9911796707
TMI BlogMerger of Commercial invoice and packing list for Import/Export of GoodsX X X X Extracts X X X X X X X X Extracts X X X X ..... Merger of Commercial invoice and packing list for Import/Export of Goods - By: - Naveed S - Customs - Import - Export - SEZ - Dated:- 14-1-2015 - - Merging of Commercial invoice and packing list The Central Excise and Customs Board have recently issued a Circular No. 01/15-Customs dated 12.01.2015 proposing for Merging of Commercial Invoice and Packing list documents at the time of impo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt/export of goods. The intention of the new Government for such merger is to reduce and simplify the number of mandatory documents that are required at the time of import and export of goods. The main para of the said Board Circular is as under:- 2. As per the extant Customs procedures for both import and export, an importer / exporter is required to submit a commercial invoice and packing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... list along with the Customs declaration form viz. Bill of Entry/Shipping Bill. Both commercial invoice and packing list are critical for Customs purposes as the former evidences the value of the import/ export goods while the latter facilitates examination of goods for ascertaining correctness of duty and quantity. However, there are many identical data fields in a commercial invoice and packing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... list. Therefore, an exercise was undertaken to explore the feasibility whether these documents can be merged into one document, which would have the advantage of reducing the total number of documents to be submitted to Customs with resultant benefit to trade. In this regard, it is seen that the following data fields / information are invariably contained in a packing list (other than the common d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ata fields / details of commercial invoice): Description of Goods; Marks and Numbers; Quantity; Gross Weight; Net Weight; Number of Packages; Types of Packages (such as pallet, box, crates, drums etc.). 3. The Board has decided that as a measure of simplification, in case an importer/exporter submits a commercial invoice cum packing list that contain above m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entioned data fields / information in addition to the details in a commercial invoice, a separate packing list should not be insisted upon by Customs. However, the option should be given to the importer/exporter to do so. In other words, for Customs purposes a commercial invoice cum packing list (with details of marks and numbers as mentioned in para 2 above) would suffice but if importer/exporter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... desires to give a separate packing list for some reason, the same would also be accepted, as at present. The simplification of the import/export document as mentioned above is a welcome step in the right direction by the new Government. There has also been report in the news and media that Govt. proposes to plan various measure to be implemented till 31 st March 2015 pertaining to such reduc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion in the number of document for import and export and also for DGFT, as detailed below :- Govt mulling reducing no. of export documents In order to make it easier to do business in India, the Revenue Department is reportedly working on reducing the number of documents required for exports from five to three. The aim is to merge the packing list and commercial invoice so exporter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s are left with just three mandatory documents - bill of lading, commercial invoice and shipping bill - to submit. As for imports, efforts are being made to reduce the mandatory documents from seven to four, according to a report. The DGFT also intends bringing online the Import-Export Code (IEC) and cargo release order. The department has been asked to implement the change by March ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31, it is learnt. Source: Exim News Service: NEW DELHI, Jan. 8 The above move for Merger of the Commercial Invoice and Packing List is part of the Government effort to make it easier to do business in India and in line with Directorate General of Foreign Trade's recommendation in the 'Trade Across Borders' report. This measure will put India alongside the US, Canada, Japan, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Singapore and the UAE in the club of nations that require just three export documents . - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
