Assesable value is calculated for the calculation of custom duty,
Assessable value = Cost+Insurance+Freight+ Handling charges.
The total duty includes basic excise duty (BCD), 1% Handling Charges, Social welfare charges, IGST & Cess .
IEC-Stands for import-export code which is a key business identification number and is mandatory for an Indian Exporter or Importer
IEC is a 10 digit unique code issued by the Directorate General of Foreign Trade (DGFT). It is a necessary document in import and export business.
The ex-bond bill of entry is filed to take the goods for home consumption by importer as and when required from the bonded warehouse.
Warehouse shipment is customs procedure under which imported goods are stored under customs control in a designated place called warehouse.There are charges for storing such shipments.
CHA-Custom house agent (CHA) is like a legal adviser who would suggest you the correct classification of export and import goods and help you with export and import customs documentations. They are the one who will help you get custom clearance of goods imported or exported.
A bill of entry is a legal document that is filed by importers or customs House agents on or before the arrival of imported goods. It's submitted to the Customs department as a part of the customs clearance procedure. ... The bill of entry can be issued for either home consumption or bond clearance.
The shipping bill number is an essential document issued by the Customs Service Centre after the exporter applies to acquire this bill. This bill facilitates the exporter to get customs clearance, load the goods, and claim duty drawbacks.
The shipping bill number is an essential document issued by the Customs Service Centre after the exporter applies to acquire this bill. This bill facilitates the exporter to get customs clearance, load the goods, and claim duty drawbacks.
The total number of ports in India in the financial year 2020 stood at 224.
There are currently 13 major seaports in India, out of which 12 are operated under the government of India, there are 187 notified minor and intermediate ports.
As of now Airports Authority of India handles a total of 137 airports including 24 International Airports, 10 Custom Airports and 103 Domestic airports.
There are close to 300 dry ports in India.
Mumbai Port (popularly known as Nhava Sheva Port or JNPT -Jawaharlal Nehru Port Trust) is India’s largest port by size and shipping traffic. Located in west Mumbai on the western coast of India, the Mumbai Port is situated in a natural harbor.
Incoterms is a trademark of the International Chamber of Commerce, registered in several countries.It describes and defines a transaction between two parties, usually the party exporting goods and the party importing them.
FOB means free on board. The price includes all the expenses incurred until goods are actually loaded on board the ship at port of shipment.
CIF stands for cost, insurance and freight which has to be paid by the seller.
FOB does not include insurance cost.
FOB covers those costs such as ex-factory costs, packing charges, inland transportation charges, documentation and loading charges.
Merchandise Exports from India Scheme(MEIS) Scheme. A scheme designed to provide rewards to exporters to offset infrastructural inefficiencies and associated costs. The Duty Credit Scrips and goods imported/ domestically procured against them shall be freely transferable.
The MEIS was launched as an incentive scheme for the export of goods. ... The rewards are given by way of duty credit scrips to exporters. The MEIS is notified by the DGFT (Directorate General of Foreign Trade) and implemented by the Ministry of Commerce and Industry.
Remission of Duties and Taxes on Exported Products(RoDTEP) scheme for 8555 export items. Under the RoDTEP, various Central and State duties, taxes, and levies imposed on input products, among others, would be refunded to exporters.This is basically to boost export of certain goods.
The SEIS Scheme or Service Export from India Scheme is an incentive given by the Ministry of Commerce through the Directorate General of Foreign Trade (DGFT) to Service Exporters based in India. This reward scheme is to promote the export of services from India.
Automatic Advancement Scheme AAS, An automatic benefit/increment for those who were not able to get in time promotion, even though they were having Promotion Qualifications and Eligibility, but they are unable to get them due to non-availability of that promotion posts/vacancies is called AUTOMATIC ADVANCEMENT.
The Duty Drawback Scheme provides exporters with a refund of customs duty paid on unused imported goods, or goods that will be treated, processed or incorporated into other goods for export.
Special economic zone (SEZ) is an area in a country that is subject to different economic regulations than other regions within the same country.
SEZs are typically created in order to facilitate rapid economic growth by leveraging tax incentives to attract foreign investment and spark technological advancement.
Deemed Export Benefit Scheme is an Indian concept which refers to the transactions in which the supplied goods do not leave the country i.e. these products aren’t expected. The payments for these products are made in Indian currency or in foreign exchange only. The benefits of this scheme are that the rebate on chargeable duty on imports and material on which excise is applied is used to manufacture goods which are supplied for the eligible projects. These products are manufactured and used in India itself.
SEIS or Service Export from India Scheme is reward-based initiative from the government, which aims to increase the export of certain notified services and eventually boost the economy.
Additions info- Under this scheme, a service provider of the notified services, located in India, can claim additional benefits (Duty Credit Scrip) for their transaction on an international market, while still enjoying the perks as provided under GST regime.
