Regal
Jack Daniels Whiskey
Grey Goose
Costco Vodka
Black Velvet

Duty free booze how much can bring into India per person ??
Bringing Duty Free Alcohol into India ??

How much gold can you bring to India ??


New Custom Duty on Gold
Prior to GST being implemented, the overall tax rate on gold jewellery stands at 12.2%. ( 10% customs duty, 1% excise duty, and 1.2% VAT)

GST replaces the excise duty and VAT components, but sits on top of the Import Duty. The Gold rate of 3% announced on 3rd June is significantly lower than many had feared. And, on the face of it, represents only a modest tax increase.

VAT varies state-by-state from 1% in Rajasthan to 5% in Kerala. Additional local taxes can push the overall tax on gold jewellery even higher

 

How much Gold can i legally import into India

How much gold can I carry to India without worrying about duties?
gold biscuit

 

50,000 / 100000 Limit

A passenger residing abroad for 1+ year, on return to India, shall be allowed clearance free of duty in his bona fide baggage of jewellery,

Rs 50,000 Male Passenger
 
a male passenger can get up to a weight of 20 grams with a value cap of Rs 50,000

Rs 50,000 Female Passenger
a female
passenger can bring up to a weight of 40 grams with a value cap of Rs 100,000

Earlier these were defined as value of Rs 50,000 & Rs. 100,000 only.


Indian Jewellary

Most Gold Imports to India Come from Gulf Countries (Middle East)  : UAE, Dubai, Saudi Arabia

Gold Purity (parts, or karats) 
22k, 24k, 21k and 18k

Note: Custom duties can be changed by the authorities at any time. Check with the concerned authorities for latest information

How much currency can you carry to India?

How much currency can you carry to India?

foreign currenciesIndian Customs limit on the amount of cash (Indian and Foreign currency) you can carry in and out of India with you.

 

Indian Rupee Rules : Currency

Latest Update

  • Import of INR is prohibited, except for residents of India importing up to INR 7,500

 

Currency Import regulations:

Foreign currencies : 

Unlimited : No Import Limit on Foreign currencies

However, amounts 

  • exceeding USD 5,000. (or equivalent) in cash

or 

  • USD 10,000.- (or equivalent) in traveler's cheques must be declared

 

Local currency (Indian Rupee INR 7,500): 

Import of INR is prohibited, except for residents of India importing up to INR 7,500

Foreign currencies include

  • currency notes

  • traveler's cheques

  • cheques, drafts 

can be exchanged only through banks and authorized money exchange points.

New Indian Rupee

Indian rupee demonetisation is done deal

Currency Export regulations:Foreign currencies : up to the amount imported and declared.


Local currency (Indian Rupee-INR): INR 7,500

For residents of India, except when departing to Bhutan and Nepal. For residents departing to Bhutan and Nepal: no limit in amount of INR but notes no bigger than INR 100.- may be carried.

Foreign currencies include currency notes, traveler's cheques, cheques, drafts etc can be exchanged only through banks and authorized money exchange agents.


Latest Indian Currency Rules



Latest Indian Currency Rules

Indian residents going abroad are allowed to take  with them foreign currency up to any amount so long as the same has been purchased from an authorized foreign exchange dealer as per norms.


USD 5,000 & USD 10000

Any person resident out of India is allowed to take out of India unspent foreign currency not exceeding the amount brought by him on his arrival in India provided that in the case of foreign currency notes exceeding US $5,000/- or its equivalent or foreign exchange in the form of currency notes, bank notes or traveller’s cheques exceeding US$ 10,000/- or its equivalent, the same was declared to the Customs authorities in Currency Declaration Form (CDF) at the time of his arrival in India.


http://www.customsmumbaiairport.gov.in/forms/Content.aspx?LinkID=70