Most countries have regulations regarding imports; India is a country like any other, and some laws are in place regarding imports. As a business owner, it’s crucial to research legal products, documents needed when importing products as well as taxes involved. So what is your checklist for import from China to India?
Laws on imports in India
Not all products can be imported to India; there are illegal and legal products. Commodities such as pornographic materials, narcotics, banned products, and live plants, just to name a few. In a scenario where these products get imported to the country, they get seized at the port, and in return, losses get incurred in extreme cases, one is likely to go to prison.
1. Documents required during importation
Anybody who wishes to import products to India from China and other countries has to register, after which they get issued with the importer-exporter code number. Apart from this, customs in India require the submission of clearance documents to import the products. Take note that these documents vary depending on the products.
2. Import taxes and duties
Some import taxes and duties need to be taken care of for products to get to their destination. Research on the charges that need to be paid since the Indian customs is complicated. Basic, Additional, and special additional customs duty are the three taxes an importer is required to pay for goods importation from China to India. It’s important to note that a 1% landing fee is also imposed on imports.
Due to complications during transportation, many steps can simplify the work. Below are some steps an importer can follow;
· Look for products on-demand in India. Products such as vehicles and cosmetics are in China and have high demand in China
· After knowing the products you want, register to get documented
· Finding a reliable supplier in China is easy; this is, therefore, the next step after getting relevant documents.
· How much will it cost you to import those products? Someone importing commercial products need to know how much money they will use for the whole process. Knowing the cost helps during the calculation of intended profits.
· After calculating the amount of profit and coming to the conclusion that it’s worth it, the next step is ordering—order for goods from your chosen supplier.
· For the importation process from China to India, one needs to have a reliable freight forwarder. It’s essential to choose one from China as most of them have experience.
· Get yourself an experienced customs broker to handle clearance at the port.
· Choose the best shipping method depending on urgency, budget, and type of goods, to name a few.
· The final step is collecting the shipment in India. Put into consideration that you only receive the products after verification gets done.
For most countries, the process used during the importation of products is similar. The only difference is about customs and taxes which need to be taken care of. An importer has to know the total costs to come up with the right prices for products. Countries with complex regulations need to simplify them for business people to enjoy maximum profits from imports.