There’s no waiver or reduction available to businesses using individual guarantees (transaction specific guarantees). Businesses that would like to benefit from a guarantee waiver or reduction will need to apply for a comprehensive guarantee. Customs will assess the business eligibility for a waiver or reduction. If successful the guarantee requirement may be reduced to 50%, 30% or a waiver for potential debts. The customs duty deferment guarantee may be reduced to 30% for AEOC businesses. If you hold an AEOC certificate you’ll be eligible to benefit from a 0% guarantee for potential debts and a reduction to 30% guarantee for the deferment account.
One needs to have a customs warehouse to store goods, and for this, you must be an authorised warehouse-keeper. To qualify as a warehouse-keeper, your business must:
Each import shipment must be bonded, so that it can receive its correct duty and fees by the Govt. of India. All domestic and international shippers prefer to have bounded contracts to cover all shipments that need to be arranged. We provide you with best package delivery and transportation services at your doorstep.
You can find the links below to get detailed information on how to categorise your goods. You can also use the terms below for describing your products:
The Import Control System (ICS) is an automatic import system which helps in encouraging imports and enhances the import procedures further. Next, in order to ensure safety and security mentioned in the Customs Code mentions that carriers - or their authorised representatives - lodge electronic entry summary declarations (ENS) at the first (air)port of entry into the customs territory at a prescribed time ahead of the arrival of the goods importantly, even if the delivery of goods is done outside India. Further, member states are certain to perform risk analysis based on the ENS information and make risk profiles, and forward the information to subsequent ports or airports for the vessel or aircraft’s journey.