India Imports and Exports business

India Imports and Exports business

India Imports and Exports business

Indian Imports

In the terms of finances, import is any commodity brought into one country from another country in a legal way. The economic needs of the country, effective use of foreign currency are the basic factor which influences India's import policy. Import of goods means bringing into India of goods from a place outer India .The term import is derived from the conceptual meaning as to bring in the goods and services into the port of a country. The buyer of such goods and services is referred to an importer who is based in the country of import whereas the out of the country based seller is referred to as an exporter. The main goods imports to India are machines, medicines, oil and wines.

Indian Exports

Goods and services that are produced domestically and sold to buyers in another country. Export means to carry or send abroad, or out of a country, especially to foreign countries. It is the opposite of import. India has developed over the years to become a key player in the export of leather goods, sugar and accessories among the major export products of India.

India's Trade Policies

The category of Import tax in India include basic duty which is zero for certain import items, however, the maximum basic duty imposed on an imported item is 65 %.import Tax in India also includes tariffs that are applied to foreign goods. Tariffs are charged by customs official to allow the landing of the imported goods in the port. Customs Duty is a type of indirect tax levied on goods imported into India as well as on goods exported from India. Taxable event is import into or export from India. India's trade policies have generally been coordinated with its overall economic policies. Prior to the economic reforms of the 1990s, India utilized a fairly comprehensive import licensing system to control the import of goods. The import of a number of products was banned. With the advent of the economic reforms, India started a gradual process of transforming its import control mechanisms from quantitative restrictions to a tariff based system that favored the import of some types of products, but restrict the Import of other types of products. A side effect of the change in trade policy was the rising importance of import tariffs for India's federal budget. Over the last few years, India has been simplifying its import policies bylowering tariffs, reducing the variation in tariff rates, and eliminating importlicensing requirements. Two product categories that remain exceptions to India's tariff reduction and simplification are textiles and clothing.

All packaged commodities import into India shall carry the name and address of the importer, net quantity in terms of standard unit of weights dealings, month and year of packing and maximum retail sale price including other taxes. In case any of the conditions is not fulfilled, the import of packaged products shall be held as prohibited.

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