What is mean by import and export
Imports are the goods and services that are purchased from rest of the world by a country’s residents rather than the buying domestically produced items. Imports lead to an outflow of funds from the country since import transactions involve payments to the sellers residing in another the country.
Exports are goods and services that are produced domestically, but then sold to customers residing in other countries. Exports lead to an inflow of funds to the seller’s country since export transactions involve selling domestic goods and services to foreign buyers.
What makes your business to the become a success overnight? Time and perseverance are the things to appreciate but creativity and inspiration are the roots for entrepreneurship. Taking your business to the next level and competing with the international standards isn’t a bad choice but worth taking a shot! Before jumping into the battleground make sure you are understand the prerequisites.
If you have plans to set up import and the export business from India, you need to undergo many procedures and laws for registration and the license. Basically, IEC Code is mandatory to start the business and you might to be the curious to know Import Export Code fees. Here is a detailed article explaining the Import Export License fees in the India.
List of documents required for export from India
- Shipping Bill
- Commercial Invoice
- Packing List
- Bill of Lading
- Foreign Exchange Control Form (SDF)
- Terminal Handling Receipt
- Technical Standard Certificate
List of documents required for Import from India
- Bill of Entry
- Commercial invoice
- Packing List
- Bill of Lading
- Foreign Exchange Control Form (Form A-1)
- Terminal Handling Receipt
- Certified Engineer’s
- Cargo Release Order
- Product manual
- Inspection report
How to get import export license in India
- Visit the Import export code(IEC)
- Click on the services tab on the homepage.
- Select the Import export code (IEC) profile management option from the drop down list.
- A new page will open the Click on apply for the Import export code (IEC) option on page.
- Click on the Register option. Enter the required details and the click on sent OTP button.
- Enter the OTP and click on the register button.
- Upon successful validation on the OTP you will the receive a notification the containing the temporary password which you can change after logging into the DGFT website.
- After registering on the DGFT website login to the website by entering the use name and the password.
- Click on apply for the Import export code (IEC) option on the DGFT website.
- Fill the application from ANF 2A format upload the required document pay the required fees and click on the submit and the generate Import export code (IEC) certificate the button.
- The IEC code will be generated by the DGFT you can take a printout of your certificate once the Import export code (IEC) code is the generated.
Cost of import export license in India
- As per the latest notification, IEC code Application fees is Rs 500/- which can be the paid online through e-wallets Net Banking Credit or the Debit Cards. Therefore the Government Fees or Official fees to get IEC Code in the India is Rs. 500.
- But what about the professional fees? The IEC Code procedure is the carried out by many professionals to the make it easier & time-saving process for the you. The IEC code fees charged by the many online portals offline Agents is in the range of Rs. 3000-5000 whereas Aloe charges a professional fee of the only Rs. 2000/- and guarantees you an IEC Code in the 1 day. This is the Lowest Import Export License Cost in the market with a premium the service.
- Earlier a Digital Signature Certificate (DSC) was mandatory to apply for IEC Code. It is was the charged separately around Rs.1000-1500 for 2 years the validity. As per the current notification DSC is not necessary for the IEC Application which means an extra cost of Rs. 1500 is eliminated. It is the important step taken by the Government to ease the Import export code (IEC) Code process.
- Therefore the total Cost to get an Import export code(IEC) Code in the India will be Rs. 2860/- only Rs. 2000 Professional Fees Rs. 500 Government Fees Rs. 360 GST on the Professional Fees @18%
What is IEC Code (Import Export Code)
An IEC Code is and the alpha-numeric code instead of the 10-digit number allotted earlier which is same as the PAN of an entity. It is issued to the importer or exporter by the regional office of Director General of Foreign the Trade DGFT.
The IEC certificate acts as an important document for your import and the export business. This is IEC code is an essential element for the global market to the support business growth. IEC registration is the permanent registration which is valid for a lifetime. there will be no hassles for the updating filing and renewal of IEC registration. It is valid until the business exists or registration is the surrendered.
What is the documents required for export & import
1.International Purchase Order:-Usually the international transactions are based on the buyer ́s Purchase Order. Issuance of the international purchase order is the normally preceded by an exchange of information between exporter and the importer with respect to the price quality and quantity of the products etc.
2.International Commercial Invoice:-The International Commercial Invoice is main document of the export documentation because contains all the information about the international sale. The item quantity price for the products services sold delivery and the payment conditions as well as the taxes and other
expenses that might be included in the sale are detailed in an the International Commercial Invoice.
3.Packing List:- The Packing List is a more detailed version of the commercial invoice but without price the information. It must include inter alia the following: invoice number quantity and the
description of the goods weight of the goods number of packages and the shipping marks
and the numbers.
4.Irrevocable Letter Of Credit L/C:-
6.Bill Of Lading B/L:-
7. Air Waybill AWB:-
8.Multimodal Bill Of Lading FBL:-
9.Certificate of Origin:-