What are the types of taxes applicable on the products imported in India?

IGST (Integrated Goods and Service Tax) is one such tax which is imposed on all the commodities imported in India from any foreign shore across the world. The customs authority of India i.e. Central Board of Excise and Customs (CBEC) has imposed an tax knows as IGST on all the products listed in 1 to 99 chapters of Indian trading system.

Find Imposed Custom Tax on All the Products Imported in India with Custom Import Duty Calculator

In India after the implication of Goods and Service Tax, there are mainly 3 types of taxes which are required to pay by everyone while importing any product into India. These three taxes are listed below-

1.       BCD (Basic Customs Duty)

2.       IGST (Integrated Goods and Services Tax)

3.       GST Compensation Cess

Basic customs duty is a kind of product importing tax which is charged on commodity importing in India from outside countries. The second type of tax is IGST which stands for Integrated Goods and Service Tax). This tax is required to be paid by every Indian importer while importing products into India from other foreign country. This tax has absorbed two previous tax included SAD (Special additional duty of customs) and CVD (Countervailing duty).The third GST compensation cessissuch tax which is applicable on only the luxurious products including cars and demerit items like tobacco, pan masala and aerated drinks.

For every active trader in India, finding an accurate custom import duty calculator plays a very important role in understanding the complete taxation system of India. It is considered the only reliable medium to know the total amount of tax which is mandatory to pay for everyone imports any products into India from any foreign country.