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  • Starting Import Business Introduction.
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    Starting Import Business Introduction.


    Introduction

    Starting an import business is a goal of more than thousands of merchants and businessman. Like an export business, import business is also very profitable business, if an importer proceeds with the right strategies. However, the long term success and profitability of an import business greatly depends on the importer’s knowledge and understanding about the international market and foreign market analysis.

    Today, importing goods from abroad has becomes a big business. Everything from beverages to cars--and a staggering list of other products that one might have never imagined has now become the part of the global import. Millions of products are bought, sold, represented and distributed somewhere in the world on a daily basis.

    Reasons for Import

    There are number of supporting reasons why import business and services is growing at such a fast rate:-

    Availability: An individual or business man or an importer needs to import because there are certain things that he can’t grow or manufacture in his home country. For example Bananas in Alaska, Mahogany Lumber in Maine and Ball Park franks in France.

    Cachet: A lot of things, like caviar and champagne, pack more cachet, more of an "image," if they're imported rather than home-grown. Think Scandinavian furniture, German beer, French perfume, Egyptian cotton. It all seems classier when it comes from distant place.

    Price: Price factor is also an important reason for import of products. Some products are cheaper when imported from foreign country. For example Korean toys, Taiwanese electronics and Mexican clothing, to rattle off a few, can often be manufactured or assembled in foreign factories for far less money than if they were made on the domestic country.

    Import in India

    The rising middle income groups of consumers in India and their increasing levels on expenditure on various products has resulted a faster rising demand of the Indian import business. Major imports of India include cereals, edible oils, machineries, fertilizers and petroleum products. Total import from India estimated to be around US$187.9 billion. India is also a bulk importer of edible oil, sugar, pulp and paper, newsprint, crude rubber and Iron and steel.

    Import Regulatory Body

    In India, all the activities related to import are handled by the Directorate General of Foreign Trade (DGFT), a government organisation that also controls the export business in India. DGFT and all its regional offices work under the Ministry Commerce and Industries, Department of Commerce, Government of India. All the procedure and policies in matter related to the import is announced by the DGFT through its notification, appendices and forms.


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    What is New?

    Date: 29-09-2016
    Central Excise Circular No. 1049/38/2016-CX
    Revised Monetary Limits for adjudication of Show Cause Notice in Central Excise and Service Tax

    Date: 29-09-2016
    RBI/2016-17/68 A.P. (DIR Series) Circular No. 03
    Exim Bank's GoI supported Line of Credit of USD 87.00 million to the Government of the Republic of Zimbabwe

    Date: 29-09-2016
    Customs Notification No. 53/2016
    Seeks to further amend notification No.12/2012-Customs dated the 17th March, 2012, so as to retain the basic customs duty on ghee, butter and butter oil at 40% beyond 30.09.2016, for a further period up to 31.03.2017

    Date: 28-09-2016
    DGFT Public Notice No. 34/2015-2020
    Allocation of quantity for export of preferential quota sugar to EU under CXL quota.

    Date: 28-09-2016
    DGFT Public Notice No. 35/2015-2020
    Amendment in Public Notice No. 29/2015-20 dated 08.09.2016 and in Public Notice No. 27 dated 31.08.2016.

    Date: 28-09-2016
    DGFT Public Notice No. 36/2015-2020
    Inclusion of new Regional Office of DGFT at Belagavi, Karnataka in Appendix-1 A of Foreign Trade Policy, 2015-20

    Date: 28-09-2016
    Customs Instruction
    Discontinuation of practice of making manual debits on physical copy of Advance Authorizations registered at EDI Customs port

    Date: 28-09-2016
    Central Excise Notification No. 47/2016 CE (NT)
    Seeks to amend Notification No. 30/2014-CE (NT) dated 14th October, 2014

    Date: 28-09-2016
    Service Tax Notification No. 43/2016 (ST)
    Service Tax (Third amendment) Rules, 2016

    Date: 28-09-2016
    Service Tax Notification No. 44/2016 (ST)
    Seeks to amend Notification No. 20/2005-Service Tax dated 10th August, 2005



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