There's much to do once the import of product is done. Connect2India helps its clients to get these post-import processes done with more efficiency, like- documentation required after import, products distribution and warehousing, promotion, financial activities and payment terms etc.
Post import consultancy provided by Connect2India involves the guidance on many important phases like drawback of import, refund, attending to demand notices by showing causes of drawback, helping in procedures required for endues & export obligation. Also we help our clients in adjudication procedures, foreign exchange remittance and related issues. Following are the details about each part-
A drawback is a mechanism according to which customs has to make importer to get the refund of duty, he has paid when at the time of import of goods. He only gets the refund when he has exported or destroyed the imported products. So, if a business want to export the products it previously imported with customs duty paid, can get a refund of that duty, possibly. There're some conditions like availability of proof that products has been exported or destroyed and the duty was paid when goods were imported. Most often bill of sale is used as the solid proof. The process of filing for drawback can be lengthy and also the refund of duty could go longer. The claiming for drawback can't be made without export proof. Our team helps the importer/exporter in understanding the required procedures and filing for drawback. With right guidance importer can get the refund on duty on time.
Refund of customs duty is possible in certain circumstances. Border protection & customs go through a complete audit and can find the sanctions where any correction may required in the processed refund application. An individual firm can apply for the refund of customs duty and taxes paid on imported products if it faced the any circumstance given in customs regulations 126B, 126C and 126D. The particular refund reason codes are used to apply to each regulation. An application for refund must meet the conditions given in these regulations. Most possible cases when it is applied can include the damage of products, lost, stolen or exported. Also there's a fixed time period under which one can apply for it (mostly under 14 days of release from customs). For study of complete related details one can move here
We provide the proper guidelines and help to clients in processing their enquiries about eligibility required for refund and make them follow a right procedure which could save them lots of time and efforts.
Importer can import goods for pre production or production of machinery and other kind of products at zero duty under the Export Promotion Capital Goods (EPCG) scheme. This exemption from government is subjected to an export obligation of 6 times of duty saved which is required to be fulfilled in 6 years. This export obligation is required to fulfill by the sales/export of manufactured products by the applicant. They are of two types- average and specific average. As the names suggested both are differ in the time periods given for the fulfillment. Complete details can be found here
We help our clients during the completion of procedure for export obligation by providing them proper guidelines of timely reporting on project fulfillment and other important points.
We help our customers in attending to show cause and demand notice. A show cause notice specifies the amount of duty or interest. Show cause notice requires the person to show the causes for which duty or interest shouldn't be demanded from him. We provide the proper advice for extending the limitation specified before the demand.
Connect2India provide consultancy for adjudication and appeal procedures which is required against the written decision by revenue commissioners in relation to customs matter covered by the customs legislation of that country. These matters may include the customs duty paid or payable, refusal of exemption from payment of customs duty, amount of customs duty etc. We help the firm in making proper approach for appeal process. We consult in setting out the basis of appeal and documentation required and forwarding to the right person. The appeal should be forwarded within 30 days. There may be demand of additional information or assistance. Appeals for repayment of customs duty should be in the accordance with the provisions of customs code.
Our team is well aware with liberalized remittance schemes available currently, about which we could provide the proper consultancy. We help our clients with the information about proper documentation required in import remittances like copy of customs attested invoice, exchange control copy of bill of entry and import license etc. The bank remits the foreign currency to the suppliers with a charge on converted currency. Once the exchange control copy of license is used, its surrendered to the banker. We recommend the acknowledgment by bankers through a photocopy of license. We guide the procedure for its completion within the time limit which is mostly 6 months maximum from the day of shipment.