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: 14-10-2021 SME PayPal,IIFT to help MSME exporters tap into cross-border trade opportunity with training,support Date: 14-10-2021 India-China trade on course to touch record $100 billion-mark Date: 14-10-2021 Govt scraps basic customs duty, cuts agri cess on crude palm, soyabean and sunflower oil Date: 14-10-2021 India cuts import duty on cooking oils Date: 14-10-2021 Agri Picks Report: Geojit Date: 13-10-2021 Govt nudges states to step up coal imports Date: 13-10-2021 Adani Ports move to stop handling cargo for select nations may hit Iran exports Date: 13-10-2021 Sugar companies likely to witness 5-7 pc revenue growth in FY'22 Date: 13-10-2021 Agri products export resumes from East UP Date: 13-10-2021 Govt allows power plants to blend imported coal with local grade What is New? Date: 30-10-2021 Notification No. 78/2021-Customs (N.T.) Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018. Date: 13-10-2021 Notification No. 48/2021-Customs Seeks to reduce BCD on crude and refined soya, sunflower and palm oils till 31.03.2022 Date: 13-10-2021 Notification No. 49/2021-Customs Seeks to reduce AIDC on crude soya, sunflower and palm oils till 31.03.2022 Date: 07-10-2021 Notification No.80/2021 - Customs (N.T.) Exchange rates Notification No.80/2021-Cus (NT) dated 07.10.2021. Date: 07-10-2021 Notification No. 35/2015-2020 Relaxation in Export Policy of Red Sanders Wood - regarding Date: 06-10-2021 Public Notice No. 21/2015-20 Implementation of MoU between Government of Republic of India and Government of Republic of Malawi for import of pigeon peas from Malawi - reg. Date: 05-10-2021 Instruction No. 21/2021-Customs Submission of Intimation of Arrest Report & Incident Report. Date: 04-10-2021 Notification No. 34/2015-2020 – DGFT Amendment in Export Policy of Syringes and incorporation of Policy Condition. Date: 04-10-2021 Public Notice No. 27/2015-2020-DGFT Allocation of quantity of 5841 MT (raw/refined) Sugar to EU under TRQ scheme for the year 2021-22 Date: 04-10-2021 Notification No. 59/2021-Customs (ADD) seeks to extend anti dumping duty on 'ceramic tableware and glassware' originating in or exported from Malaysia, to prevent the circumvention of anti dumping duty levied on subejct goods originating in or exported from China PR vide Notification No. 4/2018-Customs(ADD) dated 21st February, 2018.
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