- I. Tariffs and Duties: These are the taxes imposed on imported and exported
goods. Companies must understand the tariff and duties that apply to their
products in different markets.
- II. Customs Regulations: Importer and Exporter must comply with customs
regulation. This include proper classification, valuation, and declaration
of goods.
- III. Trade Agreements: Understanding bilateral and multilateral trade
agreements that helps in taking advantage of reduced tariffs and other trade
benefits.
- IV. Licenses and permits: Depending upon the types of goods specific
licenses or permits may be required. This include export license for
sensitive technologies or import permits for restricted goods.
- V. Documentation: Proper documentation is essential for customs clearance.
This includes invoices, bills of lading , certificate of origin and other
shipping documents.
- VI. Product Safety and Standard: Imported and exported goods must meet the
safety and quality standard of the destination country.
- VII. Record keeping: Keeping details and accurate details of all import and
export transaction is important for compliances and in case of audits
- VIII. Training and Awareness: Ongoing training and educations for employees
involved in international trade is important to ensure compliance and
mitigate risks.
Failure to comply with import export regulations can result in penalties, fines,
and even criminal charges.
Therefore, it is crucial for companies engaged in international trade to stay
informed and upto date with the laws and regulations governing their activities.
IMPORT PROCEDURES:
- Obtain e-IEC( electronic import export code)
- Ensure legal compliances under different trade laws
- Procure import licenses
- File bill of entry and other documents to complete customs clearing
formalities
- Determine import duty rate
EXPORT PROCEDURES:
- Export documents i.e. Bill of lading/ airway bill/ lorry receipt/ railway
receipt, Commercial invoice cum packing list, Shipping bill/ bill of export/
postal bill of export
