BASIC REQUIREMENTS TO EXPORT FROM INDIA AND IMPORT INTO INDIA

 EXPORT AND IMPORT REQUIREMENT IN INDIA

Export and import (EXIM) activities in India are regulate by various laws and procedures. Here are some of the basic compliances for exporting and importing in India

EXPORT FROM INDIA

1. Need to Obtain an Import Export Code (IEC) from the Directorate General of Foreign Trade. It is available online and it is a PAN CARD based code. There are requirement of basic documents for application of IEC that is PAN, AADHAR, Business address proof like rent agreement and electricity bill, bank account etc.

 2. Register with relevant export promotion councils (RCMC), if applicable.

 3. Need to obtain necessary licenses and permits, registration, if required like GST ,Authorised Dealer (AD) code etc.

 4. Also required export documentation including obtaining shipping bills, bill of lading, and export invoices.

5. Need to Follow customs clearance procedures and comply with relevant regulations and guidelines.

 6. Need to Comply with foreign exchange regulations, including repatriation of export proceeds etc.

 

IMPORT INTO INDIA

 1. Need to Obtain an Import Export Code (IEC) from the Directorate General of Foreign Trade. It is available online and it is a PAN CARD based code. There are requirement of basic documents for application of IEC that is PAN, AADHAR, Business address proof like rent agreement and electricity bill, bank account etc.

2. Register with relevant export promotion councils (RCMC), if applicable.

3. Need to Identify the Harmonized System of Nomenclature (HSN) code for the goods being imported

4. Need to obtain necessary licenses and permits, if required

6. Also required import documentation, including obtaining an import license, bill of entry, and customs declaration

7. Need to comply with customs clearance procedures and pay applicable duties and taxes

8. Also need to Comply with foreign exchange regulations, including making payment for imports and reporting inward remittance etc.

 

It is highly recommended to consult with a professional or seek guidance from the relevant government agencies to ensure compliance with all the necessary requirements for exporting and importing in India there are lots of complexities like FEMA, Income tax Act, Custom Act, Goods and Services Act.

 

 


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