The Goverment has reclassified LCD Monitor and camcorder in Customs heading which attract zero Customs duty presently .But excise duty is still 16%.The reduction in customs duty will also result in lesser excise duty.As the excise duty is collected on value which is equal to Assessable value and Customs duty of the goods.Earlier there was dispute whether LCD monitor and LCD TV are same or different.Similarly,camcorder and digital still image camera are same or not.
Rapid convergence of technology cause such disputes.The world Customs Organisation revise every four year the Customs tariff classification.The Customs classification code is same through out world same.
2 comments:
Hi Ravindra,
You have a great blog; actually a great service, disbursing information on an obscure topic. I am sure a lot of people benefit from your blog.
I have a few question regarding LCD monitors:
1. I want to ship an LCD monitor by post/courier to my parents in India from USA. What is the procedure they have to follow to get the monitor out of customs?
2. What are the current customs/import/excise duties & taxes levied on LCD monitors if shipped from USA to India?
3. Your blog mentions that gifts upto Rs 10000 do not carry any duty.
a. Does it mean completely tax free?
b. No excise/customs/import duties and no taxes?
c. What is accepted form of documentation to prove the item is a gift and its worth so that under this rule no duty is incurred?
Thank you
Tejas
Dear teja,
Thank you
The duty is around 31.703% LCD TV.
consumer electronic goods more than Rs 2000/ value - are not allowed to be imported through Post. Also Pay fine and duty.
But through Courier, you have to pay only duty but not fine and penalty.
regards
Ravindra Kr
Post a Comment