What is an Import ?
An import is a good or service bought in one country that was produced in another. Imports and exports are the components of international trade. If the value of a country's imports exceeds the value of its exports, the country has a negative balance of trade, also known as a trade deficit.
What is Bill of Entry and Types of Bill of Entries ?
A bill of entry is a legal document that is filed by importers or customs clearance agents on or before the arrival of imported goods. It's submitted to the Customs department as a part of the customs clearance procedure. Once this is done, the importer will be able to claim ITC on the goods.
• Home Consumption • Warehouse (or) Bonding • Ex Bond or De Bonding
Bill of Entry for
House Consumption
Warehousing
EX Bond
This is meant for commodities that the importer will procure for self-consumption or specific business processes.
Also known as Bond Bill of Entry, this type is issued when the importer is not willing to pay import duties at the time of import. In this case, the importer can store the goods in a dedicated warehouse until all dues are cleared at the Customs department.
In this case, the importer can store the goods in a dedicated warehouse until all dues are cleared at the Customs department. 3. Bill of Entry for Ex-Bond Goods: When the importer has to release goods from the warehouse and overrule the BOE for Warehousing, a BOE for Ex-bond Goods is issued.
Schemes in Imports
There is little familiar kind of facilities extending to the Importers by the Govt of India for Developing the employment opportunities
SEZ
A Special Economic Zone or SEZ is a specially marked territory or enclave within the national borders of a country that has more liberal economic laws than the rest of the country.
STPI
Software Technology Parks of India was set up in 1991 as an autonomous society under the Ministry of Electronics and Information Technology (MeitY). STPI's main objective has been the promotion of software exports from the country. STPI acts as 'single-window in providing services to the software exporters.
HIGS SEAS SALE
High sea sales is a sale carried out by the actual consignee (i.e. the consignee shown in the Bill of Lading) to another buyer while the goods are on high seas or after their dispatch from the port of loading and before their arrival at the port of discharge.