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    Example 1: An Importer Imported Some Goods For Subsequent Sale in India at $20,000 On CIF Basis

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    Abrar Sange
    The document provides two examples for calculating import duties in India. In the first example, the total duty payable on goods imported for $20,000 is calculated to be Rs. 2,36,340. This includes basic customs duty, GST, and other charges. In the second example, the total import duty on goods imported for $4,141 and an assessable value of Rs. 1,84,275 is calculated to be Rs. 18,428 which includes only the basic customs duty at 10%. Exchange rates notified by authorities are used to convert import values from USD to INR.

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    Example 1: An Importer Imported Some Goods For Subsequent Sale in India at $20,000 On CIF Basis

    Uploaded by

    Abrar Sange
    53 views2 pages
    The document provides two examples for calculating import duties in India. In the first example, the total duty payable on goods imported for $20,000 is calculated to be Rs. 2,36,340. This includes basic customs duty, GST, and other charges. In the second example, the total import duty on goods imported for $4,141 and an assessable value of Rs. 1,84,275 is calculated to be Rs. 18,428 which includes only the basic customs duty at 10%. Exchange rates notified by authorities are used to convert import values from USD to INR.

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    Custom Duty Problem

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    The document provides two examples for calculating import duties in India. In the first example, the total duty payable on goods imported for $20,000 is calculated to be Rs. 2,36,340. This includes basic customs duty, GST, and other charges. In the second example, the total import duty on goods imported for $4,141 and an assessable value of Rs. 1,84,275 is calculated to be Rs. 18,428 which includes only the basic customs duty at 10%. Exchange rates notified by authorities are used to convert import values from USD to INR.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    53 views2 pages

    Example 1: An Importer Imported Some Goods For Subsequent Sale in India at $20,000 On CIF Basis

    Uploaded by

    Abrar Sange
    The document provides two examples for calculating import duties in India. In the first example, the total duty payable on goods imported for $20,000 is calculated to be Rs. 2,36,340. This includes basic customs duty, GST, and other charges. In the second example, the total import duty on goods imported for $4,141 and an assessable value of Rs. 1,84,275 is calculated to be Rs. 18,428 which includes only the basic customs duty at 10%. Exchange rates notified by authorities are used to convert import values from USD to INR.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Example 1: An importer imported some goods for subsequent sale in India at $20,000 on CIF basis .

    Relevant exchange rate as notified by the Central Government Rs45 . The item imported attracts basic
    duty at 12%. If similar goods were manufactured in India, GST payable as tariff is 12.5%. Find the total
    duty payable.

    Solution :

    Calculation of Total Duty Payable

    Particulars Rs.
    CIF value USD (20,000X45) 9,00,000
    Add: Loading and unloading @1% 9,000
    Assessable Value 9,09,000
    Add: Basic Custom Duty @ 12% on 9,09,000 1,09,080
    10,18,080
    Add: IGST @ 12.5 % on 10,18,080 1,27,260
    11,45,340
    Total Value of Imported Goods

    Therefore, total Duty payable is Rs2,36,340


    Example2 : Sorceror Corp. imported some goods by air from Genesis Industries of U.S. Compute the
    value of the goods for the purpose of levying the duty :

    Particulars Dollars($)
    CIF Value 5000
    Freight Paid 1500
    Insurance Cost 500
    The banker realized the payment from importer at the exchange rate of Rs. 45 per U.S. $

    Central Board of Excise and Customs notified the exchange rate as Rs. 44.50 per U.S. $

    Basic Custom Duty @ 10% advalorem. There is no CVD and Special CVD. Find the total import duty.

    Solution:

    Computation of total Import Duty

    Particulars U.S. $
    CIF Value 5,000
    Less : Air Freight 1,500
    Less : Insurance 500
    FOB Value 3,000
    Add : Insurance 500
    Add : Air Freight 20 % on FOB 600
    CIF Value 4,100
    Add: 1% Unloading Charges on CIF Value 41
    Assessable Value 4,141
    Assessable Value in Rs. 184275( i.e. Rs. 44.50 x U.S. $4.141)
    Total Custom Duty(i.e., 184275 x10% ) 18,428

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