Importance Of Declaring The Correct Value Of Your Shipment
With E-commerce business being a super hit in India, E-sellers are now heading to surmount the global market. The saturation of domestic market has made the E-sellers to try out their luck in the foreign soil. Shipping to the International customer is as challenging as penetrating into the global market. International shipping is divergent from that of domestic shipping, with major hiccup being the customs. Every country has its own threshold for declaring the product value as personal shipment, if the value exceeds the threshold, it is considered as commercial shipment and custom duties and taxes will have to be paid. Seller has to declare exact value of the package in customs while shipping internationally, as one of the factors which are involved in calculating customs duties is assessed value of goods. Hence sometimes sellers undervalue the shipments in order to shy away from a large amount of customs duties inflicted on the goods. This is contemplated as illegal and un...