Bitcoin Forum

I am importing a BTC miner from china,the seller is sending it via DHL
everthing is set,the only thing i am worried about is the customs duty and taxes..
Can someone shed some light on what are the Customs Duty and Taxes you have to pay for importing
bitcoin miners from china....
would be more than thankfull.. :)

Should come close to  a total of about 23% adding customs and tax.

the seller told me he will write the price as low as he can so that i dont have to pay a hefty sum of taxes,does that work?

Yup that will work,  you  will get charged the custom and tax  on the  amount the seller  wrote down.

Thanx a lot mate,that was very helpfull...

Make sure the seller do not write ridiculously low price. If the customs officer gets a doubt and investigates the price on that product, and if he figure out that it is worth more than what is mentioned, he will hold it at the office. You will have to go to him to collect it and you will have a long story to tell to some one after you come out of his office. So be careful !

Also as far as i know, as this will be a finished product, it will come to about 30% + handling and release charges from the courier guys.
Keep the receipt of the product and custom duty you have paid. You will be able to claim depreciation expense when you earn some profit from it when u sell those coins (if you are a tax payer).

They will not hold it at office, but change the price and charge relevant duty for the same. Most of the times, the product will be overvalued by them.
I assume that they look through some CPI that they have with them for most electronic products.

Yeh thats true they once did that when i had ordered a specialized router. they changed the sellers value and put a higher one. cant contest the change had to pay the entire amount.

Benson Samuel had added you on skype to ask the same...
So what do you guys suggest,should i or should i not buy?
I dont want to end up paying up half of the price of the miner as taxes...

Twice my stuff had got held up at the office. The courier guy has to clear the custom fee before he can get the stuff to your home. If the custom fee is more (like 1000+ USD), then he wont do it himself but instead send a letter asking for 8 different documentations few of which are invoice, IEC number, proof of payment etc. Then either you can hire a customs clearance third party service or take care of it yourself by visiting the customs office. If you visit yourself, you will have a better chance that you can manage him to get you lesser custom fee - so all depends on you. Worst part is if you delay to take care of these (more than three days), then they will move the stuff to warehouse and you will also have to pay warehouse charges for how many ever days you made them keep in warehouse.

So according to me, if invoice is for more than 3000 USD or if the custom officer sees the worth of stuff is more than 3000 USD, then how exactly the officer treats it differs from case to case and you will have to deal with it.

to be more clear i am buying the miner @680 usd includes shipping via DHL....
he  agreed to write the price lower,around 100-150 USD..he said he does that every time when he ships to miners in Europe...
but he doesnt know anything customs in India,told me to check that out...
kinda confusing,what to do??

if customs team changes based on receivers city... then the variables (risk reward) also change accordingly, right?

if i were you, i would ponder on:

- how serious am i about mining in the long run?
- how does this new import affect the financials?
- exactly how much "risk" is involved related to customs duty?
- best case VS worst case scenario?
- can be compared this to any other, better investment opportunities?
- realizing that many a times, all i need is some courage to not give in to ILLOGICAL FEAR
- giving up is not an option, wealthy is sexy  8)

thanks mate..thats really helpfull...  :)
i do have other options,but if i only knew where to buy the same miner in Bangalore without
someone trying to make a huge of profit while selling it to me...
wish Bitcoin miners were manufactured in India as well...


And Wealthy Sure Is Sexy..

How many GHs miner are you getting for 680 USD ?

Ant Miner S1...180 gh/s...overclocked at 200gh/s....

If you want to get away from custom charges then use the govt. posts. Which works in association with Indian Post, and if you declare something of very low cost (paper weight in my case) you'll be able to get away from it. But this comes with a risk item getting lost.( Although mine thankfully did not) but there is a risk. And there is time delay as well. If you have insurance on the item its worth while doing this.


You won't believe i was able to get away with the custom cost from about 30-35 packages with only 4 packages getting caught.


  

Also, if you are caught then its better to deal yourself with the custom agent. You'll be able to make a deal :P with him.

But there is no way you can do any of these things with DHL or Fedex. They have there own collecting agent and will take the custom fees of about 26- 28% . 4% more if its hampering Indian manufacture things.


Thats my experience, i have used both the govt, posts and the private ones. And if you are able to take the risk then Govt. post should be much cheaper and better.

kick a** feedback

thank you  :D

Thank You for the suggestion...
:)
EMS postal service works?

what approx time frame am i looking at if i order via govt post?
have you imported electronic circuits or any electronic devices the same way?

if anyone's selling a 180/200 gh/s miner...
lemme know...might buy locally..

Custom offers change everyday or every couple of days. Sometimes we need to wait 3-4 days for a specific custom offers to be able to deal with him.

If you are unlucky, govt services get delayed like hell and tracking through ems website is not precise as well.

My suggestion would be to use fedex but have the seller put reasonable selling price on invoice. For about 200 USD of declared value, customs is about 3600 INR. For this much INR for customs, fedex will clear the customs themselves and get the parcel to your home - you can pay to fedex at this time and get the parcel. I would say this would be both faster and safer if you can do it this way. What the miner earns in first 10 days is about 25% of what it will actually earn in its life time in terms of bitcoins.

i'm now in my early thirties... in my early twenties, i ordered variety of sex toys from adameve.com

as far as i can remember, hyd parcel was fine but my mumbai parcel was never given to me... it was just too much for them to handle what they saw, lol

lol...

Seems like hyd guys did not understand what they saw and they just gave it to you to handle !

hyd was first experience, so products selection was, above average... it was directly delivered with no fuss et all

then for mumbai i did go extreme, i was called to some office, i was fuckin embarrassed   :-[  ;D

now i know a little better, all the shit that we end up IMAGINING up there in our head   :(

doesn't happen in the real world most of the times

anyway, its been a long time, i was not able to get the parcel, i think i did get a refund

plus few invaluable lessons  :D

time frame was around 10 days to 3 weeks. Depending on there mood. And no i haven't imported electronic devices.

But i have seen how the treat the package when they open it. I was sitting in the custom room to collect my package , one package they opened was a iMac. And the way they handled it, made me sympathize for the guy. They were simply playing with a 1 Lakh computer.

No don't do this. If it comes through Indian postal service they will keep the item in customs office. There is a chance to damage of the item. Private couriers deliver and you have to pay customs fee to them. One time i paid 6000 customs to them. But before that i called them informed  i am ready to pay the customs fee.

I purchased video cassettes from usa ,It is 3 years before its worth is around 30000 including shipping.

where we need to ask for custom if didnt get the item ( from canada guy via ebay i purchased )

Wonderboy745 order from bitmain. Was charged 3200 rupess customs. Shipped by dhl. Dont even think about post.

Adil what was the actual price of the miner and how much did you pay in total?
which miner was it?
and what is the total percentage of customs duty on bitcoin miners?
Messaged you my number,text on whatsapp or email...

.998 BTC, 3200 rupees customs.
antminer s1
no idea about percentage, but it varies on a lot of things.

Thanks for this interesting discussion wonderboy745. Got some of my doubts cleared  ;D

welcome LuckyBtc :)

This was a great thread considering that i am actually planning to buy an antminer from china..

I have purchased L3+ any idea how much custom i will have to pay on it?

I also have purchased some scrypt miners from china, no idea how much custom we will need to pay..there are opinions that says we may have to pay upto 30%, but I am not so sure about it.. If I get any info I ll update

Indian custom duty will be 30% of ( product value + Shipping fee). Importer pay even custom duty for shipping fee too.

 Thank you for confirming ..

Is this the new duty based on GST coz CVD & SAD are gone. on basic custom duty applies . As per the last draft on the Cbec site , Miners should fall in the 10% category.

I'm importing miners too but they are from France. (Had to go through a reseller). Any tips?
I have applied for an IEC.
What should the price be put as? For a product actually of 3000$ can I have a value of 1000-1500$(USD) or should it be higher/lesser.
Any advice? Will be happy
Thanks in advance,
Akaash

I saw a news that after GST have been implemented, GSTIN is used instead of IEC for import and export. Is it true?

Are you sure you need IEC? I was hoping to get away with GSTIN

I am not sure...!!! I am an individual and I am a student so I don't have a GSTIN... I was looking for tips here... But nobody seems to have replied... Can you update if you find anythjng new?

To save customs Duty i have one suggestion for you Ask your seller to ship via following Companies

Hong Kong Air mail
China post Registered Air mail


These both are came to India within 10 day and also ask your seller to send item and mark as Gift and do not add any commercial invoice in it.


I still have both GSTIN number and IEC code try to pay your money via Alibaba Website From the save side

IEC code not compulsory IF you are using this for personal use ... Just do not say to DHL that you are using for commercial purpose

Still 1000$ is very High mark item as 500$ and add That this was a Gift

I am expecting my miners to arrive last week of this month, or probably by the 2nd week of September. I think PAN card is enough if you are importing small number of miners (personal use). The total value of my import is more than 14000 USD, so I don't think they would buy it if I say it is for personal use, So I am planning to register a SSI unit. I ll post the details of my import and i ll see if i can get some information on import for individuals from my courier representative.

Those aren't companies they are the national post offices of Hongkong & China, yes hongkong has it's own post office among other things.
Speaking from personal experience, if you rely on china post & hongkong air mail then you are asking to be ripped off, because they are infamous when it comes to stealing, product tampering, damaging the product, delaying it in customs and all such other nonsense.

So if you do not want that kind of nightmare, just avoid them for anything valued over $500.

Ship through DHL / FEDEX provide your phone number, whatever your duty is they will collect it from you during the delivery at your doorstep.

Hello everyone ,im from chennai n gonna place order antminer d3 x 2 units from bitmain.com which valus $2900. im bit confused about customs, import fee n other formalities , kindly give some advise r tips for import .

thanks in advance.

Hello,

If I were you, I would probably wait another 2 weeks.. There is a huge problem going on with miners not getting cleared from customs, so until that finds a permanent solution you are wasting money on miner import.

Did you receive your miners? I was really thinking hard on importing miners. why are they not getting custom clearances? I am unaware of this problem. where can I track it?
Does GSTIN still required if I am an individual?

Hi , I am planning to buy Antminer S9. What courier company should I select? Should I ask seller to write decreased price on it? What else would I need like GSTIN, IEC?

No, I did not receive my miners.. They will only be shipped during late-oct or nov, but many people who had them shipped from Bitmain through DHL is having problems with customs.

Check the threads in here : https://bitcointalk.org/index.php?board=121.0

I am not sure if they did get their hands on them miners... I advice you wait till you get a clear picture about the situation... As far as GSTIN, if you are getting them as an "individual" - PAN card is enough as far as i know..

huh selling for 3x time money than orignal price. why would anybody buy from you if they can also order directly from bitmain.

Also the difficulty is rising whoever is going to pay that much amount I don't thinks will be able to get the profit before 1-2 year.