FAQ's

IEC or Importer Exporter Code is a unique 10-digit alpha numeric code issued on the basis of PAN of an entity.
To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number, unless specifically exempted.

Mandatory documents required for export and import are:

  • Bill of Lading/Airway Bil
  • Commercial Invoice cum Packing List
  • Shipping Bill/ Bill of Entry/ Bill of Export

It is an instrument to establish evidence on origin of goods imported into any country. There are two categories of CoO viz. (i) Preferential and (ii) non-preferential.
Within 21 days from the date of export, the documents are required to be submitted to the AD Bank.
In cases where the claim is payable abroad, the banks arrange to collect the full amount of claim due on the lost shipment, through the medium of their overseas branch/correspondent and release the duplicate copy of EDF only after the amount has been collected. Banks ensures that amounts of claims on shipments lost in transit which are partially settled directly by shipping companies/airlines under carrier’s liability abroad are also repatriated to India by exporters.
All exports are deemed as inter-State supplies. Exports of goods and services are treated as zero rated supplies. The exporter has the option either to export under bond/Letter of Undertaking without payment of tax and claim refund of ITC or pay IGST by utilizing ITC or in cash at the time of export and claim refund of IGST paid.
FTAs are arrangements between two or more countries or trading blocs that primarily agree to reduce or eliminate customs tariff and non tariff barriers on substantial trade between them. FTAs, normally cover trade in goods (such as agricultural or industrial products) or trade in services (such as banking, construction, trading etc.). FTAs can also cover other areas such as intellectual property rights (IPRs), investment, government procurement and competition policy, etc.

The seven Incoterms® 2020 rules for any mode(s) of transport are: 

  • EXW - Ex Works (insert place of delivery)
  • FCA  - Free Carrier (Insert named place of delivery) 
  • CPT  - Carriage Paid to (insert place of destination)
  • CIP -  Carriage and Insurance Paid To (insert place of destination)
  • DAP - Delivered at Place (insert named place of destination)
  • DPU - Delivered at Place Unloaded (insert of place of destination)
  • DDP - Delivered Duty Paid (Insert place of destination)

Note: The DPU Incoterms replaces the old DAT, with additional requirements for the seller to unload the goods from the arriving means of transport. 

Incoterms Clarify Responsibilities of Parties to a Sales Transaction
  • For example, in each Incoterm rule, a statement is provided as to seller’s responsibility to provide the goods and commercial invoice in conformity with the contract of sale. Likewise, a corresponding statement is provided which stipulates that the buyer pays the price of goods as provided in the contract of sale.
  • Each Incoterm rule has a statement stipulating which party is responsible for obtaining any export license or other official authorization required for export and for carrying out the customs formalities necessary for the export to proceed. Similarly, each rule has a corresponding statement as to which party is responsible for obtaining any import license or other official authorization required for import and for carrying out the customs formalities required for the import of goods. These statements also specify which party bears the cost of handling these tasks.
  • Similarly, each Incoterm rule specifies which party to the transaction, if any, is obligated to contract for the carriage of the goods. Another point addressed in each Incoterm rule is which party, if any, is obligated, to provide for cargo insurance coverage. These statements also specify which party bears the cost of handling these tasks. Each rule also contains statements, among others, as to which party is responsible for packing the goods for transport overseas and for bearing the costs of any pre-shipment inspections.
  • A final example is cargo delivery. Each Incoterm rule specifies the seller’s obligations for cargo delivery and clarifies when delivery takes place. Each rule also specifies when the risk of loss or damage to the goods being exported pass from the seller to the buyer by reference to the delivery provision.

Export Incentive Scheme

  • RoDTEP (Remission of Duties and Taxes on Exported)
  • SEIS (Service Exports Incentive Scheme)

Duty Exemption Scheme

  • Advance License
  • DFIA (Duty Free Import Authorization)

Duty Remission Scheme

  • Duty Drawback Scheme
  • RoSCTL (Rebate of State and Central Levies and Taxes)

Other Scheme

  • EPCG Scheme (Export Promotion of Capital Goods)
  • Export House Certification (Start House Export)
  • EOU / EHTP / STP / BTP

Multi-modal freight services with varied customized solutions

Contact Us