Many businesses in India import different type of goods from different other countries. With the open market and globalization of the economy, it has become very easy for the importers in Indian to get things done easily. To get the clearance of import goods, the importer or his agents has to follow the particular import procedure India. |
Things needed Bill of Entry- This document certifies that the goods of a particular specification and value are entering into the country from outside. If the goods are cleared through the EDI (Electronic Data Interchange) system then no formal Bill of Entry is filed. The importer has to file a cargo declaration which has got the particulars so that the entry could be processed for the next step- the customs clearance. There are two types of bill of entry.
Bill of entry for home consumption- this has to be submitted when the imported goods get cleared after the full duty payment is made for their consumption of the goods in India. This bill is white in color. Bill of Entry for Warehouses- To be submitted when the imported items are not immediately required by the imported and are to be stored in the warehouse and no payment of duty is made under a bond. The items get cleared later on when they are needed and the payment of duty is made. Bill of entry for ex-bond clearance- It is used to clear goods from the warehouse after the payment of duty is made.
Some of the important importers are given green channel clearance facility. In such cases, the clearance of goods is done without performing the routine examination. At the time of filing of bill of entry, the declaration is to be made in the declaration form. The rest of the process is normal but no physical examination of the goods is done. But in case, there is doubt regarding the quantity of the items of specifications, then physical examination may be done.
Income tax calculator India Now many websites offer the facilities of income tax calculator India and the steps are fairly easy. One has to put in the total income for the year in INR, the gender and the age. The respective program or tax calculator will calculate the tax automatically thus saving lots of time and energy for the individual. The detailed procedure is also there where the person has to provide the income from different sources like salary, short term capital gains, business and profession, long term capital gains, house property, and any other source. The tax exemptions are calculated along with the aggregate yearly income of the tax payer.
80C- includes PF, NSC, PPF , FD, LIC, National pension plans, tuitions feed, PO investment and the maximum exemption is INR 1Lakh 80 U- includes normal disabilities, exemption is INR 50 thousand. 80D- health insurance premium for self, children, spouse and dependent parents, exemption is INR 40 thousand 80 G- deduction from different donations 80DD-normal disabilities, exemption is INR 50 thousand
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