Indian Customs Import Duty Description:
I. Total Duty = Basic Duty + Additional Duty + Education Duty + Special Extra Duty
Dutiable Value = Total CIF + Landing Charge (1% of Total CIF)
Basic Duty = Dutiable Value x Basic Duty Rate
Extra Duty = (Dutiable Value + Basic Duty) x Extra Duty Rate
Education Duty = (Basic Duty + Extra Duty) x Education Duty Rate
Special Extra Duty = (Basic Duty + Extra Duty + Education Duty) x Special Extra Duty Rate
2. Taxes levied by the Indian authorities on products imported into India include:
1. Basic Duty
2. 3, Education Cess
4, Additional Taxes
5, Special Additional Taxes
6, Other Additional Taxes such as Offsetting Duty, Anti Dumping Duty, Security Duty and so on.
The following is a brief description of the types of taxes levied:
India*** and the country's tax laws and regulations and inspection and management system.
Tax Structure India has a tax system with turnover tax as the main tax. Of the total central tax revenue in 1988, domestic goods and services tax accounted for 43.84%, international trade and transfer taxes accounted for 37.71%, and taxes on income and capital accounted for 18%. The taxes levied by the center are personal income tax, corporate tax, improved value added tax, wealth tax, gift tax, inheritance tax, customs duty, inter-state sales tax, stamp duty, expenditure tax, and domestic aviation tax.
Taxes levied by the state include: land tax, motor vehicle tax, improvement tax, real estate transfer tax, intrastate sales tax, state stamp duty, social security tax, voucher registration tax, etc.
Improved Value Added Tax The Central Excise Act on Goods issued in 1985 introduced the Improved Value Added Tax scheme with effect from March 1, 1986, to gradually replace the previous domestic excise duty. A credit of Central Internal Excise Duty paid on the purchase of semi-finished goods consumed in manufactured goods enumerated under the provisions of the duty law as liable to Internal Excise Duty is allowed. Such credit is to be claimed by the taxpayer.
Excise Duty The Union Government levies a tax on certain prescribed goods produced or manufactured in India at the point of sale of goods ex-factory. The rate of tax varies according to the variety and is refundable on export. Since March 1986, the excise duty on some goods has been gradually replaced by an improved value added tax (VAT).
Personal Income Tax In India, income tax was introduced in 1986, and the current tax law was amended in 1961 and implemented on April 1, 1962, to provide for six categories of taxable income. It provides for six categories of income to be classified as taxable, namely, gains and profits from business and professional practice; income from wages; income from house property; capital gains; and income from other sources (including dividends, winnings, interest on certain securities, and income from machinery and equipment, rental of plant and rental of houses, which are not business income to the taxpayer).
Indian Customs Import Tariff List:
Import tariff rates related to product categories:
Textiles: basic tariff rate 15% --- 25%; additional tariff rate 16%; special additional tariff rate 4%;
Apparel: basic tariff rate 25% --- Rs. 150%/sq.m; special additional tariff rate 4%;
Accessories. p>Accessories: basic tariff rate 25%; additional tariff rate 16%; special additional tariff rate 4%;
Accessories: basic tariff rate 5%; additional tariff rate 0; special additional tariff rate 4%;
Household appliances: basic tariff rate 25%; additional tariff rate 16%; special additional tariff rate 4%;
Electronic products: basic tariff rate 10% - -25%; additional tariff rate 16%; special additional tariff rate 4%;
Leather and leather products: basic tariff rate 25%; additional tariff rate 16%; special additional tariff rate 4%;
Ceramics: basic tariff rate 25%: additional tariff rate 16%; special additional tariff rate 4%;
Pharmaceutical products: basic tariff rate 25%; additional tariff rate 15%; special additional tariff rate 4%;
Cosmetics: basic tariff rate 25%; additional tariff rate 16%; special additional tariff rate 4%;
Toys: basic tariff rate 25%; additional tariff rate 16% (or 0); special additional tariff rate 4%;
Beverages: basic tariff rate 30%; additional tariff rate 0; special additional tariff rate 4%;
Alcoholic beverages: basic tariff rate 100%; additional tariff rate 0; special additional tariff rate 4%;
Gold and jewelry: basic tariff rate 100%; additional tariff rate 16%; special additional tariff rate 4%;
Tea: basic tariff rate 25%; additional tariff rate 0; special additional tariff rate 4%;
Fruits: basic tariff rate 30 - 40%; special additional tariff rate 4%;
Raisins: basic tariff rate 100%; special additional tariff rate 4%;
Vegetables: basic tariff rate 100%; additional tariff rate 0; special additional tariff rate 4%;
. strong>Reference:
The general term for the tax laws and regulations and the system of inspection and management of taxes in India*** and the country.
Tax structure India has a tax system with turnover tax as the main tax. Of the total central tax revenue in 1988, domestic goods and services tax accounted for 43.84%, international trade and transfer taxes accounted for 37.71%, and taxes on income and capital accounted for 18%. The taxes levied by the center are personal income tax, corporate tax, improved value added tax, wealth tax, gift tax, inheritance tax, customs duty, inter-state sales tax, stamp duty, expenditure tax, and domestic aviation tax.
Taxes levied by the state include: land tax, motor vehicle tax, improvement tax, real estate transfer tax, intrastate sales tax, state stamp duty, social security tax, voucher registration tax, etc.
Improved Value Added Tax The Central Excise Act on Goods issued in 1985 introduced the Improved Value Added Tax scheme with effect from March 1, 1986, to gradually replace the previous domestic excise duty. A credit of Central Internal Excise Duty paid on the purchase of semi-finished goods consumed in manufactured goods enumerated under the provisions of the duty law as liable to Internal Excise Duty is allowed. Such credit is to be claimed by the taxpayer.
Excise Duty The Union Government levies a tax on certain prescribed goods produced or manufactured in India at the point of sale of goods ex-factory. The rate of tax varies according to the variety and is refundable on export. Since March 1986, the excise duty on some goods has been gradually replaced by an improved value added tax (VAT).
Personal Income Tax In India, income tax was introduced in 1986, and the current tax law was amended in 1961 and implemented on April 1, 1962, to provide for six categories of taxable income. It provides for six categories of income to be classified as taxable, namely, gains and profits from business and professional practice; income from wages; income from house property; capital gains; and income from other sources (including dividends, winnings, interest on certain securities, and income from machinery and equipment, rental of plant and rental of houses, which are not business income to the taxpayer).
Individuals (including undivided Indian families) are liable for personal income tax. Individuals are categorized as residents, non-residents and non-residents. The main criterion for classification is the length of residence in India during the taxable year or a number of years prior to that year. Residents are taxed on their worldwide income, non-residents are taxed only on their income in India and on foreign source income controlled by India, and non-residents are taxed only on their income in India.
In the case of an undivided Indian family, the family is resident in India as long as the control and management of the family's affairs are not wholly outside India during the taxable year. A family is not habitually resident if the manager of the family is not a resident of India for 9 out of the 10 years preceding the taxable year or does not reside in India for more than 730 days out of the 7 years preceding the taxable year.
The family of an undivided Indian is taxed on the entire income of the family and no tax is levied on the income of a member of the family derived from any part of such income of the family or as a component of the income for the purpose of determining the rate of tax applicable to that member.
Baidu Encyclopedia-Indian Tax System