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Import

No import licence required for importing cars and other vehicles into India.

1.
The importer should have been continuously stayed in abroad for a period of two years before coming to India for permanent settlement.

2. The payment for the car is made abroad.

3. The car should have been in use for atleast one year prior to importer's return to India.

4. The car should be imported within six months of the arrival of importer in India.

5. The custom duty should be paid in foreign exchange

6. The importer is free to sell this car in the open market after his return to India without any restrictions about the period of retention of the vehicle.

7. The importer can import another vehicle only after five years, if he moves out of India

8. The duty on import by a handicapped persons can be paid in rupees and the vehicle in this case cannot be sold at any time without the permission of the government.

9. Import of spares up to a value of Rs.20,000.00 for each imported vehicle is allowed with a license.

10. The import duty is charged on the basis of list price prevailing. However, trade discount and depreciation on the value are deducted from the price list but freight from the country of manufacture and insurance charges are added.The landing charges are further added to arrive at the final assessable value.

Depreciation allowed is as under:
Every quarter 1st year of use	4	Percent
Every quarter IInd year of use	3	Percent
Every quarter IIIrd year of use	2 1/2	Percent
Every quarter IVth year and thereafter	2	Percent

Customs Duty:
Basic Custom duty	40	Percent
Special Custom duty	5	Percent
Additional duty	40	Percent
M.V. Cess	0.125	Percent
Special Additional duty of Customs	4	Percent
This is subject to an overall limit of 70 percent.

Eligible Importers:
1. Indian nationals or foreign nationals of Indian origin coming to India for permanent settlement.
2. Foreign nationals (including persons of Indian origin) married to Indian nationals. The methodology adopted by Customs authorities in assessing duty on a motor vehicle is:
Based on the ex-factory price on date of original purchase, adjustments are made.
1. Foreign nationals working in India.
2. Branch/Offices of foreign firms,Companies and institutions established in India.
3. Companies incorporated in India having foriegn/NRI equity participation.
4. Accredited Journalists/Correspondents of foreign news agencies.
5. Indian firms executing contracts abroad.
6. Charitable and Missionary Institutions.
7. Physically handicapped persons.
8. Honorary Consuls of Foreign Governments

Source ::: namasthenri.com