9911796707
TMI BlogIMPORT-RELATED COMPLIANCES FOR IMPORTERS.X X X X Extracts X X X X X X X X Extracts X X X X ..... IMPORT-RELATED COMPLIANCES FOR IMPORTERS. X X X X Extracts X X X X X X X X Extracts X X X X ..... be registered under the Goods and Services Tax (GST) regime. * IGST is applicable on imports and can be claimed as Input Tax Credit (ITC). * Helps in filing GST returns and claiming tax refunds. 3. Classification of Goods (HS Code) * Accurate HSN classification is essential for: * Determining applicable duties and taxes * Regulatory clearances * Availing exemptions (if any) * Use the Customs Tariff of India or consult a CHA or expert. 4. Import Licensing * Check if your product falls under the "restricted" or "prohibited" list as per ITC(HS). * Obtain necessary import licenses from DGFT if required. * E.g., pharma, arms, ozone-depleting substances, drones, etc. 5. Sector-Specific Approvals Importers must obtain clea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rance from specific authorities depending on the goods: * FSSAI - for food and beverages * CDSCO - for drugs and medical devices * BIS - for electronics and consumer goods * WPC / TEC - for telecom and wireless products * PQ / ARO / PHO - for plants, animals, food items 6. Import General Manifest (IGM) * Filed by the carrier (shipping line or airline) before arrival. * Must contain accurate details of the shipment. 7. Bill of Entry (BoE) Filing * Filed electronically via ICEGATE by the importer or Customs House Agent (CHA). * It is the primary document for: * Assessing duties * Clearing goods through customs 8. Customs Duties & IGST * Duties applicable may include: * Basic Customs Duty (BCD) * Integrated GST ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IGST) * Social Welfare Surcharge (SWS) * Anti-dumping / Safeguard Duties (if applicable) * Payment is done online through ICEGATE or via a CHA. 9. Certificate of Origin (CoO) * Required to claim preferential duty under FTA / PTA agreements (e.g., ASEAN, SAFTA, CEPA). * Must be original and verified. 10. Valuation Rules (GATT) * Declare transaction value honestly as per Customs Valuation Rules, 2007. * Include cost of goods, insurance, freight (CIF), commissions, royalty, etc. 11. INCO Terms Compliance * Understand the correct INCO Term (e.g., CIF, FOB, EXW) agreed upon in the contract. * Helps clarify responsibility of freight, insurance, and customs duties. 12. Advance Remittance / RBI Compliance * If making advance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payments to foreign suppliers: * Comply with FEMA guidelines * File Form A1 with the bank * Submit BOE and shipping documents post-import 13. Insurance * Ensure marine or cargo insurance is taken either by the seller or buyer (as per INCO terms). * Helps manage risk of damage or loss during transit. 14. Storage & Warehousing (if applicable) * For bonded warehouse imports, comply with MOOWR 2019 or Customs warehousing regulations. * Maintain inventory and movement records. 15. EPR / Environmental Compliances * For goods like electronics, plastics, batteries, etc., importer must be registered under: * E-Waste Rules * Plastic Waste Management Rules * Battery Waste Management Rules * Must have valid EPR Authorization ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from CPCB/SPCB. 16. Import Monitoring Systems * For sensitive products, check monitoring portals: * SIMS - Steel Import Monitoring * CHIMS - Chemical Import Monitoring * DGFT Monitoring Systems for specific sectors 17. Post-Clearance Compliance * Maintain: * Invoices * Packing lists * Shipping documents * Duty payment proofs * BoE and assessment copies * Retention period: Minimum 5 years 18. GST Input Credit * IGST paid on import can be claimed as ITC in the GST return. * Ensure timely filing of GSTR-2B, GSTR-3B. 19. Filing of Statements / Returns * File monthly GST returns * DGFT reports (if under Advance Authorization/EPCG) * AD Bank reports for foreign exchange transactions (as per RBI) 20. Stay Upda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted * Regularly follow: * DGFT Trade Notices * Customs Circulars * RBI FEMA Notifications * GST Council Updates 📌 Summary: Key Documents Required * IEC * GSTIN * BoE (Bill of Entry) * Invoice & Packing List * BL / AWB * Certificate of Origin (if claiming duty benefits) * Import license (if needed) * FSSAI / BIS / CDSCO approval (if applicable) * Insurance certificate * Duty payment challans * GATT Valuation declaration * EPR Registration (for applicable products) Absolutely! Below is a detailed Import Compliance Checklist and a clean Printable Import Compliance Guide - ideal for smooth and compliant import operations into India. ✅ IMPORT COMPLIANCE CHECKLIST (For Smooth Completion of Impor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts in India) Sr. No. Compliance Item Details / Action Point 1 IEC (Importer Exporter Code) Mandatory for all importers; obtained from DGFT. 2 GST Registration Required to avail Input Tax Credit (ITC) and file GST returns. 3 Import License / Authorization (if applicable) For restricted items under ITC(HS) - apply via DGFT (e.g., drugs, defence, ozone-depleting). 4 Product Classification (HS Code) Ensure correct HS code to determine duty rates and compliance needs. 5 Check for Import Restrictions / Prohibitions Refer to ITC(HS), DGFT notifications, customs circulars. 6 BIS / FSSAI / CDSCO / WPC Approvals Sector-specific product approvals may be needed. 7 Advance Remittance Compliance Ensure FEMA compliance if paying in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advance for imports. 8 Letter of Credit (LC) / Payment Terms Define payment method clearly: LC, DA/DP, TT, Advance, etc. 9 Import Declaration / Bill of Entry File electronically on ICEGATE for customs clearance. 10 Customs Broker (CHA) Appoint a licensed CHA to handle import formalities (optional but helpful). 11 Import Duty & Taxes Pay applicable BCD, IGST, SWS, CVD, etc. via ICEGATE. 12 Packing List & Invoice from Supplier Essential for customs clearance; must match the shipping document. 13 Bill of Lading / Air Way Bill Transport document to be collected from supplier or carrier. 14 Certificate of Origin Required to avail FTA/PTA duty concessions. 15 Insurance of Goods Ensure marine/cargo insurance is in place (f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom supplier or importer). 16 Port Health / Quarantine Clearances For items like food, plants, pharma - ensure PHO, PQ, ARO approvals. 17 Filing of Import General Manifest (IGM) Done by the shipping line or airline before customs clearance. 18 Bonded Warehouse Procedures (if applicable) If storing goods in bonded warehouse, comply with MOOWR or customs warehousing norms. 19 SEZ / EOU Specific Compliances Follow SEZ / EOU procedures for duty exemptions. 20 Import Monitoring Systems Comply with systems like SIMS (Steel Import), CHIMS (Chemicals), RCMC, etc. 21 GATT Valuation Rules Ensure declared value aligns with WTO-compliant valuation norms. 22 Recordkeeping Maintain customs documents, invoices, and payment records for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 years minimum. 23 Filing of Returns GST Returns, DGFT Returns (if using duty exemptions), RBI remittance filings. 24 Anti-Dumping & Safeguard Duties Check if the product attracts additional duties over BCD. 25 Environment & Safety Compliances For electronics, chemicals, batteries, etc. ensure compliance with EPR, WEEE, etc. 📄 PRINTABLE IMPORT COMPLIANCE GUIDE 🧾 Importer's Compliance Guide (India) 📌 Quick Reference for Businesses Importing into India ✅ Pre-Import Legal Essentials * IEC (Importer Exporter Code) - mandatory * GST Registration - for ITC and return filing * Digital Signature Certificate - for ICEGATE filings * Import Licenses / Authorizations if required * Register with BIS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , CDSCO, FSSAI, WPC if applicable 📦 Product & Documentation Compliance * HS Code classification as per ITC(HS) * Confirm if product is restricted/prohibited * Supplier documentation: * Invoice * Packing List * Bill of Lading / Airway Bill * Certificate of Origin * Insurance copy * Import General Manifest (filed by carrier) 💸 Duties, Valuation, and Payment * Pay Basic Customs Duty (BCD), IGST, and SWS via ICEGATE * Use appropriate INCO terms to avoid confusion on freight, insurance, duty * Follow GATT Valuation rules (Transaction Value basis) * Declare advance remittance per FEMA 🚚 Customs Clearance & Logistics * File Bill of Entry through ICEGATE * Coordinate with Customs House Agent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (CHA)
* Complete inspections and approvals (PHO, PQ, ARO)
* Ensure IGM is filed for the shipment
* Check for any anti-dumping / safeguard duty
🧾 Post Import Requirements
* Claim ITC for IGST paid at import
* Maintain records for 5 years
* Submit documents to bank (AD Code) for RBI compliance
* Track and comply with DGFT notifications (especially for license-based imports)
🌱 Special Notes (If Applicable):
* For warehouse imports: comply with MOOWR / SEZ warehousing guidelines
* For electronics, chemicals, batteries: EPR / CPCB / WEEE clearances
* For sensitive commodities: SIMS, CHIMS, or other monitoring systems
*** X X X X Extracts X X X X X X X X Extracts X X X X
|
