Customs Duty on importing miner from china to india?

[wonderboy745]

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..

[subvolatil]

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.

[wonderboy745]

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?

[subvolatil]

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.

[wonderboy745]

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

[dashingriddler]

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).

[Benson Samuel]

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.

[subvolatil]

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.

[wonderboy745]

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...

[dashingriddler]

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.

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.

[wonderboy745]

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??

[globalgaurav]

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

[globalgaurav]

kinda confusing,what to do??

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  

[wonderboy745]

kinda confusing,what to do??

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  

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..

[dashingriddler]

How many GHs miner are you getting for 680 USD ?

[wonderboy745]

How many GHs miner are you getting for 680 USD ?

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

[troy112]

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.


  

[troy112]

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

[globalgaurav]

And if you are able to take the risk then Govt. post should be much cheaper and better.

kick a** feedback

thank you 

[wonderboy745]

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.

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?