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: 20-03-2019 Rupee falls 19 paise against US dollar in early trade Date: 20-03-2019 Jaitley dubs '108 purported economists' as compulsive contrarians Date: 20-03-2019 New GST real estate rate to be applicable from April, source 80% materials from registered dealer Date: 20-03-2019 Venezuela suspends oil exports to India Date: 20-03-2019 Exim Bank gives $83 million line of credit to Congo to finance 3 solar power projects Date: 19-03-2019 Motor insurance pinch: Rates may go up by 20% in FY20 Date: 19-03-2019 Pursuit of scale has taken Larsen & Toubro to Mindtree’s doors Date: 19-03-2019 10 Indian stocks where the $5.3 trillion Vanguard Group has just picked up stakes Date: 19-03-2019 Singapore's exports rebound but electronics show prevailing weakness Date: 19-03-2019 Rupee trades higher at 68.36 per dollar What is New? Date: 15-03-2019 Notification No. 22/2019- Customs (N.T.) Amendment to the Notification No. 63/1994-Customs (N.T) dated 21st November, 1994, by notifying Dera Baba Nanak LCS Date: 15-03-2019 Notification No.23/2019-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: 15-03-2019 Notification No. 07/2019 - Customs Seeks to amend notification No. 152/2009-Customs dated 31.12.2009 so as to grant tariff concession in respect of goods under tariff sub heading 4809 90 imported from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement (CEPA). Date: 14-03-2019 Notification No. 13 /2019-Customs (ADD) Seeks to prescribe provisional assessment for 'Saturated Fatty Alcohols' when originating in or exported from subject countries by M/s PT. Energi Sejahtera Mas (producer) Indonesia through M/s Sinarmas Cespa Pte Ltd (exporter/trader) Singapore and imported into India. Date: 12-03-2019 Notification No. 8/2019-Customs (N.T./CAA/DRI) Appointment of Common Adjudicating Authority by DGRI Date: 12-03-2019 Notification No. 9/2019-Customs (N.T./CAA/DRI) Appointment of Common Adjudicating Authority by DGRI Date: 12-03-2019 Notification No. 10/2019-Customs (N.T./CAA/DRI) Appointment of Common Adjudicating Authority by DGRI Date: 12-03-2019 Notification No. 11/2019-Customs (N.T./CAA/DRI) Appointment of Common Adjudicating Authority by DGRI Date: 12-03-2019 Notification No. 12/2019-Customs (N.T./CAA/DRI) Appointment of Common Adjudicating Authority by DGRI Date: 12-03-2019 Circular No. 10/ 2019-Customs Scheme for Rebate of State and Central taxes and Levies on export of garments and made-ups (RoSCTL)
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