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Starting Import Business 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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Date: 15-03-2018
Notification No. 20/2018-Customs (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg

Date: 13-03-2018
A. P. (DIR Series) Circular No. 20
Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits

Date: 12-03-2018
A. P. (DIR Series) Circular No. 19
Headging of Commodity Price Roisk and Freight Risk in Overseas Markets (Reserve Bank) Directions

Date: 07-03-2018
Notification No. 13/2018-Central Tax
Rescinding notification No. 06/2018 - CT dated 23.01.2018

Date: 05-03-2018
Public Notice No. 64/2015-2020
Amendments in Appendix 4J of Hand Book of Procedures 2015-20.

Date: 01-03-2018
Notification No. 29/2018-Customs
Seeks to amend notification No. 50/2017 Customs dated 30.06.2017

Date: 01-03-2018
Notification No. 18/2018-Customs (N.T.)
Exchange Rates Notification No.18/2018-Custom(NT) dated 01.03.2018

Date: 28-02-2018
Notification No. 17/2018-Customs (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver

Date: 26-02-2018
Notification No. 16/2018-Customs (N.T.)
Appointment of Common Adjudicating Authority

Date: 26-02-2018
Notification No. 15/2018-Customs (N.T.)
Appointment of Common Adjudicating Authority

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