Free search GST Rates India online

Goods and Services Tax is considered to as a big reform in the sector of taxation available in India. It helped in the process of bringing uniformity in the taxation process for various services and commodities that are being used in India. It has also made a large contribution in eliminating the increasing effects of various taxes that are levied by the government. The GST Council decides the GST rate slabs and also revises them on goods and services regularly. GST Rates India for different services and goods are lower for essential items and higher for luxurious items. They are divided into four groups like 5%, 12%, 18%, and 28% of GST. A four-tier structure of tax has been set by the council.

GST Rates India on all goods and services is much prevalent in India. This GST applies to the SAC code as well where the goods are classified under GST and services under SAC. Five main slabs are kept fixed in India which include 5%, 12%, 18%, 28%, and NIL. While other countries were utilizing the HSN codes for trade purposes, but in India, the introduction of GST has created a global platform where imports and exports and HSN codes are kept standardized to be accepted meticulously. The utilization of HSN codes will reduce the cost and also simplify the procedure of customs. The taxpayers get immense help from these HSN codes where they get enough information about the rates of GST against any particular item as it has become mandatory to include the HSN codes when a product is being filled in the GSTR forms.

Services Accounting Code (SAC) in GST classifies goods and services uniformly for measurement, recognition, and taxation. Codes that are entirely for services are referred to as SAC. Mainly the SAC codes are prescribed for services while filling up the GST returns. Different tools of SAC Code finder can be utilized wherein a user needs to visit the site and then search for the services with the suitable keyword. The finder then provides a list of goods and services that are related to the keyword entered. One can also choose the code number of SAC to find the required item.

SEAIR EXIM Solutions is a trusted Exim data providing company. It provides global trade data of 80+ countries in the world. Or major services are Import Export Data, Indian Import Data, Export data India, HSN code, GST rates and so on.

Purpose of custom duty on import| why it is implemented

Custom duty on import is an indirect tax charged on import and export of goods and other manufactured products. In India, we want to import any good from outside countries, or likewise, if we want to export any product to another country then a tax is being charged by the central government. Taxes have been divided into two parts of which one is a direct tax and another one is an indirect tax. Initially, there were a lot of things in in-direct tax but nowadays for most sales, GST is being applied, but custom duty on import has not immersed in GST. Custom duty is governed by entry number 83 in the union list, hence it is lived and collected by the central government. Custom act 1952 and custom tariff tac 1975 are the predominant sources of customs laws in India.

The objective of custom duty on import

We listen on daily basis about a recent trade war in China and the USA, and we observe that if we import too much quantity of good from other countries then we are very powerful. Because for other countries we are the biggest market to sell their products and services to us. If we have some industries in our country but some user still wants the foreign products then what about the sales of our own country’s industry. Let us take the example of any research lab machinery. We are a great medical equipment hub here in our country but some users or researchers still want the machinery being manufactured in foreign countries this is based on the quality and accuracy in their research. As the economy is open then it will happen here without any other restriction than what about our industries. Their growth will stop. This will further impact our GDP. Hence Government raised a tax on imported products which increase the cost of that product. Sometime production of a specific good in industry increase and at that time government raise tariff so that most of the customers should go with their own country’s product. If sometimes the production is less then these tariff gets low so that one can easily import the goods from other countries. All these kinds of stuff are being controller by custom duty on import.

• It restricts imports intending to conserve foreign resources.
• A policy tool has been served by custom duty just to protect imports and exports.
• Custom duty India can impact the dumping of foreign goods.
• It intends to protect the domestic industries against foreign goods.
• It restricts the smuggling activities too.

Features of Custom Duty on import

• It is an indirect tax levied on imports and export.
• Custom duty is applied only on goods or products and not on services.
• It is subjected to a social well-fare charge which is 10% of the aggregate of duties.

Types of custom duties:

• Basic Custom Duty – Also called BCD custom duty on import is being charged and also in some of the export done. Here different rates are applied, which varied between 4% to 40% according to the product which is being exported or imported.
•  
• Social welfare surcharge – This duty was introduced in the 2018 budget. It is levied in place of education. The rate of SWS is 10% of the value of BCD.
• Integrated goods and service tax which is also called IGST. After the announcement of GST in India, all imports are deemed to be treated as an inter-state supply of goods and services. Hence IGST is levied on all the imports which are up to 40%.
•  
• GST compensation Cess – After GST some states may have less collection of revenue in terms of GST. To compensate for the loss, The GST compensation cess is introduced by the central government on the import of luxury & sin goods. 

Custom duty India for goods and services 

• If the one is importing the goods then both custom duty and IGST will be applied to the goods. 
• For importing of services, there will be no custom duty on import and no IGST as well.
• Same for the export of goods, a customs duty will be applied as the goods will be rated as the supply of the GST.
• Also for exporting of goods, no custom duty India as well as IGST will be applied. 

This was all about custom duty, Here we have seen very clearly that how custom duty on import is playing a vital role in exporting and importing the goods and other needful products in India. While doing any shipment, a customs duty specialist is always there, who does the complete verification of the products as well as the documents related to that. This verification is being done by checking the HSN code of the product in the system. Then he/she does analyse the product physically. Also the verification of all the applied taxes done there. After getting complete details and verification, the customs duty specialist gives clearance to the department and allows for the shipment process if exporting is there and entry of the goods if importing is there. If full detailed documents have not been provided at the customs office then shipment will get hold there and then the manufacturer and exporting partner has to face the consequences of the same. So, the manufacture and importer have to be well-aware of t8he role of custom duty on import and also have to be updated about the taxes and customs clearances before going through any import and export process.

SEAIR EXIM Solutions is a trusted Exim data providing company. It provides global trade data of 80+ countries in the world. Or major services are Import Export Data, Indian Import Data, Export data India, search hs code, GST rates and so on.

Monitor the International Exports with Customs Export data

Custom export data is the key to unlock the opportunity to expand international trade. The data works as a boon for exporters to enter any country or find a reliable business partner. Exporters need a perfect business strategy to get the expected growth of their international trade.

How to draft a perfect international business strategy?

The first and the foremost thing is to collect information about the all ups and downs of the market, market size, the scope of growth of the international trade, customs duties, and transportation charges of a particular country. Here the exporters need to collect customs export data to make a route to the international trade and get the essential detail of any particular country.

What is custom export data?

Custom Export data is the treasure of information about all the export activities of any country. The data is a well-managed and consolidated report that contains crucial details as exporter name, address, product description, Hs code, quantity, export port, shipment date, and so on.

To find new market and business opportunities in any country, exporters need to collect custom export data as if you seeking business opportunities in India then you need to collect India custom export data or Indian exporter data.

India is the developing country and has the wide space for export-import business and Indian exporters data is the market intelligence report based and compiled from the shipping bills and invoices filed with Indian customs authorities. The data provides a path to enter India.

The Indian exporter data contains all the export records of sea and air shipments moving from Indian seaports, ICDs, CFS, and airports.  Exporters can fetch the data from the Indian Custom further the data contains necessary information as Indian Exporters name, address, destination country, and port, shipment details which help you in knowing the actual market intelligence of any product.

Indian exporter data reveals the top exporting partner and export product of India: –

The main exporting partner of India USA, UAE, Hong Kong, China, and the UK. The top five products that are usually exported from India are cotton, Clothing, accessories, Iron and steel, Pharmaceuticals and Computers.

New international exporters can make a market research report by the in-depth study of custom export data about the opportunity of international trade with India and start their international trade journey with minimum risk of failure.

Large and settled organizations have to collect the Indian exporter data to keep updated in the Indian market and grab their feet or position in the international trade business. Traders can find new market and new products to get more success in international trade.

What Indian Exporter Data beneficial for exporters and Importers? –

 Info about the current market trend or Market research

Indian Exporter data offers traders the whole scenario of the Indian market and current market trend so that exporter can crack the best profitable deal for the growth of their international business.

Preferences of Indian customers –

The In-depth study of Indian exporter data provides the trader enough information to make a business intelligence report about the likes and dislikes of Indian customer so that exporter can make a wise about export products.

Monitor competitors –

Updated Indian exporter data provides traders information about the current export activities and they can adjust their business strategy accordingly to get high profitable deals for their business.

Trader can predict the future loss or profit –

Traders can make a business report based on the exported products and their rates to estimate the future loss or profit about any particular product; they can adjust or change their business strategy or product accordingly to avoid any unexpected loss.

Custom export data like a bridge between buyers and suppliers: –

Through Indian exporter data exporters/suppliers can find the new buyer or new market of their products and on the other side buyers/ importers can find the seller to fulfil their business needs.

Demand and Supply of the products: –

Traders can analysis of the custom export data to prepare a business report about the demand and supply of the products that can prevent the exporter or importer from any of scarcity of products in future and make a wise decision about export or import any products.

An opportunity for local exporters –

Local exporters need to collect the custom export data to find the opportunities for international trade and expand their business globally. They can make a list of major importers of India and make a business plan to get succeed in the international trade.

They can also make product and price analysing reports to adjust their price or improve their product quality to beat the competition and earn maximum revenues for the international expansion of their business.

Need for International buyers/importers

The custom export data India also provides the details about the exporters, addresses, city, pin code, state, Tel No’s, Email, contact person (Wherever available) that helps the traders to find out the local exporters/suppliers in India so that they can buy the best quality product at a low price and expand their business.

How to collect custom export data?

The Indian exporter data can be extracted from custom authorities, the different trade association and other government bodies. Traders can also collect the data through online directories on the internet but the data should be reliable, authentic, and updated.

All the major the decision has been taken according to the custom export data if the data is not accurate then it may lead to the thousands of confusions or may result in failure in making the perfect business strategy to keep ahead in the international market.

The best way to collect Indian exporter data is to hire any data provider company to get updated and organized data as per your requirement without any hassle and make your business plan accordingly to earn more revenues from your international trade.

A little investment can double up your business profits and revenues.  Draft your perfect international trade strategies with accurate custom export data India   and business plan to touch the boundaries of other global countries successfully.

SEAIR EXIM SOLUTIONS is a trusted Exim data providing company. It provides global trade data of 80+ countries in the world. Or major services are Import Export data, Indian Import Data, Export data India, Custom duty on import, HS code finder, GST rates and so on.

Custom Duty India| What is a customs duty in India

Custom Duty India is an indirect tax charged on import and export of goods and other manufactured products. In India, we want to import any good from outside countries, or likewise, if we want to export any product to another country then a tax is being charged by the central government. Taxes have been divided into two parts of which one is a direct tax and another one is an indirect tax. Initially, there were a lot of things in in-direct tax but nowadays for most sales, GST is being applied, but Custom Duty India has not immersed in GST. Custom duty is governed by entry number 83 in the union list, hence it is lived and collected by the central government. Custom act 1952 and custom tariff tac 1975 are the predominant sources of customs laws in India.

The objective of Custom Duty India

We listen on daily basis about a recent trade war in China and the USA, and we observe that if we import too much quantity of good from other countries then we are very powerful. Because for other countries we are the biggest market to sell their products and services to us. If we have some industries in our country but some user still wants the foreign products then what about the sales of our own country’s industry. Let us take the example of any research lab machinery. We are a great medical equipment hub here in our country but some users or researchers still want the machinery being manufactured in foreign countries this is based on the quality and accuracy in their research. As the economy is open then it will happen here without any other restriction than what about our industries. Their growth will stop. This will further impact our GDP. Hence Government raised a tax on imported products which increase the cost of that product. Sometime production of a specific good in industry increase and at that time government raise tariff so that most of the customers should go with their own country’s product. If sometimes the production is less then these tariff gets low so that one can easily import the goods from other countries. All these kinds of stuff are being controller by custom duty India.

• It restricts imports intending to conserve foreign resources.
• A policy tool has been served by custom duty just to protect imports and exports.
• Custom duty India can impact the dumping of foreign goods.
• It intends to protect the domestic industries against foreign goods.
• It restricts the smuggling activities too.

Features of Custom Duty on import

• It is an indirect tax levied on imports and export.
• Custom duty is applied only on goods or products and not on services.
• It is subjected to a social well-fare charge which is 10% of the aggregate of duties.

Types of custom duties :

• Basic Custom Duty – Also called BCD custom duty on import is being charged and also in some of the export done. Here different rates are applied, which varied between 4% to 40% according to the product which is being exported or imported.
•  
• Social welfare surcharge – This duty was introduced in the 2018 budget. It is levied in place of education. The rate of SWS is 10% of the value of BCD.
• Integrated goods and service tax which is also called IGST. After the announcement of GST in India, all imports are deemed to be treated as an inter-state supply of goods and services. Hence IGST is levied on all the imports which are up to 40%.
•  
• GST compensation Cess – After GST some states may have less collection of revenue in terms of GST. To compensate for the loss, The GST compensation cess is introduced by the central government on the import of luxury & sin goods. 

Custom duty India for goods and services 

• If the one is importing the goods then both custom duty and IGST will be applied to the goods. 
• For importing of services, there will be no custom duty on import and no IGST as well.
• Same for the export of goods, a customs duty will be applied as the goods will be rated as the supply of the GST.
• Also for exporting of goods, no custom duty India as well as IGST will be applied. 

This was all about custom duty, Here we have seen very clearly that how custom duty India is playing a vital role in exporting and importing the goods and other needful products in India. While doing any shipment, a customs duty specialist is always there, Who does the complete verification of the products as well as the documents related to that. This verification is being done by checking the HSN code of the product in the system. Then he/she does analyze the product physically. Also the verification of all the applied taxes done there. After getting complete details and verification, the customs duty specialist gives clearance to the department and allows for the shipment process if exporting is there and entry of the goods if importing is there. If full detailed documents have not been provided at the customs office then shipment will get hold there and then the manufacturer and exporting partner has to face the consequences of the same. So, the manufacture and importer have to be well-aware of t8he role of custom duty on import and also have to be updated about the taxes and customs clearances before going through any import and export process.

SEAIR EXIM Solutions is a trusted Exim data providing company. It provides global trade data of 80+ countries in the world. Or major services are Import Export Data, Indian Import Data, Export data India, hs code finder, GST rates and so on.

Top Import Trading Partners of India

Due to the young population in India, the economic market has been developing rapidly in its potentials. By seeing the nominal GDP India has the 5th largest economy and has the 3rd largest in the purchase by power parities. India needs some powerful trading partners with the entire trade surplus to equal their standards against the developing countries. Here are some of the top import trading partners of India. 

United States of America

The bilateral trading between these two counties stood at USD 87.95 billion. The USA had combined with china to become the largest trading partner of India. All the experts in this trading system believe that this trend will be continuing for the upcoming years. New Delhi and Washington have been engaging in the further process of economic ties. 

China

Before the USA made an impact on India, China was the first one to become the top import trading partner of India and also the major import trading partner of India. The bilateral trade between these two is about 84.32 billion. In which we can only be exporting between 16.32 billion. So we should be trading the deficit of 51.68 billion. 

United Arab Emirates

The United Arab Emirates is the 3rd top import trading partner of India. In which we shall be exporting almost around 24.27 billion and importing almost around 25.75 billion. Until now the complete trading value stood up to 50 billion dollars. 

Saudi Arabia

Saudi is the 4th ever major import trading partner of India. The bilateral trade stood at almost around 34 billion USD. Exporting 5.5 billion USD goods and importing 28.48 billion USD goods. The major import trading partners of India exporting items to Saudi Arabia like mineral fuels, oils, products, therefore; cereals, boilers, electrical machinery and equipment, and so on. The major import trading partner of India importing items to Saudi Arabia like organic and inorganic chemicals, iron and steel, etc. 

Hong Kong

Hong Kong is the 5^th largest and top import trading partner of India. India was the biggest and almost huge destination for Hong Kong for the year 2017. Trading of Hong Kong was 34 billion in 2017.  India exports 13.77 billion USD and imports 20 billion USD.  India exports products like jewels and gems to Hong Kong and imports products like pears and precious stones etc.  

Seair Exim Solutions provides customs shipment details of products imported by India with contact details of traders. . We also provide Export Import Data India, Import duty for India, HS code list, and global trade information of more than 80 countries in the globe.