Are you looking to start your import or export business shortly or looking to know about the basic requirements and criteria to step-in the international market? Import Export is one of the trending marketplaces where people, be it a trader, a small enterprise or someone who is into manufacturing of products and selling the same in the domestic market are now showing interest to explore the Import Export Business on the global level. The main fact that is boosting a domestic supplier to explore the international market is the Benefits of Import Export which helps to generate more business and earn more profits.
Here are some of the criteria to start an Import Export as starting an International Trade requires to fulfill some of the criteria to make an easy flow of material from one place to another.
Before going further, to sell the material or import the material, it is required to obtain an Import Export Code (IEC) by paying a nominal amount from a regional authority. Now, there are some policies that regulate the import-export market.
IMPORT OR EXPORT POLICY
Under the ITC, i.e., Indian Trade Classification and Harmonized System (HS), goods are classified into three categories, these are Restricted, Canalized, and Prohibited.
The items or goods not falling under the above categories can be easily imported with a valid IEC, without the need for any import license.
1. Restricted Items:
These are the items that can be imported in India only after a firm or a company gets an import license from the regional authority, and the lists for such goods are provided in the International Trade Classification and Harmonized System.
2. Canalized Goods:
These are basically the items mentioned in the ITC (HS). It consists of goods such as bulk agricultural products (grains and vegetable oils), petroleum products and pharmaceutical products, which can be imported through a canalizing agency.
3. Prohibited Items listed in ITC (HS):
These include wild animals, animal rennet, unprocessed ivory, and tallow fat of animals. These are strictly prohibited and are listed under ITC (HS).
When it comes to exporting the goods or services in the International Trade, similar criteria fall under the export policy also, which includes Restricted Goods, Prohibited Goods, and State Trading Enterprise (STE).
Export policies have been made for an entrepreneur to easily understand the procedures before starting to sell their goods in the Import Export Business. Just like the import policy, for exporting the goods which come in the restricted and prohibited categories, a company must know which product to export and which should not be exported.
In the State Trading Enterprise or STE, there are specific goods that can only be exported through an authorized STE. These are specified in the ITC (HS) and the EXIM Policy under various terms and conditions.
To learn more about the Import-Export criteria, import-export duties, IGST and to make advances in the International Trade, understand the Benefits of Import or Export with the help of IMPEXPERTS, the most reliable source to get your queries solved in a matter of time.