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India also maintains a negative import list divided broadly in to three categories: banned or prohibited items e.g. tallow, fat. And oils of animal origin; restricted items requiring import licence e.g. livestock products, certain chemicals; and ‘canalised’ items e.g. petroleum products, some pharmaceuticals and bulk grains subject to approval.
India customs duties are administrated by the Central Board of Excise and Customs under the Ministry of Finance. The effective rates of customs duties may vary pursuant to exemptions or notifications issued by the Government periodically. Currently import customs duties comprise a) basic customs duty set out at the standard rate, and in the case of imports from some countries, at the preferential rate; b) countervailing duty (CVD)/Excise Duty equivalent to the central excise duty to be levied on a like product made in India; c) education cess on goods imported into India shall be subject to an education cess at the rate of 3% on CVD; d) additional duty of customs to be countervail local taxes.
For more details on the India market, please check out from the TDC Research publication titled ‘India: A Challenging Market with Promise in South Asia’ which can be perused or purchased in the Business Info Centre.