EXPORT PROCEDURE
| World of Finance by M.Vijaya Sa |
Few step for an enterprise to become an export organisation are:-
1) REGISTRATION AS A BUSINESS ENTITY:- A new export unit can be started by registering as proprietorship, partnership or imited liability company.
1) REGISTRATION AS A BUSINESS ENTITY:- A new export unit can be started by registering as proprietorship, partnership or imited liability company.
2) IEC NUMBER - Any company wish to export/import need to obtain a Import Export code(IEC) number. IEC is issued by Regional licensing authority of DGFT. For communication with any office in regard to for export and import needs IEC number.
3) RCMC means the certificate of registration and membership granted by an Export Promotion Council/ Commodity Board/ Development Authority or other competent authority as prescribed by Foreign Trade Policy to an exporting unit.
Any person, applying for a licence/ authorisation/certificate/permission to import/ export or any other benefit or concession under Foreign Trade Policy is required to furnish (RCMC). It is also required for executing a bond before Central Excise authorities, which exempts exporters to furnish bank guarantees.
Export Promotion Councils have been set up by various ministries of the Central Government to promote and develop the exports of particular group of products, projects and services. For certain group of products, which are sensitive from the viewpoint of national consumption, there are commodity boards instead. Thus while we have export promotion councils for apparel, leather, software, chemicals, engineering goods etc., India has commodity boards for tea, coffee, jute etc.
4) REGISTRATION WITH SALES TAX OFFICE :-Exported goods from India are exempt from central & state sales tax. However, for getting exemption of such taxes or claming their refund, wherever permissible under Foreign Trade Policy, the exporting unit should be registered with sales tax authorities.
5) REGISTRATION WITH EXCISE DEPT.:-If an exporting unit is engaged in manufacturing of products, it needs registration with excise department & formalities remain the same as for any domestic unit. This registration is required for claiming refund of excise duties under various schemes of the government.
Export Promotion Councils have been set up by various ministries of the Central Government to promote and develop the exports of particular group of products, projects and services. For certain group of products, which are sensitive from the viewpoint of national consumption, there are commodity boards instead. Thus while we have export promotion councils for apparel, leather, software, chemicals, engineering goods etc., India has commodity boards for tea, coffee, jute etc.
4) REGISTRATION WITH SALES TAX OFFICE :-Exported goods from India are exempt from central & state sales tax. However, for getting exemption of such taxes or claming their refund, wherever permissible under Foreign Trade Policy, the exporting unit should be registered with sales tax authorities.
5) REGISTRATION WITH EXCISE DEPT.:-If an exporting unit is engaged in manufacturing of products, it needs registration with excise department & formalities remain the same as for any domestic unit. This registration is required for claiming refund of excise duties under various schemes of the government.
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