Complete guide to import export regulations for foreign companies in India. Learn about customs duties, IEC code, import export licenses, trade compliance, and get expert assistance.
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Complete guide to import export regulations for foreign companies in India. Learn about customs duties, IEC code, import export licenses, trade compliance, and expert assistance.
Foreign companies must comply with customs regulations, obtain IEC code, follow import-export policy, pay customs duties, and comply with trade compliance requirements for international trade.
IEC (Import Export Code) is a 10-digit code issued by DGFT (Directorate General of Foreign Trade). It is mandatory for all import-export activities. IEC can be obtained online and is valid for lifetime.
Customs duties include: Basic Customs Duty (BCD), Integrated GST (IGST), Social Welfare Surcharge, and other cesses. Duty rates vary by product category and are based on HSN (Harmonized System of Nomenclature) codes.
Most products can be imported/exported under Open General License (OGL) without specific license. However, some restricted items require specific licenses from DGFT or other authorities.
Required documents include: Bill of Lading/Airway Bill, Commercial Invoice, Packing List, Certificate of Origin, Insurance Certificate, and customs declaration forms. Additional documents may be required based on product type.
Process includes: obtaining IEC, classifying goods under HSN, calculating duties, filing shipping bill (export) or bill of entry (import), customs clearance, and payment of duties. Process can be done online through ICEGATE portal.
Yes, some items are restricted or prohibited for import/export. Restricted items require licenses, while prohibited items cannot be imported/exported. Check DGFT policy for specific restrictions.
Customs clearance typically takes 1-3 working days for standard shipments, subject to document verification and inspection. Express clearance may be available for compliant shipments with proper documentation.
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