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Export Import
June 2021
1. Your company wants to produce products
and would like to know whether these products attract Central Excise Duty. You
are asked to give a small write up to the Management about the basis on which a
product is levied central excise duty. Explain the criteria to decide a product
to fall under central excise duty.
Answer:
Indirect tax refers to a group of tax laws and regulations. In India, it is
levied on various business activities including manufacturing, trading, imports
and exports, stamp duty, registration, transfer, etc. It is levied by both
central and state governments. In recent years, the indirect taxation system in
India has undergone extensive reforms in order to meet the requirements of
international markets. Till the F.Y. 2016-17, and for the first quarter of F.Y.
2017-18, India had in place of a host of indirect taxes such as sales tax,
service tax, Central Excise Duty,
2. You have imported one consignment in a
20 feet container. Your exporter has sent Proforma Invoice, Packing List, Bill
of Lading, and other documents. However, Customs refused to permit the
clearance on Proforma Invoice. What is wrong with this document and how will
you handle this situation to clear the consignment?
Answer: A number of
international trade documents are required at various stage of international
trade transactions; process of trade begins with proforma Invoice and ends with
negotiations of documents with the banks for payments of export deals.
Documents are very important in international trade deals and fulfil the
commercial as well as regulatory requirements of international trade
transactions. Such documents may be aimed for various purposes such as bill of
lading carries the title of goods. It is a contract of affreightment, proof of
ownership and tells the origin and destination of goods. Hence sound knowledge
of the International Trade Documentation is essential for a successful
international marketer. Export imports documents are broadly classified into
two; namely commercial and regulatory documents.
Documents required to import a consignment
There may have bilateral import export
agreements between governments of different countries. Imports and exports from
such countries may have exemptions on documentation for export and import
clearance. However, there are legal documents, common documents and specific
documents on commodity basis required to complete import customs procedures.
Bill of Entry
There are three types of Bill of
3. You have been transferred from Purchase
dept to Import & Export Dept on a promotion as a Manager and you have
accepted the challenge. On scrutinizing documents, you observe that the company
has not registered with any Export Promotion Council. You need to get this done
on war footing. Please explain the following to the Management to impress upon
them for the negligence of the dept.
a. Why should a company get registered
with an Export Promotion council? Explain the importance.
b. What is the name of certificate issued
by EPC and what is the validity period of the certificate? Explain this in detail.
Answer: a) Export
Promotion Councils
In India there are 19 Export Promotion
Councils managing the following products: Apparels; Basic Chemicals;
Pharmaceuticals and Cosmetics Chemicals and Allied Products; Carpet; Cashew;
Cotton Textiles; Electronics and Computer Software; Engineering; Gems and
Jewellery; Handicrafts; Handlooms; Leather; Overseas Construction; Plastics and
Linoleums; Shellac; Silk; Synthetic and Rayon Textiles; Sports Goods and Wool
and Woolens. Such councils are non Export- profit making limited firms
registered under the Companies Act. The Ministry of Commerce provides the
required
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