Question

Explain the pattern and procedure of export trade in india

Answer 1

Answer:

Export and Import Procedure in India

India ranks 19th in terms of overall export of merchandize and 12th in terms of overall import of merchandize when compared to other countries. With more trade liberalization deals to be signed by the pro-business Indian Government, there is plenty of opportunity for establishing a successful import or export business. To undertake an import or export business, the Entrepreneur must have a strong understanding of all documentation pertaining to import or export transactions. In this article, we cover basic export procedure and import procedure in India along with the necessary documentation.

Export and Import Procedure

To being exporting or importing goods from India, the business or individual must obtain an Import Export Code or IE Code from the Directorate General of Foreign Trade. IE Code can be obtained by the business after obtaining PAN and opening a bank account. IndiaFilings can help you obtain IE Code.

Commercial Invoice

Commercial invoice is issued by the seller to the buyer containing the terms of the transaction like date of transaction, seller details, buyer details, value, shipping terms and more. Customs duty is levied on the shipment usually based on the commercial invoice raised by the seller.