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In this era of open and globalized economy, trends and fashion move seamlessly from one economy to another. In fact, India has always tended to appreciate and pick up the best trends from the western civilization, whether in the field of music, lifestyle, or food.
Car is one of the most important lifestyle trends which have grabbed the eyeballs of almost everyone regardless of their profession, educational background, and economic abilities. Therefore, India has witnessed an ever increasing trend of importing cars across segments.
This article would discuss, in details the formalities, procedures and do’s and don’ts regarding import of cars.
Importing cars to India, both used and new cars, is not a new practice. Many of us have witnessed somebody import a car to India; at least we have followed our rich sportsman doing the same. Certain guidelines and rules that we need to follow and keep in mind while importing a car (whether new or used) are mentioned below as a quick checklist for our readers.
Following the above checklist while importing cars, especially new cars to India would make the process smooth and easy.
There are various situations where importing of used cars to India is considered to be the most favorable option such as when a Non-Resident India plans to return back and keep the car he has been using all these days. We suggest the following checklist in case you plan to import used cars to India:
Keeping these points in mind while importing used cars to India would save both time and hassles for the NRI.
All imported vehicles, including the used imported cars which the Non Resident Indian carries back while shifting base to India needs to pay a customs duty in either foreign exchange or from their Indian bank accounts such as NRE or FCNR accounts.
While importing a car, especially a new car, the customs duty incidence totals to around 181%. However, for a used imported car, the customs duty is calculated on a depreciated price based on the age of the vehicle in consideration.
An NRI might not take the advantage of using the discounted price at the time of purchase of the vehicle while calculation of customs duty. The value of the car is determined by the sales invoice of the car.
Customs duty on used imported cars to India is calculated based on the depreciation allowed depending on the age of the car. The depreciation allowed on import of used cars for calculation of customs duty is as below:
The maximum depreciation allowed for the calculation of customs duty on used imported cars is seventy percent depending on the price of purchase of the car.
Cars from Dubai to India or for that matter from any corner of the world can be imported by following the check list mentioned above. However, there are certain vehicles which are not permitted to be imported into India. These banned vehicles which are prohibited from being imported in India include:
However, two wheelers with engine capacity ranging from 50-500 cc and motorcycles with engine capacity of more than 250 cc are allowed for imports in India.
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