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IMPORT - EXPORT
KEY CONCEPTS & PROCEDURES
Presented by:
Saurabh Bapat
Presentation Take Aways
2
Key Concepts,
Terminologies &
Procedures
Imports Vs. Export
(Risk & Opportunities)
India’s Foreign Trade
Policy & Legal Framework
Duty exemption / Remission
schemes
Physical Exports Vs.
Deemed Exports
Key Terminologies
3
IMPORT
4
 Good or service brought into one country from another.
 Any direct purchase by residents outside the economic territory of a country are also an import. They 
are termed as import of services.
 The higher the value of import compared to export, the more negative country’s balance of trade 
becomes.
 Importing is not necessarily a bad thing!
 It gives access to important resources and products not otherwise available or at a cheaper cost.

https://www.investopedia.com/terms/i/import.asp
EXPORT
5
 Good or service shipped from one country into another.
 Commodities grown, produced, or manufactured in one country, and commodities of foreign origin 
which have been substantially changed in this country, from the form in which they were imported, or 
which have been enhanced in value by further manufacture in this country.
 The higher the value of export compared to import, the more positive country’s balance of trade 
becomes.
 Export has its flip side too!
https://www.investopedia.com/terms/e/export.asp
IMPORT Vs. EXPORT
Risks & Opportunities
6
Risk Opportunity
IMPORT
Risk Opportunity
EXPORT
India’s Foreign Trade Policy & Legal
Framework
7
 The Foreign Trade Policy (FTP), 2015‐20, launched on 1st Apr’15 is notified by Central Government. Latest 
update is w.e.f. 05.12.2017. It describes the market and product strategy, and the other measures required for 
export promotion and enhancement of the entire trade ecosystem. 
 Director General of Foreign Trade (DGFT) lays down the procedure to be followed by an importer / exporter / 
any licensing / Regional Authority (RA).
 All goods imported into India have to pass through the procedure of customs for proper examination, 
appraisal, assessment and evaluation. This helps the custom authorities to charge the proper tax and also 
check the goods against the illegal import.
 Importer‐Exporter Code (IEC), a 10‐character alpha‐numeric number, is mandatory for undertaking any 
export/import activities.
 Post GST, IEC will be equal to PAN.
India’s Trade Performance
8
 Foreign trade today constitutes 45% 
India’s economy
India’s Trade Performance
9
INCOTERMS
10
Maintained by the International Chamber of 
Commerce (ICC), this codification of terms is 
used in foreign trade contracts to define which 
parties incur the costs and at what specific 
point the costs are incurred.
CUSTOM DUTY
11
 A tax imposed on imports by 
the customs authority of a 
country to raise state 
revenue, and/or to protect 
domestic industries from 
more efficient or predatory 
competitors from abroad. 
 Customs duty is based 
generally on the value of 
goods or upon the weight, 
dimensions, or some other 
criteria of the item ), or a 
combination of value and 
other factors (compound 
duties).
CUSTOM DUTY
12
 Basic Custom Duty: BCD varies for different items from 5% to 40%. The Central Government has the power 
to reduce or exempt any good from these duties.
 Additional Custom Duty: Also known as countervailing duty or CVD is equal to excise duty imposed on a like 
product manufactured or produced in India. The Government has exempted all goods, when imported into 
India for subsequent sale, from the whole of the additional duty of customs. However, the importers will be 
first required to pay the said duty and thereafter required to claim the refund.
 Special Additional Duty: SAD of Customs is imposed at the rate of 4% in order to provide a level playing field 
to indigenous goods which have to bear sales tax. This duty is to computed on the aggregate of assessable 
value, basic custom duty ,surcharges and additional duty of custom.
 Anti‐Dumping Duty: Dumping means exporting goods in a foreign market at a price which is less than their 
cost of production or below their "fair" market value. Dumping gives a hard competition to a domestic 
goods manufacturer. So Govt. imposed duty for import of specified goods with a view to protecting 
domestic industry from unfair injury. It would not apply to goods imported by a 100% EOU (Export Oriented 
Units) and units in FTZ (Free Trade Zones) and SEZ (Special Economic Zones).
ITC (HS) CODES
13
 ITC (HS) stands for Indian Trade 
Classification (Harmonised
System).
 A compilation of codes for all 
merchandise / goods for 
export/ import.
 ITC (HS) is aligned at 6 digit 
level with international 
Harmonized System goods 
nomenclature maintained by 
World Customs Organization. 
However, India maintains 
national Harmonized System of 
goods at 8 digit level.
Duty exemption / Remission schemes
14
 GOI enables duty free import of inputs for export production, including replenishment of inputs or duty 
remission with an aim to promote exports.
 This not only stimulates the industrial growth and development but also brings the foreign currency after 
the final export process. This significantly reduce the effective tax rates for the import companies.
 Duty exemption schemes
‐ Advance Authorization (AA) – All duties
‐ Duty Free Import Authorization (DFIA) – Only BCD
 Duty remission schemes
‐ Duty Drawback (DBK) Scheme
 Export Promotional Capital Good (EPCG) Scheme: To facilitate import of capital goods for producing quality 
goods and services and enhance India’s manufacturing competitiveness.
DEEMED EXPORT BENEFITS
15
 “Deemed Export“ refer to those transaction in which goods supplied do not leave country and payment for 
such supplies either received in Indian currency or free foreign exchange.
 The objective of providing benefits of Deemed Export is to provide level‐playing field to domestic 
manufacturers in certain specified cases, as may be decided by Government of India from time to time.
 Supplies to Mega Power Projects
 Deemed exports shall be eligible for any/all of the following benefits in respect of manufacture and supply 
of goods qualifying as deemed exports subject to certain term and conditions.
‐ Advance License for intermediate supply / deemed export/DFRC/DFRC for intermediate supplies.
‐ Deemed Export Drawback.
‐ Exemption from terminal excise duty where supplies are made against international competitive 
bidding . In other case , refund of terminal excise duty will be given. 
BILL OF LADING / BILL OF ENTRY
16
 Bill Of Lading (B/L): A document by which the Master of a ship acknowledges having received in good order 
and condition (or the reverse) certain specified goods consigned to him by some particular shipper, and 
binds himself to deliver them in similar condition, except force majure, to the consignees of the shippers at 
the point of destination on their paying him the stipulated freight. A bill of lading specifies the name of the 
master, the port and destination of the ship, the goods, the consignee, and the rate of freight.
 Bill Of Entry (B/E): An account of goods entered at a customhouse, of imports and exports, detailing the 
merchant, quantity of goods, their type, and place of origin or destination. It is issued by the customs 
presenting the total assigned value and the corresponding duty charged on the cargo.
IMPORT PROCESS
17
EXPORT PROCESS
18

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Import-Export: Key Concepts & Procedures

  • 1. IMPORT - EXPORT KEY CONCEPTS & PROCEDURES Presented by: Saurabh Bapat
  • 2. Presentation Take Aways 2 Key Concepts, Terminologies & Procedures Imports Vs. Export (Risk & Opportunities) India’s Foreign Trade Policy & Legal Framework Duty exemption / Remission schemes Physical Exports Vs. Deemed Exports
  • 4. IMPORT 4  Good or service brought into one country from another.  Any direct purchase by residents outside the economic territory of a country are also an import. They  are termed as import of services.  The higher the value of import compared to export, the more negative country’s balance of trade  becomes.  Importing is not necessarily a bad thing!  It gives access to important resources and products not otherwise available or at a cheaper cost.  https://www.investopedia.com/terms/i/import.asp
  • 6. IMPORT Vs. EXPORT Risks & Opportunities 6 Risk Opportunity IMPORT Risk Opportunity EXPORT
  • 7. India’s Foreign Trade Policy & Legal Framework 7  The Foreign Trade Policy (FTP), 2015‐20, launched on 1st Apr’15 is notified by Central Government. Latest  update is w.e.f. 05.12.2017. It describes the market and product strategy, and the other measures required for  export promotion and enhancement of the entire trade ecosystem.   Director General of Foreign Trade (DGFT) lays down the procedure to be followed by an importer / exporter /  any licensing / Regional Authority (RA).  All goods imported into India have to pass through the procedure of customs for proper examination,  appraisal, assessment and evaluation. This helps the custom authorities to charge the proper tax and also  check the goods against the illegal import.  Importer‐Exporter Code (IEC), a 10‐character alpha‐numeric number, is mandatory for undertaking any  export/import activities.  Post GST, IEC will be equal to PAN.
  • 8. India’s Trade Performance 8  Foreign trade today constitutes 45%  India’s economy
  • 11. CUSTOM DUTY 11  A tax imposed on imports by  the customs authority of a  country to raise state  revenue, and/or to protect  domestic industries from  more efficient or predatory  competitors from abroad.   Customs duty is based  generally on the value of  goods or upon the weight,  dimensions, or some other  criteria of the item ), or a  combination of value and  other factors (compound  duties).
  • 12. CUSTOM DUTY 12  Basic Custom Duty: BCD varies for different items from 5% to 40%. The Central Government has the power  to reduce or exempt any good from these duties.  Additional Custom Duty: Also known as countervailing duty or CVD is equal to excise duty imposed on a like  product manufactured or produced in India. The Government has exempted all goods, when imported into  India for subsequent sale, from the whole of the additional duty of customs. However, the importers will be  first required to pay the said duty and thereafter required to claim the refund.  Special Additional Duty: SAD of Customs is imposed at the rate of 4% in order to provide a level playing field  to indigenous goods which have to bear sales tax. This duty is to computed on the aggregate of assessable  value, basic custom duty ,surcharges and additional duty of custom.  Anti‐Dumping Duty: Dumping means exporting goods in a foreign market at a price which is less than their  cost of production or below their "fair" market value. Dumping gives a hard competition to a domestic  goods manufacturer. So Govt. imposed duty for import of specified goods with a view to protecting  domestic industry from unfair injury. It would not apply to goods imported by a 100% EOU (Export Oriented  Units) and units in FTZ (Free Trade Zones) and SEZ (Special Economic Zones).
  • 13. ITC (HS) CODES 13  ITC (HS) stands for Indian Trade  Classification (Harmonised System).  A compilation of codes for all  merchandise / goods for  export/ import.  ITC (HS) is aligned at 6 digit  level with international  Harmonized System goods  nomenclature maintained by  World Customs Organization.  However, India maintains  national Harmonized System of  goods at 8 digit level.
  • 14. Duty exemption / Remission schemes 14  GOI enables duty free import of inputs for export production, including replenishment of inputs or duty  remission with an aim to promote exports.  This not only stimulates the industrial growth and development but also brings the foreign currency after  the final export process. This significantly reduce the effective tax rates for the import companies.  Duty exemption schemes ‐ Advance Authorization (AA) – All duties ‐ Duty Free Import Authorization (DFIA) – Only BCD  Duty remission schemes ‐ Duty Drawback (DBK) Scheme  Export Promotional Capital Good (EPCG) Scheme: To facilitate import of capital goods for producing quality  goods and services and enhance India’s manufacturing competitiveness.
  • 15. DEEMED EXPORT BENEFITS 15  “Deemed Export“ refer to those transaction in which goods supplied do not leave country and payment for  such supplies either received in Indian currency or free foreign exchange.  The objective of providing benefits of Deemed Export is to provide level‐playing field to domestic  manufacturers in certain specified cases, as may be decided by Government of India from time to time.  Supplies to Mega Power Projects  Deemed exports shall be eligible for any/all of the following benefits in respect of manufacture and supply  of goods qualifying as deemed exports subject to certain term and conditions. ‐ Advance License for intermediate supply / deemed export/DFRC/DFRC for intermediate supplies. ‐ Deemed Export Drawback. ‐ Exemption from terminal excise duty where supplies are made against international competitive  bidding . In other case , refund of terminal excise duty will be given. 
  • 16. BILL OF LADING / BILL OF ENTRY 16  Bill Of Lading (B/L): A document by which the Master of a ship acknowledges having received in good order  and condition (or the reverse) certain specified goods consigned to him by some particular shipper, and  binds himself to deliver them in similar condition, except force majure, to the consignees of the shippers at  the point of destination on their paying him the stipulated freight. A bill of lading specifies the name of the  master, the port and destination of the ship, the goods, the consignee, and the rate of freight.  Bill Of Entry (B/E): An account of goods entered at a customhouse, of imports and exports, detailing the  merchant, quantity of goods, their type, and place of origin or destination. It is issued by the customs  presenting the total assigned value and the corresponding duty charged on the cargo.