Import Trade Governing Bodies. Introduction Ministry of Commerce and Industry Directorate General of Foreign Trade (DGFT) Central Board of Excises Customs (CBEC) Objectives of Custom Duties IntroductionImport in India is governed by the certain rules and regulation, which are issued by the import-export governing bodies. IImport Export government authorities decide which items will be imported and which item will be prohibited. The quantity of goods to be imported and tax imposed on the imported goods is also under the control of import governing body. Import-Export governing bodies also play an important role in settling the Foreign Trade Agreement in matters related to import of goods.Ministry of Commerce and Industry The Ministry of Commerce and Industry is the nodal authority for formulating and implementing the foreign trade policy in matter related to Import. The Department of Commerce play a key role in matters related to multilateral and bilateral commercial relations, state trading, export promotion measures and development and regulation of certain import oriented industries and commodities. There are two departments under the Ministry of Commerce and Industry. The first one is the Department of Commerce and the second is Department of Industrial Policy & Promotion. The department of Ministry of Commerce which is sometimes also termed as Department of Industrial Policy & Promotion was established in the year 1995, and in the year 2000 Department of Industrial Development was merged with it.Ministry of Commerce and Industry has its offices in all the major cities. Its Delhi office is located at Udyog Bhavan, New Delhi – 110011 IndiaDirectorate General of Foreign Trade (DGFT)DGFT or Directorate General of Foreign Trade is a government organisation in India responsible for the formulation of guidelines and principles for importers as well as exporters of country. Preparation, formulation and implication of Exim Policies are one of the main functions of DGFT. Apart from Exim Policy, DGFT is also responsible for issuing IEC or Import Export Code. IEC codes are mandatory for carrying out import export trade operations and enable companies to acquire benefits on their imports/exports, customs, exports promotion council etc in India. DGFT also play an important role in controlling DEPB rates and setting standard input-output norms. Any changes or formulation or addition of new codes in ITC-HS Codes are also carried out by DGFT (Directorate General of Foreign Trade).DGFT has its offices in all the major cities. Its Delhi office is located at IP Bhawan, New Delhi. Central Board of Excises Customs (CBEC)The Central Board of Excises Customs (CBEC) under Ministry of Finance is the controlling authority to handle custom duty related matters. CBEC regularly publishes the "Indian Customs Tariff Guide that provides all types of information on custom duty rules and regulation in India.Custom duty not only raises money for the Central Government but also helps the government to prevent the illegal imports and exports of goods from India. The Central government has emergency powers to increase import or export duties whenever necessary after a notification in the session of Parliament.Objectives of Custom Duties Regulating the amount of import in India in order to protect the domestic market. Protecting Indian Industry from undue competition Prohibiting certain imports of goods for achieving the policy objectives of the Government. Regulating imports Coordinating legal provisions with other laws dealing with foreign exchange such as Foreign Trade Act, Foreign Exchange Regulation Act, Conservation of Foreign Exchange and Prevention of Smuggling Act, etc.All import goods are classified into categories known as called "headings" and "subheadings" (Harmonised System Codes) for the purpose of levy of duty. For each sub-heading, a specific rate of duty has been prescribed in the Customs Tariff Act, 1975. Table of ContentsChapter 1 Starting Import IntroductionChapter 2 Preliminaries for Starting Import BusinessChapter 3 Registration of ImportersChapter 4 Guidelines And Rules for ImportChapter 5 Selecting The Overseas ExporterChapter 6 Import LicenseChapter 7 Import Trade Governing BodiesChapter 8 Import of SamplesChapter 9 Finalizing The Terms of ImportChapter 10 Import DutiesChapter 11 Import RisksChapter 12 Import Incentives under Special SchemesChapter 13 Methods of Payment in Import TradeChapter 14 Import of Personal BaggageChapter 15 Import of GiftsChapter 16 Impor of Cars Vehicle Commerical and Non CommercialChapter 17 Import of Gold And Silver by NRIChapter 19 Custom Clearance of Imported GoodsChapter 18 Import of Drugs And MedicineChapter 20 Import of Scrap And Waste ProductsChapter 21 Import Laptops And ComputersChapter 22 Import Dos And Donts
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 24-06-2019 Gold Monetisation Scheme might be tweaked : Market sources Date: 24-06-2019 GST profiteering: Government to build case with proof Date: 24-06-2019 Trade winds: Big jump in electronics exports allays deficit fears Date: 24-06-2019 Tight norms, weak demand hit foreign foods' imports Date: 24-06-2019 Rupee opens 3 paise down at 69.61 against dollar Date: 20-06-2019 Income Tax Return filing: From home loan to education loan, how certain loan products can help you Date: 20-06-2019 Tax body seeks extension of GST return filing by four months Date: 20-06-2019 Washington apples in soup as India imposes tariff Date: 20-06-2019 Budget 2019: As surge in scrap imports hurts, aluminium industry asks for duty cover Date: 20-06-2019 Gold sprints to over five-year peak after Fed hints at rate cuts What is New? Date: 23-06-2019 Notification No. 25/2019-Customs (ADD) Seeks to amend notification No. 23/2013-Customs(ADD), dated the 10th October, 2013 to extend the anti-dumping duty on ductile iron pipes originating in, or exported from China PR till 9th October, 2019 Date: 21-06-2019 Notification No. 25 /2019 – Central Tax Seeks to extend the date from which the facility of blocking and unblocking on e-way bill facility as per the provision of Rule 138E of CGST Rules, 2017 shall be brought into force to 21.08.2019. Date: 21-06-2019 TRADE NOTICE NO. 19/2019-2020 Response to various representations against Allocation of Quota for Pulses/Peas. Date: 20-06-2019 Notification No.45/2019 - Customs (N.T.) Exchange Rates Notification No.45/2019-Custom(NT) dated 20.06.2019 Date: 19-06-2019 Circular No. 17/2019-Customs Applicability of Additional Customs duty on goods re-imported under Customs Notification No. 94/96-Customs dated 16.12.1996 exported earlier for exhibition purpose/ consignment basis Date: 19-06-2019 Notification No. 44/2019-Customs (N.T.) Manufacture and other operations in Warehouse Regulations, 2019 Date: 18-06-2019 Notification No. 24/2019-Customs (ADD) Seeks to levy anti dumping duty on jute sacking cloth under tariff heading 5310 originating in or exported from Bangladesh to prevent the circumvention of levy of anti dumping duty levied on jute sacking bags vide notification No. 1/2017-Customs(ADD) dated 5th January, 2017. Date: 18-06-2019 Notification No. 42/ 2019-Customs (N.T.) Customs (Supplementary Notice) Regulations, 2019 Date: 18-06-2019 Notification No. 43/2019-Customs(N.T.) Proper officer for Customs (Supplementary Notice) Regulations, 2019 Date: 17-06-2019 Circular No. 16/2019-Customs –IGST refunds- mechanism to verify the IGST payments for goods exported out of India in certain cases- reg.
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