There is no harm in getting the product from the US as long as you do not have to pay for transportation and customs.
Personally I am uncomfortable with getting a 110 volts system into India. If you have some you know in Dubai or Singapore you will not only get 220 volts, but the transportation time will be much less. It will be same cost in Dubai and Singapore.
If you have to get it from the US, try some shops in NY that sell for 'export'. They will have a 220 volts version.
Cheers
I am also in the same boat. was checking prices for 220v receivers etc. saw 663 for 480 + 30 $ for shipping for the 220v version at samstores. you can also check 220depot, dvdoverseas, gandhiappliances, worldimport etc. All of them sell 220v versions or dual voltage versions, these will also be PAL compatible, not sure about 110 volt versions if they support PAL or not.