Income Tax Calculator India

Import procedure India has a series of steps that can help a particular person or firm to import goods from other countries located very far away or also closer. Import procedure Chennai has a few rules that will be explained here. The steps that include import procedure India are as follows:-

· Obtaining a quota or an import license

· Obtaining a particular foreign exchange

· Placement of an order

· Des patching of a letter of credit

· Appointment of clearing and forwarding agents

· Receiving a shipment advice and other important documents related to importing

· A bill of entry

· A delivery order

· A statement showing the clearing of goods

· Payment to the clearing and forwarding of goods

· A follow up statement

The above documents are very important and are vital to the import procedure Chennai

· Obtaining quota and import license

In India obtaining a government license is very important which makes it all the more important to obtain a quota and an import license. An importer has to attach all the required receipts to this document.

· Obtaining a foreign exchange

The importer before placing an order has to apply to the Reserve Bank of India to obtain a requisite foreign exchange. If all the documents of the importer are found valid the RBI and ECS will sanction the requisite foreign exchange to a particular importer.

· Placing an order

The importer will then have to place an order directly or through an agent in the indent house. He or she can also place an order through a canalized agency in case of canalized goods.

· Des patching a letter of credit

After placing an order and obtaining the required documents the importer should obtain a letter of credit in the favour of the supplier.

· Appointing clearing and forwarding agents

In order to clear goods from the customs, clearing and forwarding agents must be appointed by the importer. This clearing and forwarding job is a very specialized job which makes it vital to hire a specialized clearing and forwarding agent who can do the job efficiently.

· Receiving a shipment advice

The importer must make sure he receives a shipment advice from the exporter. The shipment advice is useful because it shows when the exporter will be loading the goods on to the ship.

· Receiving the documents

The bank of the importer will be receiving the documents from the bank of an exporter. These documents are important for a smooth process to take place.

The above explained steps are important and the other steps that include bill of entry, follow up statement can be processed very easily.

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