Many foreign MNCs Export Auto Parts to India as per the requirements of buyers and consumers. Well, this importing process involves different stages and stakeholders as well as regulatory framework and documentation.
When we talk about exporting Auto Parts to India, it includes ensuring licensing and compliance before the shipping of goods, organizing for transport and warehousing after the receiving of goods, getting customs clearance, and paying taxes before the release of goods.
Export Auto Parts to India- Different stages involved –
- Get your IEC - The exporters must have an Import Export Code (IEC) number from the regional joint DGFT. It helps traders with lifetime validity. It is important for clearing customs, sending shipments, and sending or receiving money in foreign currency. But the beauty of using FTWZ as your mode of warehousing is that it frees you from it as IEC isn’t required in this mode of Supply Chain.
- Legal compliance - Foreign MNCs must export auto parts that are compliant with Indian guidelines. There are such products restricted, canalized, or prohibited, as declared and notified by the government. It may need further permission and licenses.
- Import licenses- As an exporter, a foreign MNC first classify the item by identifying its Indian Trading Clarification (ITC-HS) which is India’s key method of classifying items for trade and import-export operations. However, in Free Trade Zone a foreign company doesn’t need an Indian importer, it could be done on their name only.
You can have either a general license (goods can be exported from any country) or a specific license (export only from specific countries). This license is used in import clearance, renewable.
- File Bill of Entry and other documents - Exporters need to provide import declaration in the prescribed Bill of Entry along with permanent account number based Business Identification Number. It ensures the exact nature, precise quantity, and value of goods importing in India.
- Decide import duty rate - India levies normal customs duty on imported goods along with goods-specific duties. Currently, integrated goods and services tax came under the new GST system that depends on the classification of imported goods. But Inside FTWZ a company can stock the goods Duty, Tax, and Compliance Free.
Similarly, if you want to securely Export electronics to India, you have to go through different stages. You should know that India is one of the largest importers of electronic products across the globe and many foreign MNC’s are trading in India. It includes semiconductor manufacturing, digital household appliances, computers and peripherals, laptops, smartphones, and a wide spectrum of liquid crystal products.
However, exporters face different challenges during these stages although want to make it easier. This is where a top-class, smart FTWZ service provider can help you to Export electronics to India and handle it on your behalf. They offer Smart Logistics, Duty-Free Warehousing solutions distribution, Consolidation and Deconsolidation Hub, Stocking of goods Duty-free and Tax Free, and other value-added services at the best prices.
To safely Export Auto Parts to India, you can visit www.onnsynex.com.
Original Source: https://onnsynex.blogspot.com/
