Import and Export Licensing Procedures in India. Indias import and export system is governed by the Foreign Trade Development Regulation Act of 1. Indias Export Import EXIM Policy. Imports and exports of all goods are free, except for the items regulated by the EXIM policy or any other law currently in force. Registration with regional licensing authority is a prerequisite for the import and export of goods. Apply Credit Card Online in India Compare Offers Fee Charges of Best Credit Cards Paperless Approval on Credit Card Application within 30 Mins. The Cost of construction in bangalore is Rs 1300 sq ft. Know here the residential building cost of construction and bangalore construction cost. The import and export of all goods in India are free, except for the items regulated by Indias Export Import Policy or any other law currently in force. Bangalore b l r, officially known as Bengaluru beuu listen, is the capital of the Indian state of Karnataka. FC.jpeg' alt='How To Apply For Food License In Bangalore Tv Channel' title='How To Apply For Food License In Bangalore Tv Channel' />The customs will not allow for clearance of goods unless the importer has obtained an Import Export Code IEC from the regional authority. RELATED Impact of GST on Imports and Exports in India Import Policy. The Indian Trade Classification ITC Harmonized System HS classifies goods into three categories Restricted. Canalized. Prohibited. Goods not specified in the above mentioned categories can be freely imported without any restriction, if the importer has obtained a valid IEC. There is no need to obtain any import license or permission to import such goods. Most of the goods can be freely imported in India. Licensed Restricted Items. Restricted items can be imported only after obtaining an import license from the relevant regional licensing authority. The goods covered by the license shall be disposed of in the manner specified by the license authority, which should be clearly indicated in the license itself. The list of restricted goods is provided in ITC HS. An import license is valid for 2. Canalized Items. Canalized goods are items which may only be imported using specific procedures or methods of transport. The list of canalized goods can be found in the ITC HS. Goods in this category can be imported only through canalizing agencies. The main canalized items are currently petroleum products, bulk agricultural products, such as grains and vegetable oils, and some pharmaceutical products. Prohibited Items. These are the goods listed in ITC HS which are strictly prohibited on all import channels in India. These include wild animals, tallow fat and oils of animal origin, animal rennet, and unprocessed ivory. Export Policy. Just like imports, goods can be exported freely if they are not mentioned in the classification of ITC HS. Below follows the classification of goods for export Restricted. Prohibited. State Trading Enterprise. Restricted Goods. Before exporting any restricted goods, the exporter must first obtain a license explicitly permitting the exporter to do so. The restricted goods must be exported through a set of proceduresconditions, which are detailed in the license. Prohibited Goods. These are the items which cannot be exported at all. The vast majority of these include wild animals, and animal articles that may carry a risk of infection. State Trading Enterprise STECertain items can be exported only through designated STEs. The export of such items is subject to the conditions specified in the EXIM policy. RELATED India Implements WTOs TFA Boost to Trade Linkages, Ease of Doing Business. Types of Duties. There are many types of duties that are levied in India on imports and exports. A list of these duties follows below Basic Duty. Basic duty is the typical tax rate that is applied to goods. The rates of custom duties are specified in the First and Second Schedules of the Customs Tariff Act of 1. The First Schedule contains rates of import duty, and the second schedule contains rates of export duties. Most of the items in India are exempt from custom duty, which is generally levied on imports. The first schedule contains two rates Standard rate and preferential rate. The preferential rate is lower than the standard rate. When goods are imported from a place specified by the central government CG for lower rates, the preferential rate is applicable. In any other case, the standard rate will be applicable. If the CG has signed a trade agreement with the country of origin, then the CG may opt to charge a lower basic duty than indicated in the first schedule. Countervailing Duty. In addition to the basic duty on imported goods, a countervailing duty CVD is also applicable to imported goods. The rate of duty is equal to the rate of excise applied to goods manufactured in India. If the article is not manufactured in India, then goods of a similar nature are used to determine the correct duty amount. If there are different rates of duty on similar goods, then the highest rates of the known products will be applied to the article in question. All products imported by Special Economic Zones SEZ enjoy zero percent CVD. Special Additional Countervailing Duty known as Special CVDSpecial CVD tax is application on all items. It is levied at the rate of 4 percent of the basic and the excise duty on all imports in order to countervail the VAT or sales tax on local goods in India. This duty can be refunded to traders who sell imported goods in India after charging VATSales tax. Anti Dumping Duty. This is levied on specific goods imported from specified countries including the US to protect Indian industries. India can impose duties up to, but not exceeding, the margin of dumping, or the difference between the normal value and the export price. Safeguard Duty. A safeguard duty is a tariff designed to provide protection to domestic goods, favoring them over imported items. If the government determines that increased imports of certain items are having a significantly detrimental effect on domestic competitors, it may opt to levy this duty on those imports to discourage their proliferation. However, the duty does not apply to articles imported from developing countries. The government may exempt imports of any article from this duty. The notification issued by the government in this regard is valid for four years, subject to further extension. However, the total period cannot exceed 1. Education and Higher Education Cess. The education cess, simply put, is a tax designed to fund education and healthcare initiatives. An education cess at the rate of 2 percent and higher education cess of 1 percent are levied on the aggregate of duties of customs. However, the aggregate of customs duties does not include the safeguard duties, countervailing duty on subsidized articles, anti dumping duty, or countervailing duty equivalent to VAT. Valuation. Customs duty is payable as a percentage of Value which is known as Assessable Value or Customs Value. The Value may be either Value as defined in Section 1. Customs Act orTariff Value described under Section 1. Customs Act. Tariff Value the Tariff Value is fixed by the Central Board of Excise Customs CBEC for any class of imported goods or export goods. Authorities will consider the trend of value of the goods in question while fixing tariff value. Once fixed, the duty is payable as a percentage of this value. The value of imported goods for the assessment of duty is determined in accordance with the provisions of Section 1. Customs Valuation Determination of Value of Imported Goods Rules, 2. According to the rules, the assessable value equal the transaction value of goods as adjusted for freight and cost of insurance, loading, unloading and handling charges. In the assessable value, the following criteria are included Commission and brokerage Cost of container, which are treated as being one with the goods for customs purposes Cost of packing labour or materials Materials, components, tools, etc. The Art Of Travel Alain De Botton New York.