Import/ Export Solutions
Due to technology’s current ever-expanding growth rate, global trade is easier and more efficient than ever. However, before any sort of importing or exporting can take place a business needs to follow certain procedures that allow for the proper development of the business and its potential trading partners.
Our Solutions
IEC Code
An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted. IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has a lifetime validity. Henceforth (with the implementation of GST), PAN of an entity will be used for the purpose of IEC, that is IEC will be issued by DGFT with the difference that it will be alpha numeric (instead of 10 digit numeric at present) and will be same as PAN of an entity.
Export with/without taxes
There is no incidence of the tax (net effect) in a case where an exporter exports goods/services from India. Under GST regime, the exporter has either of the two options: Export under bond without payment of tax. Export along with tax payment and claim refund later. The current Indian government has an aim of increasing the output and the quality of exports from India as portrayed by the “Make in India” policy, and the many tax benefits provided to the exporters. GST rolled out on July 1 and yet there is still some ambiguity among the exporters on the possible impact of the new regime on this industry. Traders want to know how GST will affect the products exported, and the amount of tax paid on the raw material/input used.
Remittance Solutions
A Remittance is a transfer of funds to another bank account, sent as a payment or a gift. A remittance refers to a money transfer that is sent as a payment or gift to another party. You may send a payment remittance to meet a bill or invoice obligation. Remittances are funds transferred from migrants to their home country. They are the private savings of workers and families that are spent in the home country for food, clothing and other expenditures, and which drive the home economy. A remittance solution can help financial institutions enhance customer relationships and grow valuable fee-based revenues and deposits, but building and maintaining the solution in-house can require major capital and staff expenditures
Customer Clearances
Customs clearance is the act of taking goods through the customs authority to facilitate the movement of cargo into a country (import) and outside the country (export). Customs clearance work involves preparation and submission of documentations required to facilitate export or imports into the country, representing client during customs examination, assessment, payment of duty and co taking delivery of cargo from customs after clearance along with documents.
Import Draw Calculations
Imports are the goods and services that are purchased from the rest of the world by a country's residents, rather than buying domestically produced items. Exports are goods and services that are produced domestically, but then sold to customers residing in other countries. Exports lead to an inflow of funds to the seller’s country since export transactions involve selling domestic goods and services to foreign buyers.
Duty Draw Back
Duty drawback is the refund of Customs duties, taxes and fees paid on imported items that are matched with subsequently exported or destroyed items. The modernization of drawback regulations has created new opportunities for companies to secure refunds. These new opportunities can be found by exploring not only imports and exports but also manufacturing, supply-chain movements, domestic sales, and purchases and in and out of network supply-chain sales. The increase of new drawback scenarios also increases the need for a highly compliant drawback program that uses state-of-the-art technology, in depth analytics and personnel.
