iPhone 5 attracts import duty @ 2% on MRP Price

iPhone 5 ,if  imported into India through Courier ,then, it will attract import  duty  @ 2% on MRP Price.
Ravindra Kumar
Global Tax Guru

Budget Highlights 2012-2013 for INDIRECT TAX

Budget Highlights 2012-2013

INDIRECT TAX

Service Tax

 Sevice tax confronts challenges of its share being below its potential, complexity

in tax law, and need to bring it closer to Central Excise Law for eventual transition

to GST.

 Overwhelming response to the new concept of taxing services based on negative

list.

 Proposal to tax all services except those in the negative list comprising of 17

heads.

 Exemption from service tax is proposed for some sectors.

 Service tax law to be shorter by nearly 40 per cent.

 Number of alignment made to harmonise Central Excise and Service Tax. A

common simplified registration form and a common return comprising of one

page are steps in this direction.

 Revision Application Authority and Settlement Commission being introduced in

Service Tax for dispute resolution.

 Utilization of input tax credit permitted in number of services to reduce cascading

of taxes.

 Place of Supply Rules for determining the location of service to be put in public

domain for stakeholders’ comments.

 Study team to examine the possibility of common tax code for Central Excise

and Service Tax.

 New scheme announced for simplification of refunds.

 Rules pertaining to point of taxation are being rationalised.

 To maintain a healthy fiscal situation proposal to raise service tax rate from 10

per cent to 12 per cent, with corresponding changes in rates for individual services.

 Proposals from service tax expected to yield additional revenue of `18,660 crore.13

Other proposals for Indirect Taxes

 Given the imperative for fiscal correction, standard rate of excise duty to be

raised from 10 per cent to 12 per cent, merit rate from 5 per cent to 6 per cent and

the lower merit rate from 1 per cent to 2 per cent with few exemptions.

 Excise duty on large cars also proposed to be enhanced.

 No change proposed in the peak rate of customs duty of 10 per cent on nonagricultural goods.

 To stimulate investment relief proposals for specific sectors - especially those

under stress.

Procedures for dealing EXPORTED goods which are prohibited (Posted from any place to foreign country)

124.  Articles containing goods prohibited  from export. -  If an article
posted at any place in India and addressed to a foreign country is actually found,
while in course of transmission by post, to contain anything the export of which either
generally or to that particular destination is prohibited by the clause bearing the
heading “Local prohibitions” in the Inland Post section or by the clauses bearing the
heading “Articles Prohibited form export” in the Foreign Post, it should be endorsed
“Contains prohibited (name of the prohibited article)” and sent for disposal to the
R.L.O. either direct or, in the case of sub-offices, through the Head Office, except in
cases in which orders are in existence for the disposal of such articles in a different
manner.
NOTE.-  See also Rule 221 of the Indian Post Office Rules.- 1933.(Source: http://www.indiapost.gov.in/PM_VOL_5.pdf)

iPAD will attract Customs duty @ 14.71 %

If any body wish to import into India, ipad will attract customs duty @ 15.03%. Bonafide gift of ipad Value upto Rs 10,000/- is without any duty if imported through Courier. However , value of ipad if exceed Rs 2000/-(C.I.F) through postal then ,it is restricted, attracts fine and penalty,in additions to duty.One can visit my site www.ebay.globaltaxguru.in ,if you are buying from ebay, or www. postal.globaltaxguru.in if importing through Postal or www.courier.globaltaxguru.in ,if importing through courier.

There are different rate of duty if imported for different purpose such as personal use, commercial use, repair ,return and replacement for many goods.

Explore www.ebay.globaltaxguru.in for purchasing goods from ebay

i have already integrated my site www.ebay.globaltaxgurur.in to ebay and amazon.It is working fine with ebay.you can enter any product ,it will fetch value and shipping cost from ebay then it will ask you other detail to show rate of duty, total duty amount, landing cost,what is duty saving if imported through Post,Courier,Baggage,sea cargo and air cargo.Further duty variability as per purpose such as gift,personal use, commercial use, repair, return.Our Indian tax system is complex and require lot of effort to make it easy to understand for common man.
pl explore my site which is still under development and send me your feedback.
Regards
Ravindra Kumar

Duty on toys @ 14.712 %. but require import compliance for safety issue

Duty on toys @ 14.712 %. import of toys are to satisfy various safety requirement as per ISO 8124 ,IS 9873 of BIS.It is advisable that you either visit or contact DGFT office or website for more information. Inport of toys are restricted from some country.

If some body is interested to know duty,import conditions for importing toys from ebay,may visit www.ebay.globaltaxguru.in or www.globaltaxguru.in.

i will appreciate feedback ,if any body use it.
Regards,
Ravindra Kumar

Customs duty on mobile phone,smart phone,iphone is 1%

Customs duty is reduced on mobile phone after this budget. Now customs duty is only 1% and it is base on MRP price. To calculate duty, abatement of 35 % is given on MRP price. Now spl CVD is removed on mobile phone, smart phone , iphone.

Ravindra Kumar

Customs duty on e reader,kindle

e book reader may be classified under Custom-tarif heading 8543 70 99. Merit Rate of duty                 26.85% Licence Condition                  No Licence Required Regards Ravindra Kumar Global Tax Guru www.globaltaxguru.in