How to select product for import
In the Import-Export business comes with its many challenges and many decisions can change the course of your success.
One of the most important aspects is which type of goods you import from a certain country.
For your company, there are many different import opportunities to consider.
How to select country for Import
Different countries will have different needs around the world & What is good for one of them might not be good for all.
It’s depending on the climate, geographical position, culture & life style you will find that the needs are change region to region.
It can be helpful to get familiar with other imported product that sold successfully in that.
There are plenty of statistics and even news that you can check before making your decision.
How to pay import duty?
Custom duty is imposed when goods are transported from international border. The objective of behind custom duty is to safeguard each nation’s economy job, environments etc. It regulating the movement of goods, especially prohibited and restrictive goods, in and out of any country.
Import duty is a tax collection on import goods from overseas and some exports by a country’s custom authorities.
Depending on the context, import duty may also know as custom, traffic, import tax or import tariff.
Custom duty can be paid online.
A centralized application called Indian custom EDI system
(IECs 1.5) and E-Payment facility has been extended to all IECs location from
more than one an authorized bank.
For the payment facility a person must open an Internet account.
At the customs e-payment gateway (CEG) at ICEGATE (www.icegate.gov.in). The users who are already registered with ICEGATE will automatically be able to avail themselves of the facility of e-payment as registered users without any further registration process. A non-registered user with ICEGATE can also avail of the e-payment facility as an unregistered user from the ICEGATE home page.
Opportunities in Import
Maintaining a good relationship between import and export refer to the balance of trade.
Import goods bring new and exciting product to the local economy and make it possible to build new product locally. Exporting product boosts the local economy and help to local business increasing their revenue.
Anti-Dumping Duty
Anti-Dumping duty is a tariff the governments is impose anti-dumping
(impose high percentage of duty) on foreign imports when it believes that the
goods are being “dumped”.
Ex: – India is a largest producer and exporter of rice. If we
import rice from any other countries. Indian custom is imposing heavy duty on
rice.
Anti-Dumping duty is imposed to protect local business and markets
from unfair competition by foreign imports.
Need of Inspection
Inspection certificate is the most important trade document. An
inspection certificate, which is issued by an independent trustable company.
Verifies the goods are in conformity with the sale contract
in regards to quality, quantity, packaging of product, weight tariff and taxes
classification import eligibility and price of goods is valid for custom
purpose.
High sea sale in Import.
High sea sale is mostly been done by trader, who buys in huge
quantities and then lookout for buyer destinations.
High sea sale is a sale carried out by the actual consignee
to another buyer while goods are yet on high sea or their dispatch from the
port of loading (POL).
Third Country Export.
Third country shipment: – Transport of goods between two
countries without passing through India.
Indian Exporter is get an order from USA. Indian exporter is asked
to Chinese supplier to make shipment directly to USA. In this case goods are
not entering to India. It directly shipping to another country to another
country.
How to make order in Import.
The importing process can be extremely complex, confusing and
costly.
Expected gains can often be erased by long transit time
rising or fluctuating delivery costs, regulatory fees and unexpected delay. So,
how can we solve these all problem and make it easy process.
- Identify your import rights
- Obtain your shipment
- Track your cargo and get prepared for arrival.
- Ensure the goods you wish to import are permitted into your
- country.
- Find your suppliers in overseas and place an order.
- Find genuine and transparency supplier.
- Classify your goods and calculate the landed cost.
- Verify the custom duty, freight cost, price per no’s, your
- product is right for your market.