India is amongst the world’s top nation’s commencing the export of merchandise. With the advanced liberalization of trade by the Indian Government, there’s an abundant opportunity for establishing a profitable export business. Also, Exports boost international trade and stimulate domestic economic activity by creating employment, production, and revenues. In this article, we will discuss the entire idea of the export business and its procedure. |
Know About Export & Import
India’s Foreign Trade i.e. Exports and Imports are regulated by the Central Government in the exercise of powers conferred by section 5 of the foreign trade (Development and Regulation) Act 1992. Presently Foreign Trade Policy 2015-20 is active from 1st April 2015. According to the Reserve Bank of India (RBI) guidelines, an exporter is required to obtain an IEC Code Number from the concerned regional licensing authority.
Benefits of Export Business
Export Business offers lots of benefits and opportunities, some of them are:- Access to more consumers and businesses. Diversifying market opportunities Expanding the lifecycle of mature products. Greater production can reach larger economies of scale and better margins.
Import and export documents
Businesses are needed to submit a set of documents for carrying out export and import activities in India.
The Foreign Trade Policy, 2015-2020 compulsory the following commercial documents for carrying out importing and exporting activities:
Bill of lading or airway bill Commercial invoice cum packing list Shipping bill or bill of entry are considered for imports Further documents like certificate of origin and inspection certificate may be required as per the case. The relevant regulatory documents cover: GST return forms (GSTR 1 and GSTR 2); GSTR refund form; Exchange Control Declaration; Bank Realization Certificate; and Registration cum Membership Certificate (RCMC). So these are the important documents for obtaining an Import Export Code. Also know the entire procedure of How to Start an Export business in India.
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