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FAQs (Frequently Asked Questions)
Q. What should be first step to start import export?
Ans. One Should have IEC No. (Importer Exporter Code) issued by DGFT, Ministry of Commerce.
Q. In how many days one can get IEC No. from DGFT?
Ans. Normally it takes one week to get IEC No.
Q. Should one have separate IEC No. for import and export?
Ans. No, one can import and export with same IEC code no.
Q. Is there any renewal fee for IEC code no.?
Ans. Renewal is not required for IEC code no. as per current policy.
Q. Is there any duty/benefit from Govt. in case of exports?
Ans. Yes, there are different export benefit schemes by Govt. like duty drawback, DEPB license etc.
Q. Is there any duty/benefit from Govt. in case of imports?
Ans. One has to pay duty on import consignments as per custom tariff.
Q. What is assessable value?
Ans. Assessable value is term used in imports and it is the value on which duty is payable. It includes CIF value and 1% landing charges.
Q. What documents are required at the time of clearance of goods for export?
Ans. Normally commercial invoice, packing list, from SDF, export value declaration, cenvat declaration, ARE1 etc. are required at the time of clearance of goods for export. There may be additional documents required in case of specified item.
Q. What documents are required at the time of clearance of goods for import?
Ans. Normally commercial invoice, packing list, original bill of lading/airway bill, certificate of origin, product literature/catalog, GATT declaration etc. are required at the time of clearance of goods for import. There may be additional documents required in case of specified item.
Q. Can I import any item?
Ans. As per current import export policy, most of the items are freely importable. However there are some prohibited and restricted items to import. You should refer to import export policy for details.