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: 06-12-2022 Finance ministry holds review meeting with heads of banks to promote cross-border trade in rupee Date: 06-12-2022 Farmers in India are likely to sow wheat across 31.5 million hectares, which will be 1.5 million hec Date: 06-12-2022 Why the India-Australia FTA is significant: Job growth, international precedence and more Date: 06-12-2022 Cooling prices give RBI space to slow interest-rate hikes Date: 05-12-2022 Wheat prices may touch a fresh high in few days Date: 05-12-2022 Iran stops buying Indian tea and basmati Date: 05-12-2022 Indian missions to be roped in for branding, promotion of domestic millets Date: 05-12-2022 Bangladesh records highest monthly exports of over $5 bn in Nov Date: 02-12-2022 Malaysia PM Anwar Ibrahim says cabinet line-up to be announced soon: , Date: 02-12-2022 UK parliament committee chair says she talked defence cooperation on Taiwan trip What is New? Date: 01-12-2022 Notification No. 101/2022 - Customs (N.T.) Exchange rate Notification No. 101/2022-Cus (NT) dated 01.12.2022-reg Date: 01-12-2022 Notification No. 40/2022-Central Excise Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude. Date: 01-12-2022 Notification No. 41/2022-Central Excise Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on Diesel. Date: 01-12-2022 NOTIFICATION No. 04/2022-Central Excise (N.T.) Appointment of the Commissioner of Central Excise and Service Tax (Appeals) as Central Excise officer for the entire territorial jurisdiction of the Principal Chief Commissioner/ Chief Commissioner of Central Excise and Service Tax for the purpose of passing Orders-in-Appeal for the CX & ST appeals filed after 30.06.2017-reg. Date: 30-11-2022 Notification No. 100/2022-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg Date: 29-11-2022 No.98 /2022-Customs (N.T.) Amendment of notification no. 47/2022–Customs (N.T.), dated the 31st May, 2022 Date: 29-11-2022 NOTIFICATION No. 99/2022-Customs (N.T.) Amendment of notification number 48/2022-Customs (N.T.) dated the 31st May, 2022 Date: 25-11-2022 NOTIFICATION No. 61/2022-Customs Seeks to amend certain specific FTA/PTA notifications. Date: 23-11-2022 NOTIFICATIONNo. 23/2022 – Central Tax Seeks to empower the Competition Commission of India to handle anti-profiteering cases under CGST Act, 2017 with effect from 01.12.2022. Date: 23-11-2022 NOTIFICATION No. 24/2022 – Central Tax Seeks to make fourth amendment (2022) to CGST Rules with effect from 01.12.2022.
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