How Customs Data is Useful for Trading?

How Customs Data is Useful for Trading?

How Customs Data is Useful for Trading?

The world economy has been continuously reaching new heights and the reason for it is the bilateral international trading going on across the world. Traders have to pay Customs duties, excise duties, taxes on the goods imported and exported. Certain firms are responsible for administering the levy and collection of these duties and taxes. To ease outthe complications and security regulations faced by the traders while paying these duties and taxes, various companieshave provided online facilities like import export data. The Customs Data available online, gives all the necessary information regarding the taxes and duties levied.

The customs data consists of Indian export import data, global trade data, Indian custom duty, DGFT, central excise, service tax, RBI, trade resources and latest notifications. The data is collected, cleaned and converted in RDBMS Format (Relation Data Base Management System) and stored in Microsoft SQL Server Database. The traders just need to fill up a form for the registration on the websites of the companies who provide this foreign trade data. Rest all depends on them for monitoring of goods imported and exported. Online filing of import export declarations is provided along with a facility for checking its status. They provide easy services and guidance to the people and simplify the central, Customsexcise processes along with fighting fraud and ensuring national security.

The online customsdatabase is properly maintained by the firms and is updated on regular basis. They even provide a unique login ID to the exporters and importers. These traders can access their login ID anytime anywhere for the help and assistance granted by the online firms. Thus, the importer exporters save their valuable time and don't have to run after agents who give incomplete and inadequate data. It helps in making trading process very transparent and facilitates a particular trader to pay his taxes and duties easily, thus making the business easy, authentic and foolproof.

As there are many products which are imported exported, the online trade data has been differentiated in categories for all of them. Some of the goods are like animal products, vegetable products, chemical products, mineral products, textile, base metals, vehicles and aircrafts, miscellaneous manufacture articles, etc. The data can be further categorized in Custom Duty Sub Heading with sub heading codes and sub heading descriptions. A centralized network maintains the information of online database. It navigates import export rules and notifications, excise duty savings opportunities, trade analysis, risks saving, etc.

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