India में Import कैसे करे? Step By Step Process Explained | iiiEM

iiiEM - Export Import Business Training Center

17 Aug 202210:00

Summary

TLDRThis video script provides a comprehensive guide on how to import products into India. It starts with the basics of business registration, obtaining GST numbers, and setting up a current account. The script then delves into obtaining an Import Export Code from DGFT and understanding HS codes for products. It highlights the importance of market research, supplier verification, and compliance with Indian standards and norms. The process continues with customs clearance, payment terms, and supplier verification, emphasizing the need for quality and adherence to norms. The video aims to educate viewers on the entire import cycle in India, including the importance of GST and the role of the Export Promotion Council.

Takeaways

😀 The video is a tutorial on how to import goods into India.
📝 It emphasizes the importance of following the correct steps for importing.
🏢 The process begins with business registration and obtaining a GST number.
👉 It suggests consulting with a chartered accountant for company registration.
💼 Opening a current account in any preferred bank is a necessary step.
🌐 The video mentions visiting the DGFT website for obtaining an Import Export Code.
🔍 It highlights the need to identify the correct HS code for the product being imported.
📦 Discusses the importance of market research and finalizing suppliers.
📋 The script covers the need for testing the product and obtaining test reports and quality certificates.
💡 Advises on checking import duties and GST on the product from the source country to India.
🔑 Recommends verifying suppliers through multinational companies and obtaining an inspection report.
🚢 Talks about the container arrival in India and the process of customs clearance.
🚫 Cautions against making full payments upfront and recommends using an escrow service.
📈 Ends with a reminder to not forget quality norms and the importance of GST registration.

Q & A

What is the primary focus of the video?
-The video focuses on how to import goods into India, including the necessary steps and regulations to follow.
What initial steps must be taken before starting the import process?
-The initial steps include registering a business or company, obtaining a GST number, and opening a current account in a nationalized or private bank.
What is the purpose of obtaining an Import Export Code (IEC)?
-The Import Export Code (IEC) is necessary for anyone looking to import or export goods from India. It is issued by the Directorate General of Foreign Trade (DGFT).
How can one find out the HS Code for their product?
-The HS Code for a product can be obtained online and is essential for identifying the product category and applicable import duties.
What should be done after identifying the HS Code and country of origin for the product?
-After identifying the HS Code and country of origin, the importer should check the applicable import duty and IGST on the DGFT or commerce ministry's website.
What is the role of a supplier in the import process?
-The supplier provides product samples and quotations. The importer should verify the supplier’s credentials and ensure they meet the quality norms and standards.
How can one verify the legitimacy of a supplier?
-A supplier can be verified through various multinational verification companies like Dun & Bradstreet, which provide reports on the supplier’s authenticity.
What steps are involved in the final stages of importing goods?
-In the final stages, the imported goods are inspected for quality and quantity, customs duties and IGST are paid, and the goods are transported to the importer’s location.
Why is it important to follow Bureau of Indian Standards (BIS) norms?
-Following BIS norms ensures that the imported products meet Indian quality standards and are safe for use or consumption.
What is a recommended approach to making payments to suppliers?
-It is recommended not to pay 100% of the amount in advance. Instead, negotiate a payment structure that ensures the supplier's accountability.

Outlines

00:00

📚 Introduction to Importing Goods into India

The video begins with a greeting to the audience on the YouTube channel, SoftReply, and moves on to discuss the topic of importing goods into India. The speaker explains the process, starting with business registration and obtaining a GST number. They mention the need to visit a chartered accountant for company registration and opening a current account in any preferred bank. The video then guides viewers to the DGFT website for obtaining an Import Export Code (IEC), which is essential for anyone involved in exporting or importing goods from India. The speaker also emphasizes the importance of testing products before importing and understanding the Harmonized System (HS) code for the product, which is used for international trade. The video provides a step-by-step guide on how to start importing, including market research and selection of suppliers, ensuring compliance with Indian standards and obtaining necessary certifications.

05:04

🚢 Detailed Steps for Importing Goods into India

This paragraph delves deeper into the intricacies of the import process in India. It covers the requirements for import documentation, including the need for compliance with Indian standards and obtaining necessary certificates such as the Fertilizer Import Certificate. The video script discusses the importance of understanding the norms for importing various products and how to request samples from suppliers to ensure quality. It also touches on the financial aspects, such as calculating import duties and GST, and choosing the right country for importing based on these costs. The speaker advises on supplier verification, suggesting the use of multinational companies for verification to ensure the supplier's authenticity and the quality of the product. The paragraph concludes with a reminder of the three essential things for a successful import cycle: supplier verification, inspection of goods in the container, and careful management of payments to avoid financial risks.

Mindmap

Keywords

💡Import

Import refers to the process of bringing goods or services from one country to another, typically involving international trade. In the video's context, the theme revolves around how to import goods into India. The script mentions various steps and considerations involved in the importing process, such as registering a business, opening a current account, and obtaining necessary codes and certifications.

💡GST (Goods and Services Tax)

GST is a comprehensive indirect tax levied on the supply of goods and services. In the script, it is mentioned as a crucial component of the import process in India. Businesses need to be aware of GST implications when importing goods, as it affects the total cost and is a part of the financial considerations during import.

💡HS Code

HS Code stands for Harmonized System Code, which is an internationally standardized system of names and numbers to classify traded products. The script discusses the importance of obtaining the HS Code for products being imported, as it is used to determine customs duties and taxes.

💡Customs Duties

Customs Duties are taxes imposed on imported goods. The video script explains that understanding the customs duties applicable to the goods being imported from different countries is essential. These duties, along with GST, contribute to the total cost of importing products into India.

💡Registration

Registration in the context of the video refers to the process of officially registering a business or company for the purpose of importing goods. The script outlines steps such as obtaining a GST number and registering with local municipal corporations or chartered accountants.

💡Supplier Verification

Supplier Verification is the process of confirming the legitimacy and reliability of a supplier before engaging in business with them. The script emphasizes the importance of verifying suppliers to ensure the quality and compliance of the products being imported.

💡Product Testing

Product Testing involves evaluating the quality and performance of products to ensure they meet certain standards. In the script, it is mentioned that products should be tested before importing to ensure they meet the requirements and are not counterfeit.

💡Quality Standards

Quality Standards are the criteria or levels of excellence that products must meet. The video script discusses the importance of adhering to quality standards such as the Bureau of Indian Standards (BIS) when importing goods into India.

💡Inspection

Inspection refers to the examination of goods to check their quality, quantity, and packaging. The script mentions that an inspection report is provided after the inspection of the goods in the container, which is crucial for ensuring the products meet the required standards before they are shipped to India.

💡Container Seal

A Container Seal is a device used to secure shipping containers and ensure that the contents have not been tampered with during transit. The video script refers to the container seal as a part of the inspection process, indicating that the seal is checked to verify the integrity of the shipment.

💡Payment Terms

Payment Terms are the conditions under which a seller agrees to sell goods to a buyer. The script advises against making full payment upfront and recommends using payment terms such as Letters of Credit to secure transactions when importing goods.

Highlights

Introduction to the YouTube channel SoftReply and its focus on helping viewers with their queries.

The video discusses the process of importing goods into India, a topic that is becoming less common but still relevant for certain items.

Emphasizing the importance of understanding the import process before starting, to ensure compliance with regulations.

The first step is business registration, which can be done through various methods such as registering a company or obtaining a GST number.

Mention of the necessity to visit a chartered accountant for business registration and opening a current account in any preferred bank.

Instructions on obtaining a Director General of Foreign Trade (DGFT) license for import and export activities.

The need for a Harmonized System (HS) code, which is essential for identifying the product category for import.

Explaining how to find out which countries are involved in disputes over products and how this affects import availability.

The importance of market research and selection, including identifying the origin of products and their availability.

Details on how to calculate import duties and GST, and the factors that affect these costs, such as the country of origin.

Advice on supplier verification, including requesting samples and checking for compliance with Indian standards.

The role of the Export Promotion Council and the importance of understanding different import norms for various products.

Highlighting the need for quality control and the importance of obtaining test reports and quality certificates from suppliers.

Steps to finalize suppliers, including evaluating their prices, quality, and posting capabilities.

Instructions on how to deal with customs once the goods arrive in India, including paying import duties and GST.

Recommendations for ensuring the quality of the product, such as not paying more than 100% advance and verifying supplier details.

The importance of understanding and adhering to the Bureau of Indian Standards (BIS) for product quality norms.

A reminder of the necessity of GST registration and compliance for all import activities.

Conclusion and thanks to the viewers for watching the video, with an invitation to subscribe for more informative content.