Import refers to goods coming into India and foreign exchange going out of India.Following are costs/expenses related to import:

Sr. No. Particulars Remark
1 OB value of the good The amount at which the overseas buyer is supplying goods to the importers is one of the major costs. This is decided between exporter and importer initially, after negotiation. The suppler provides Commercial Invoice for the same.
2 Sea freight or air freight Freight is an amount to be paid or payable to the carrier for transporting the goods from one place to another. The amount of the freight is indicated in BL/AWB or freight certificate issued by the carrier.
3 nsurance Premium Insurance company indicates the amount of premium in the Insurance Policy/Insurance Certificate. In case insurance premium detail is not available/provided, then notional rate of 1.125% of CFR will be considered by the Customs for the purpose of duty calculation.
4 Port charges Different ports will have different charges. As an importer, you should find out in advance all charges which will be applicable to your import.
5 Customs Broker charges (CB) Customs Broker is a service provider. CB will arrange for import clearance by following required procedures. He will also assist you in the necessary documentations.
6 Import duties Import duty is charged based on classification of import products. You have to calculate total duties applicable to your import products.
7 Bank charges Documents are required to be routed through the bank. Outward payments will be done through your bank. Bank charges are to be included for arriving at the landing cost of imported goods.
8 IGST This is applicable on every import. You can take the credit for the amount paid as IGST under RCM.
9 Transport charges After the goods are cleared from the Customs, the same are required to be transported to the factory/warehouse. Transportation charges are to be added for the purpose of calculation of total import cost.
10 Miscellaneous charges There are many small expenses during the process of import clearance. Unexpected expenses can also be provided to arrive at realistic cost.

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