Pre steps: Individual with PAN (Sole Proprietorship) or Partnership form
LLP, Pvt Limited makes trust for buyer (based on Networth).
Step 1: Applying IEC Code (Import Export Code) a 10 Digit Number Issued by DGFT (Directorate General of Foreign Trade) valid for life time.
follow the registration process at http://184.108.40.206:8080/dgftiec/IEClogin.jsp
step 2: GST registration https://gst.gov.in
Step 3: registration cum membership certificate. RCMC (to become a member of Foreign Trade Policy and FIEO’s )
benefits or concession under Foreign Trade Policy (tax benefits) valid for five years.
register through indiafilings, myonlineca etc or local CA. online application here
Calculating Custom Duties
|Description||Percentage charges||Price in USD|
|Value imported goods||1,000,0000 ( 1M or 10 lakhs)|
|Basic Custom Duty (BCD)||10%||100,000|
|Basis for Calculating CVD||1,100,000|
|Countervailing duty rate (CVD)||12.5%||137500|
|Basis for Calculating education Cess||237500|
|Secondary Education Cess||1%||2375|
|Basis calculating Special CVD (includes BCD,CCD,Ed cess)||1244625|
|Total Custom Duty||294,410|
TOP Imports & exports In india 2019
|Crude oil Mineral fuels including oil: US$168.6 billion (33.2% of total imports)||Petroleum Products: US$48.3 billion (14.9% of total exports)|
|Gems, Gold, precious metals: $65 billion (12.8%)||Gems, precious metals: $40.1 billion (12.4%)|
|Electrical machinery, equipment: $52.4 billion (10.3%)||Machinery including computers: $20.4 billion (6.3%)|
|Organic chemicals: $22.6 billion (4.4%)||Vehicles: $18.2 billion (5.6%)|
|Plastics, plastic articles: $15.2 billion (3%)||Organic chemicals: $17.7 billion (5.5%)|
|Iron, steel: $12 billion (2.4%)||Pharmaceuticals: $14.3 billion (4.4%)|
|Animal/vegetable fats, oils, waxes: $10.2 billion (2%)||Electrical machinery, equipment: $11.8 billion (3.6%)|
|Optical, technical, medical apparatus: $9.5 billion (1.9%)||Iron, steel: $10 billion (3.1%)|
|Inorganic chemicals: $7.3 billion (1.4%)||Cotton: $8.1 billion (2.5%)|
|Machinery including computers: $43.2 billion (8.5%)||Clothing, accessories (not knit or crochet): $8.1 billion (2.5%)|
Top 10 Countries Import & export to India
|china $73.7 billion or 14.5%||America
$51.6 billion or 16%
|America $32.6 billion or 6.4%||United Arab Emirates $29 billion or 9%|
|Saudi Arabia $28.4 billion or 5.6%
$16.4 billion or 5.1%
|UAE $26.8 billion or 5.3%||Hong Kong
$13.2 billion or 4.1%
|Iraq $23.1 billion or 4.5%||Singapore
$10.4 billion or 3.2%
$18 billion or 3.6%
$9.8 billion or 3.0%
$16.4 billion or 3.2%
$9 billion or 2.8%
$16 billion or 3.2%
$8.8 billion or 2.7%
$15.9 billion or 3.1%
$8.7 billion or 2.7%
$14.8 billion or 2.9%
$7.3 billion or 2.3%
$14.3 billion or 2.8%
$6.8 billion or 2.1%
GST On Imported Products
IGST would be applied on the value of the goods and collected along with Customs Duty.
Imported goods + any customs duty chargeable on the goods. Hence, IGST must be calculated after adding the applicable customs duty to the value of imported goods
HSN Product code to identify GST Rate & Custom Duty
HSN or HS (Harmonised Commodity Description and Coding System) is a multipurpose international product nomenclature developed by the World Customs Organization (WCO).
Dealers with turnover of less than Rs 1.5 crores will not be required to adopt HSN codes
1.5 to 5 cr turnover need otains 2 digit HSN
5 to above 4 Digit HSN
8 Digit HSN required for GST
GST On Exports?
Though there is no GST on exports, the government still needs a guarantee that you’ll pay the taxes if the products are returned or if they end up not leaving the country for some reason. When you export, you have three options. You can simply pay tax on your exports and claim that amount as a tax refund later on.
the bestway to learn get a job in nearest export & import agency.
Export Import Executive, manager etc. on naukri.com
- find suppliers or manufacturers on Alibaba (aware of mediators verify is true manufacture or middleman).
- know about supplying from warehouse to warehouse, shipping terms:
- EXW supplier warehouse to Port cost to buyer.
- FOB Free on Board (or Freight on Board) : Supplier to shipping terminal from supplier port to your warehouse
- CIF: Cost, Insurance and Freight: supplier warehouse to your Port.
- CNF – Cost & Freight (or Cost, no Insurance, Freight)
- CSA (Custom house Agent or Custom clearance Agent) custom duty paid by importer.
- Customs clearance fee
- Import Duty
- Port security charge
- Fuel surcharge
- Docking charge
- Warehouse storage fee Etc.
also check importing from china sell at amazon
and biodiesel production plant pros.
Sell & buy on Alibaba.Indiamart,ebay,amazon global,tradeindia etc.
How to Choose Right Product with High Profit Margin?
- find the market
- select product
- find buyers
- send sample
- fix the price
- use Export Credit Guarantee Corporation Ltd (ECGC). if buyer failed to make payment then govt pays you Letter of Credit LC (Nirav modi scam).
Top 10 Products Exporting From India
- engineering products
- gems /jewelry
- chemical products
- petroleum products
- agriculture products
- electronic goods
- Marine products
- leather (someone made millions by exporting leather bags on christmas to january to abroad from amazon global)
do special training before watch yt videos