Do you import goods for resale or manufacture in India?
You can't afford to ignore this.
Meet 𝘙𝘢𝘮𝘦𝘴𝘩, a business owner who thought importing was complicated and costly.
But he discovered strategies that simplified the process and 𝗯𝗼𝗼𝘀𝘁𝗲𝗱 𝗵𝗶𝘀 𝗽𝗿𝗼𝗳𝗶𝘁𝘀📈.
Here’s how he did it:
𝟭. 𝗠𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗶𝗻𝗴 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 – 𝗜𝗺𝗽𝗼𝗿𝘁 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗗𝘂𝘁𝘆
Ramesh learned how to 𝗶𝗺𝗽𝗼𝗿𝘁 𝗿𝗮𝘄 𝗺𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝘀 𝗮𝗻𝗱 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗴𝗼𝗼𝗱𝘀 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗽𝗮𝘆𝗶𝗻𝗴 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗗𝘂𝘁𝘆 by using:
🏗️ 𝘔𝘢𝘯𝘶𝘧𝘢𝘤𝘵𝘶𝘳𝘦 𝘢𝘯𝘥 𝘖𝘵𝘩𝘦𝘳 𝘖𝘱𝘦𝘳𝘢𝘵𝘪𝘰𝘯𝘴 𝘪𝘯 𝘞𝘢𝘳𝘦𝘩𝘰𝘶𝘴𝘦 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯𝘴 (𝘔𝘖𝘖𝘞𝘙)
📦 𝘚𝘱𝘦𝘤𝘪𝘢𝘭 𝘌𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘡𝘰𝘯𝘦 (𝘚𝘌𝘡) 𝘢𝘯𝘥 𝘌𝘹𝘱𝘰𝘳𝘵-𝘖𝘳𝘪𝘦𝘯𝘵𝘦𝘥 𝘜𝘯𝘪𝘵 (𝘌𝘖𝘜) 𝘴𝘤𝘩𝘦𝘮𝘦𝘴
🤝 𝘍𝘳𝘦𝘦 𝘛𝘳𝘢𝘥𝘦 𝘈𝘨𝘳𝘦𝘦𝘮𝘦𝘯𝘵𝘴 (𝘍𝘛𝘈𝘴) 𝘸𝘪𝘵𝘩 𝑚𝑎𝑛𝑦 𝑐𝑜𝑢𝑛𝑡𝑟𝑖𝑒𝑠 𝑖𝑛𝑐𝑙𝑢𝑑𝑖𝑛𝑔 𝘵𝘩𝘦 𝘜𝘈𝘌, 𝘈𝘶𝘴𝘵𝘳𝘢𝘭𝘪𝘢 (𝘢𝘯𝘥 𝘱𝘰𝘵𝘦𝘯𝘵𝘪𝘢𝘭 𝘧𝘶𝘵𝘶𝘳𝘦 𝘢𝘨𝘳𝘦𝘦𝘮𝘦𝘯𝘵𝘴 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘜𝘒).
𝟮. 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 – 𝗪𝗼𝗿𝗸𝗶𝗻𝗴 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁
By leveraging a 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗕𝗼𝗻𝗱𝗲𝗱 𝗪𝗮𝗿𝗲𝗵𝗼𝘂𝘀𝗲 (𝗖𝗕𝗪) 𝗼𝗿 𝗙𝗿𝗲𝗲 𝗧𝗿𝗮𝗱𝗲 𝗮𝗻𝗱 𝗪𝗮𝗿𝗲𝗵𝗼𝘂𝘀𝗶𝗻𝗴 𝗭𝗼𝗻𝗲 (FTWZ), Ramesh deferred Customs Duty payments by up to 90 days or even 5 years—offering crucial flexibility ⏳.
𝟯. 𝗠𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗶𝗻𝗴 𝗼𝗿 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 – 𝗦𝗽𝗲𝗲𝗱𝘆 𝗖𝗹𝗲𝗮𝗿𝗮𝗻𝗰𝗲 𝘄𝗶𝘁𝗵 𝗔𝗘𝗢:
Through the Authorized Economic Operator (AEO) scheme, Ramesh enjoyed faster clearances and benefits like waivers on bank guarantees 🚀.
𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗧𝗶𝗽𝘀:
1.🛠️ Classification issues? Ramesh used 𝗣𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻𝗮𝗹 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 or paid Customs Duty under protest and appealed the 𝗕𝗶𝗹𝗹 𝗼𝗳 𝗘𝗻𝘁𝗿𝘆 (𝗕𝗢𝗘).
2. 💸 Paid Excess Customs Duty? He amended the BOE or filed an appeal to 𝗿𝗲𝗰𝗹𝗮𝗶𝗺 𝘁𝗵𝗲 𝗲𝘅𝗰𝗲𝘀𝘀.
3. ❓ Uncertain about Customs classification or duty rates? 𝗔𝗱𝘃𝗮𝗻𝗰𝗲 𝗥𝘂𝗹𝗶𝗻𝗴𝘀 offered clarity.
4. 📄 For imports at concessional rates or nil rate, Ramesh complied with 𝗜𝗺𝗽𝗼𝗿𝘁 𝗼𝗳 𝗚𝗼𝗼𝗱𝘀 𝗮𝘁 𝗖𝗼𝗻𝗰𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗥𝗮𝘁𝗲 (𝗜𝗚𝗖𝗥) Rules and filed the necessary intimations/returns.
5.💻 He also updated payments in the 𝗜𝗺𝗽𝗼𝗿𝘁 𝗗𝗮𝘁𝗮 𝗣𝗿𝗼𝗰𝗲𝘀𝘀𝗶𝗻𝗴 𝗮𝗻𝗱 𝗠𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴 𝗦𝘆𝘀𝘁𝗲𝗺 (𝗜𝗗𝗣𝗠𝗦) to avoid complications under Income Tax law and FEMA.
By leveraging these schemes, Ramesh 𝗯𝗼𝗼𝘀𝘁𝗲𝗱 𝗽𝗿𝗼𝗳𝗶𝘁𝘀 💰 and 𝘀𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲𝗱 𝗵𝗶𝘀 𝗶𝗺𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗽𝗿𝗼𝗰𝗲𝘀𝘀 🛠️.
Could these tips help 𝘺𝘰𝘶𝘳 business too?
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