BASIC CHECK ON CUSTOMS

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What is the Importer Exporter Code (IEC)?

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The IEC is a unique identifier for businesses engaged in international trade, essential for compliance with trade regulations.

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Why is the IEC important for international trade?

Back

The IEC is essential for compliance with international trade regulations, enabling legal import and export activities.

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What are the categories of duties imposed on imported goods in India?

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Basic Customs Duty, Integrated Goods and Services Tax, Countervailing Duty, and other levies.

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What is the role of the Directorate General of Foreign Trade (DGFT) in India?

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The DGFT oversees the licensing and policy framework for both imports and exports, ensuring compliance with international trade agreements.

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What is a key requirement for obtaining an Importer Exporter Code (IEC) in India?

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Having a registered business entity with a unique identification number.

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What is the Bill of Entry in customs procedures?

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The Bill of Entry is a document required for customs clearance of imported goods.

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What is the significance of customs duties?

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Customs duties are taxes imposed on imported goods, affecting pricing and trade balance.

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What is the purpose of the Integrated Goods and Services Tax (IGST)?

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IGST is levied on the supply of goods and services, including imports, to ensure seamless tax flow.

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What is Countervailing Duty?

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Countervailing Duty is a tariff imposed to counteract subsidies provided to foreign producers.

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What is the role of customs clearance?

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Customs clearance is the process of obtaining permission to import or export goods, ensuring compliance with regulations.