As per the current customs regulations in India, the import duty on LED TVs is 28% of the CIF value (Cost, Insurance, and Freight).
Additional taxes:
In addition to the import duty, you may also be required to pay other taxes such as Goods and Services Tax (GST) and Integrated Goods and Services Tax (IGST). The current GST rate on LED TVs is 28%.
Calculation of customs duty:
Assuming the CIF value of the 40-inch LED TV you are planning to purchase from Bangkok is $500, the customs duty will be calculated as follows:
Customs duty = 28% of CIF value
= 28% of $500
= $140
Additional taxes:
GST on customs duty = 28% of $140
= $39.20
IGST on the CIF value = 28% of $500
= $140
Total taxes:
Total taxes payable = Customs duty + GST on customs duty + IGST on CIF value
= $140 + $39.20 + $140
= $319.20
Therefore, you will have to pay approximately $319.20 in customs duty and taxes when you bring a 40-inch LED TV from Bangkok to Chennai, India.
Documents required:
When importing goods into India, you will need to submit certain documents to the customs authorities, such as:
* Bill of lading
* Commercial invoice
* Packing list
* Import license (if applicable)
* Declaration form
Personal allowance:
It's important to note that there are also personal allowance limits for importing goods into India. If the value of the goods you are importing exceeds the personal allowance limit, you will be required to pay customs duty and taxes on the entire value of the goods. The personal allowance limit for LED TVs is Rs. 50,000 (approximately $685).
It is advisable to consult with a customs broker or freight forwarder to ensure compliance with all the necessary customs regulations and procedures.