What is Import? Documents Required to Import Goods – India

Do you want to start Import Business…? Import business is growing rapidly at the global level. So many people prefer to do Import Business. It is an international trade. By reading this post you will come to know what is import and how to start it.

What is Import?

Import is receiving goods or services into one country from the other country. When you want to start a new business first you have to select your product. Then you have to examine where you can get that product at low cost. You can also get it from the other country. It is called Import.Imported-goods

Import goods from other countries also a successful business like Export Business. After importing the goods, you don’t need to sell them by yourself. You can sell them to wholesaler or Retailer with profit.

Required documents to Import Goods

1. Import License

Importer Exporter Code(IEC) is also known as Import License. It is a 10 digit number which will be issued by Directorate General of Foreign Trade DGFT). It is compulsory to import goods. Click here to apply for IEC Number.

2. Commercial Invoice

The commercial invoice is an important custom document which is used in the foreign trade. It is used to know the true value of imported goods. It is issued by the seller to the buyer for custom clearance. Commercial Invoice gives the details of

  • Shipping and Insurance charge
  • Description of goods
  • Packing List
  • Price, quantity and weight of the items

3. Bill of Entry

Bill of Entry is an important custom clearance certificate which is filled by the importer to get the goods from customs.

4. Letter of credit

The importer must have the copy of Letter of Credit as the proof that the importer paid the money to the exporter for the import goods.

5. Bill of Lading / Airway bill

Both Bill of Lading and  Airway bill are transaction certificates. When you import goods via sea, you need Bill of Lading. When you import goods through air transport, you need Air Waybill.

6. Packing List

Packing list shows the details of import items like list of packing, weight and measurement of the products.

7. Certificate of Origin

It is the important document for import custom clearance which gives the details about the origin (country) of the import products.

8. Cargo Release Order

Cargo Release Order is a document which is known as delivery order. It is given by the carrier (who is bringing goods) to the importer (consignee) to take delivery of goods

10. Inspection Report

SGS (Societe Generale de Surveillance) will check the quality of import goods and it will issue the certificate. It is called Inspection Report.

11. Chartered Engineer Certificate

Professional engineers are called Chartered Engineer. When you want to import old and used machineries and equipments in India, you need Chartered Engineer Certificate. A Chartered Engineer will inspect the equipments and machineries and issue the certificate which contains the details of the original and current value of the machinery and condition of the machinery & its spare parts. It is known as Chartered Engineer Certificate.

When someone needs goods for sale, you can import it from the other country and sell to that person with minimum profit. In import business, there is no risk for importers.

12. Insurance Certificate

When the products come by sea or air, they may get damaged. So all import goods should have the insurance policies.

All these documents need for customs clearance. when you want to take out your imported goods from the custom department all these documents are must.

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