FINDINGS:
Volvo India Private Limited one among the leading manufacturers of the construction equipments, import the spare parts needed in the production of their heavy power machinery from their own sibling office situated at Changwon, Korea.
The study was based on the imported materials and the amount of custom duty paid by the India office to import materials at the Custom Port or Area.Analysis was done for 10 Bill of Entrys of the 2014, which totally had 1196 spare parts imported overall. Among these 1196 spare parts will making a research the findings were:
• Each spare part imported will be taxed separately.According to the classification HSS CODE will be fixed.
• Exemptions on duty payment can be made availed by getting the COUNTRY …show more content…
1. The authorized persons involved in exporting and importing of both the vendor company and importing company should put HSS Code and Duty Percentage correctly.
2. Classification of the materials should be done according to the nomenclature to which they belong.
3. Take credit on time of the materials imported to avoid paying more duties.
4. Make a comparison of costs between the imported materials and locally available materials (to decide on to buy locally or import).
5. The importing company should try getting more of exemptions as possible.
6. Get COO certifications for most of the materials that are to be imported.
7. Convince the vendor company to use HSS Code followed in India as much as possible. This will make way for faster clearing of materials at the Customs Area as unnecessary follow-ups’ or arguments on HSS Code and Duty Percentage can be …show more content…
1048-10530 CONNECTOR_FILTER Volvo CE Korea 910009505 6630973 75 497 73079990 10 22
11039846 WORK LAMP_ASSY 24V 70W Volvo CE Korea 910009505 6630973 42 1742 85122090 7.5 20
14500293 CLIP CTR INSULA Volvo CE Korea 910009505 6630973 100 0 84314930 0 7
14502537 HOSE_FLEXIBLE Volvo CE Korea 910009505 6630973 28 587 39173990 9.38 9
14500293 CLIP CTR INSULA Volvo CE Korea 910009585 6854239 200 0 84314930 0 14
14502048 GROMMET Volvo CE Korea 910009585 6854239 29 219 40169100 4.69 0
14502537 HOSE_FLEXIBLE Volvo CE Korea 910009585 6854239 38 802 39173990 9.38 51
14503346 CLAMP BEND Volvo CE Korea 910009585 6854239 40 0 73269099 0 12
1048-10530 CONNECTOR_FILTER Volvo CE Korea 910009456 6602215 75 499 73079990 10 0
1048-10560 CONNECTOR_FILTER Volvo CE Korea 910009456 6602215 50 732 73079990 10 15
11039846 WORK LAMP_ASSY 24V 70W Volvo CE Korea 910009456 6602215 55 2292 85122090 7.5 7
14386450 HINGE FOR CONDENSOR BRACKET Volvo CE Korea 910009456 6602215 6 0 84314930 0 15
14624302 BRACKET WA Volvo CE Korea 910009214 5931757 2 53 83025000 10 349
14625817 RING_SPACER_11X30X35 Volvo CE Korea 910009214 5931757 10 51 84314930 7.5 42
14625901 STAY_MIRROR Volvo CE Korea 910009214 5931757 2 0 73269099 0 0
14626205 PLATE TYPE PLATE NON ROPS Volvo CE Korea 910009214 5931757 2 26 84314930 7.5
Volvo India Private Limited one among the leading manufacturers of the construction equipments, import the spare parts needed in the production of their heavy power machinery from their own sibling office situated at Changwon, Korea.
The study was based on the imported materials and the amount of custom duty paid by the India office to import materials at the Custom Port or Area.Analysis was done for 10 Bill of Entrys of the 2014, which totally had 1196 spare parts imported overall. Among these 1196 spare parts will making a research the findings were:
• Each spare part imported will be taxed separately.According to the classification HSS CODE will be fixed.
• Exemptions on duty payment can be made availed by getting the COUNTRY …show more content…
1. The authorized persons involved in exporting and importing of both the vendor company and importing company should put HSS Code and Duty Percentage correctly.
2. Classification of the materials should be done according to the nomenclature to which they belong.
3. Take credit on time of the materials imported to avoid paying more duties.
4. Make a comparison of costs between the imported materials and locally available materials (to decide on to buy locally or import).
5. The importing company should try getting more of exemptions as possible.
6. Get COO certifications for most of the materials that are to be imported.
7. Convince the vendor company to use HSS Code followed in India as much as possible. This will make way for faster clearing of materials at the Customs Area as unnecessary follow-ups’ or arguments on HSS Code and Duty Percentage can be …show more content…
1048-10530 CONNECTOR_FILTER Volvo CE Korea 910009505 6630973 75 497 73079990 10 22
11039846 WORK LAMP_ASSY 24V 70W Volvo CE Korea 910009505 6630973 42 1742 85122090 7.5 20
14500293 CLIP CTR INSULA Volvo CE Korea 910009505 6630973 100 0 84314930 0 7
14502537 HOSE_FLEXIBLE Volvo CE Korea 910009505 6630973 28 587 39173990 9.38 9
14500293 CLIP CTR INSULA Volvo CE Korea 910009585 6854239 200 0 84314930 0 14
14502048 GROMMET Volvo CE Korea 910009585 6854239 29 219 40169100 4.69 0
14502537 HOSE_FLEXIBLE Volvo CE Korea 910009585 6854239 38 802 39173990 9.38 51
14503346 CLAMP BEND Volvo CE Korea 910009585 6854239 40 0 73269099 0 12
1048-10530 CONNECTOR_FILTER Volvo CE Korea 910009456 6602215 75 499 73079990 10 0
1048-10560 CONNECTOR_FILTER Volvo CE Korea 910009456 6602215 50 732 73079990 10 15
11039846 WORK LAMP_ASSY 24V 70W Volvo CE Korea 910009456 6602215 55 2292 85122090 7.5 7
14386450 HINGE FOR CONDENSOR BRACKET Volvo CE Korea 910009456 6602215 6 0 84314930 0 15
14624302 BRACKET WA Volvo CE Korea 910009214 5931757 2 53 83025000 10 349
14625817 RING_SPACER_11X30X35 Volvo CE Korea 910009214 5931757 10 51 84314930 7.5 42
14625901 STAY_MIRROR Volvo CE Korea 910009214 5931757 2 0 73269099 0 0
14626205 PLATE TYPE PLATE NON ROPS Volvo CE Korea 910009214 5931757 2 26 84314930 7.5