Ex works (EXW) and free on board (FOB) are both international trade terms, known as Incoterms that dictate the responsibilities of buyers and sellers, including which parties are required to cover all costs and arrangements related to the shipping of goods. With ex works, the seller is not obligated to load the goods on the buyer’s designated method …
Export procedure & documentation required
In this export blog, We will discuss export documentation process for export. We will also discuss how to get shipping documents for export in this export blog. We will discuss all export rules and regulations.
There is a rbi guidelines for realisation of export proceeds also have dgft guidelines and regulation of export trade. Besides, There are gst rules for export and also have gst export invoice rules.
Firstly, you have to do import export code registration.
Documents required for export import license
1. You should have a Cancelled Cheque with Entity’s or Individual’s name pre-printed on it.
2. You should have sale deed, rental/lease deed, electricity/phone bill for address verification
3. Current Bank Account Details
4. Company’s or Individual’s copy of PAN Card
5. Individual’s voter id or Aadhaar card or passport copy
6. Individual’s or company’s or firm’s cancel cheque copy of current bank account.
Another documents are below:
Proforma invoice : A proforma invoice looks like a commercial invoice. A proforma invoice includes the following:
1. Details of buyer and seller.
2. Description of the goods.
3. The Harmonized System classification of products.
4. The price of products
5. The payment term.
6. The delivery details including how and where the goods will be delivered.
Commercial invoice : The commercial invoice includes all details of export.
Packing list : Packing list is details of a packing for your shipments.
Certificate of origin : A certificate of origin for your shipments in order to identify in what country the goods originated. In addition to the certificate of origin, there is also country specific certificates of origin.
Shipper’s Letter of Instruction :
Bills of Lading : There are three common bill of lading are inland, ocean, and air waybill.
An inland bill of lading is the first transportation document required for international shipping for your export.
When goods is shipping in air, require an air waybill.
If your goods are shipping by sea, require an ocean bill of lading.
Letter of undertaking : All registered tax payers who export the goods or services will now have to furnish Letter of Undertaking in order to make exports without payment of IGST in GST RFD-11 form on the GST portal. Therefore, Letter of undertaking has to be filed before exporting the goods or services.
Free On Board (FOB) is a shipment term used to indicate whether the seller or the buyer is liable for goods that are damaged or destroyed during shipping. “FOB shipping point” or “FOB origin” means the buyer is at risk and takes ownership of goods once the seller ships the product. For accounting purposes, the supplier should record …
Ex works (EXW) is an international trade term that describes when a seller makes a product available at a designated location, and the buyer of the product must cover the transport costs. Ex works (EXW) is one of the 11 current Incoterms (International Commercial Terms), a set of standardized international trade terms that are published by the International Chamber of Commerce. …
Incoterms are a set of 11 international rules which define the responsibilities of sellers and buyers. Incoterms specifies who is responsible for payment of the shipment, customs clearance, documentation insurance and other logistical activities. For all modes of Transport EXW – Ex Works Ex works is an trade term internationally which describes when a seller makes a product …
Roll back MEIS incentive in new export-import policy The Commerce Ministry is considering a recast of export incentives. Ministry is expecting to roll back the Merchandise Exports from India Scheme (MEIS). Apparel exporters are very concerned about it. it could be a part of a new export-import policy. The current policy is also expiring in …