thecargositeindia-blog

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Imports in India: The what and how of it.

India is a huge market and the consumption story has just begun. With globalisation the barriers in terms of consumption have been blurring and we have goods from across the world available to us at our doorstep. The process through which goods from a foreign country can be made available to us is known as an Import.

Imports is defined as the process of getting goods from outside the country into the country.

Let’s understand some of terms relevant to imports:

1. Shipper: Person selling the goods

2. Consignee: Person importing the goods in India

3. INCOTERM (International Commerce Terms): This signifies what all is covered in the cost being charged by the shipper.

For example,

EXW (Exworks) means that the goods need to be collected from the shipper’s factory. All cost that is incurred from the factory is to be paid by the consignee.

FOB (Free on board) means that the shipper will take care of the customs clearance and onboard the shipment to the ship/airline. The freight and the charges thereafter need to be paid by the consignee.

CIF (Cost Insurance Freight) : Shipper takes care of the Insurance and Freight upto the destination Port.

There are many more terms that can be found by googling the same. FOB and CIF are the most frequently used Incoterms.

4. HS Code (Harmonised System Code): This is a code used universally so that it is easier to understand what products are being imported. For example, Plastic Acrylic Sheet will be classified under 39205111 whereas Speakers may be classified as 85183000. The shipper is typically the best person to provide the HS Code for the goods. However, it’s a good idea to get the same verified with a qualified professional.

5. Freight forwarder: This is an entity who helps in getting the freight and to move the goods to the destination port.

6. Customs Broker: This is an entity who helps in clearing the goods. A Customs Broker may be required at both the port of shipment and the port of destination.

Documentation needed for Import:

An IEC (Import-Export Code) issued from DGFT (Director General of Foreign Trade). Due to recent changes, the PAN Number of the company doubles up as the IEC number. However, one still needs to apply and get the IEC certificate.

Invoice: This has the commercial terms like the Name of the seller, name of the buyer, description of the goods, price of the goods, quantity, INCOTERM etc.

Packing List: This has the details about how the goods are packed. The number of bags, cartons etc, the weight, the volume.

For general cargo, this should be enough. But for certain cargo you may need additional certification. For eg,

Food products: FSSAI Registration, PQ, AQ noc.

Cosmetics: Form 43, Form 10 registration

Wireless products like Bluetooth speakers: Type approval, WPC certificate etc.

Wooden Furniture: Fumigation certificate.

Getting help from a qualified professional can help ease out the process. The professionals may guide you about the various requirements for a commodity. Also, there may be commodities that are Prohibited or Restricted by the law. Hence it is imperative that one checks with a professional what the law of the land is.

Good luck, do post your questions, corrections, suggestions!

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5 Advantages of Hiring a Freight Forwarding Company

The ever-growing business of retail and manufacturing, storage of goods etc. have made shipping and finding an exceptional freight forwarding service an important task. For entrepreneurs, shipping becomes one of the most important part of the business. There are many custom clearance services in Mumbai which can be availed at reasonable rates. Customers want their products to be correct, on the expected time and they want them intact. If they are disappointed, it will lead to paying a heavy price when they share a negative review which can affect your business. If you are focused on expanding your business and hence struggling to handle the shipping of your goods, freight forwarding is the best option. They deal with worldwide or multi-national import and export services. Freight forwarding is comparatively inexpensive and much more accessible. They take the major concern of logistics off your plate for your company. Hiring freight forwarders to overlook the shipping of your products offers a number of benefits. If you are in two minds to decide if freight forwarding is the best move for your company, here are the advantages you need to consider: 1. Easy Tracking Systems At all the times, customers expect to know where their products are every time. To assure them that the products get to their promised destinations, implementing an efficient tracking system is important. An easy-to-use tracking system takes knowledge, funding, and planning. A freight forwarding service already has everything in place. For fast transaction and monitoring, a simplified use of modern technology makes it easier for the customers to track their products. The reports and documents are also easily generated which is another advantage for the customers. 2. Efficient Managing of Inventories Hiring a freight forwarding service takes care of all the shipping needs. Instead of hiring different services to handle your products, one freight forwarding service will handle everything for you. This will save you money and time for your business. It also becomes less hassling and consumes less manpower which would otherwise come useful to expand your business. You don't have to worry about the products being shipped to the correct address. Everything is taken care of in an efficient and professional manner. 3. Market Focus Due to already established networks, freight forwarding services know the in-and-out of business. This helps in the business development and expansion. Networking of widespread markets in return can deliver your products to a wider geographical location. This also makes the logistics easier to sort, no matter where the customer is from. It leads to easier management of tracking and delivery process. There is no room for loss of business due to limited contacts in any geographic location. This will certainly accelerate your business. 4. Hassle-free documentation Long distance delivery demands tons of documentation and clearance process for the products to pass. The entire process is managed by the freight forwarding company for an infinite number of shipments. From filling all the paperwork to completing it, which includes the required permissions and stamp duty payments is handled by the freight forwarder. One cannot afford to misplace any document during this process which is the utmost precaution that a freight forwarder takes off from you. 5. Protection and Expansion of Business When a tedious task of shipment is off from your shoulder and is managed by a highly professional freight forwarding company, you can focus on your business. The growth of your business is as important as taking care of the existing one. With a trustworthy logistics provider onboard, you can focus on getting more clients and not on the execution of the shipment. A hassle-free and easy flow of goods from one place to other is the main aim of freight forwarding companies.The above are few of the many benefits of freight forwarder. An excellent freight forwarder highly reduces the chances of negative reviews and customer complaints, thus not harming but helping you to flourish your business to the fullest. In short, the hiring of a right freight forward company is half the job done! You can hire the right company by comparing the rates and looking for reviews of freight forward companies to get a clear picture before trusting them with your product shipment. TheCargosite is one of the leading international freight forwarders in Mumbai. From getting the quotation to the shipment process, they take care of everything smoothly across businesses. Customer satisfaction should be the main aim of the freight forwarder who is onboard with you. A good freight forwarder will only focus on a smooth process and expansion of your business. Avoid delay and start searching for an efficient freight forwarder right away to see your business develop and grow seamlessly.  

[thecargositeindia-blog]

The Cargo site is a global leading logistics provider that provides innovative supply chain solutions worldwide. The Cargo Site provides its customers with time and cost-optimised services for general cargo, FCL as well as LCL. As a leader in the air freight and ocean freight market, The Cargo Site is one of the world's top freight forwarding providers. We understand logistics and supply chain better and aim to ensure the flow of goods continues seamlessly and supply chains stay lean and optimised for success. Our business holds top positions in technology, consumer goods, trade fair logistics, special transports, and custom house agents.