Import export business is easy if you have good ability to sell products in marketplace. Anybody can start an import export business at home with a telephone. Before starting your import export business, you need to do some market analysis about your products planning which you want to import/export.
For import business: You can start an import business. Before starting import business, you need to do some work to choose right products for your import business. Always choose products which can sell them easily in India and you should not choose products which are restricted by Indian government.
Always ask for sample products and technical specification of products because a single bad shipment can ruin your import business.
After choosing products, you need to search verified supplier for products which you want to import from any countries from all over the world.
For export business: You can start export business but before exporting goods, you need to have an overseas buyer for your products which you want to export from India. Finding overseas buyer is a hard task for a start-ups.
After finding overseas buyer, you need to discuss with buyer about shipments terms, rates and payments transaction modes. Always choose secure and safe way to make payments.
Documents formalities required for import/export business:
1. Importer Exporter Code(IEC): It is a mandatory document for both import and export business. Before starting an import/export business, you must need to obtain an IEC number if you want to import/export goods on your own name. Each import and export of goods need to file a valid IEC number. IEC is issued by Directorate General of Foreign Trade(DGFT). It is a 10 digit number. For IEC number, you can apply online at www.dgft.gov.in.
There are following documents you need to obtain an IEC:
- Rs. 250 D.D. in favour of zonal Directorate General of Foreign Trade.
- PAN copy.
- Birth certificate copy.
- Bank certificate.
- Address proof.
2. Authorized Dealer(AD) Code: After getting IEC Code, you need to obtain AD Code. Authorized dealer code is issued by bank, it is a 14 digit code. AD Code is mandatory to export anything. Indian government gives some drawback schemes for export promotion.
There are following documents you need to register your AD Code with custom:
- IEC copy.
- PAN copy.
- IT returns copy.
- Balance sheet.
- VAT registration copy.
- AD code letter copy which is issued by bank.(Please change the name of port as required.)
- Stamp pad blank letter head.
3. FSSAI License and NOC: Food license which is issued by Food Safety and Standard Authority of India. When your consignment arrived at your destination port, you need to apply for Food Import Clearance System(FICS). The fssai laboratory analyze the sample and provide the report on it, either conformance or non-conformance. If analysis report on food items is non-conformance, the laboratory issued the rejection and if report from laboratory is conformance, the Authorized Officer(AO) issued the clearance and NOC for food consignment.
4. Phytosanitary certificate: Phytosanitary certificate is used to attest that consignment which is related to plant or plant products. Phytosanitary certificate is issued by National Plant Protection Organization (NPPO). Phytosanitary certificate is mandatory for exporting goods related to plants and plant products.
We help you to get licenses for your import export business. You can contact us for more detail about import export business and licenses required for the business.
Custom import duty in India: Harmonized System Code is an international standardized system of names and numbers which classify products. In India, Custom duty of products paid according to its HS code. For example: Custom import duty of gold under HS Code 71081200.
| Description | Duty | |
|---|---|---|
| Basic Duty | 10.00 | |
| Education Cess | 2.00 | |
| Secondary Higher Education Cess | 1.00 | |
| Countervailing Duty (CVD) | 12.00 | |
| Additional Countervailing Duty | 0.00 | |
| Additional Cess | 0.00 | |
| National Calamity Contigent Duty (NCCD) | 0.00 | |
| Abatement | 0.00 | |
| Total Duty | 23.90 | |
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