As eCommerce has broken geographical boundaries, a significant part of it requires shipping to international locations. However, international shipping may come with some catches. There may be instances when you may need to pay more due to hidden fees and costs. As such it is always good to have an idea of these hidden fees and come up with strategies to reduce them.
The government of India has introduced the Goods and Services Tax (GST) across the country. This has been done to increase revenue and also make the whole taxation process more flexible. As exports and import trade ranks among the important revenue generators in the country, it remains to be seen who this new tax system has impacted the sector. As a trader, once you applied for it, you may want to know the different schemes available under the GST scheme, the tax filing and refund process and lots more. The government has already shared some notification regarding the same so that businesses get the information that they are looking for.
The economy of India is one of the fastest growing economies in the world. As a part of the economic reforms, a number of economic policies have been taken which have led to the gradual economic development of the country. Under the reforms, there has been an initiative to improve the condition of exports to other countries. With this regard, the government has taken quite a few initiatives to benefit businesses that are in the export trade. The main objective of these benefits is to simplify the whole export process and make it more flexible. On a broader scale, these reforms have been a blend of both social democratic and liberalization policies.
The world has evolved to become a global village and to ship your products to your customers oversees in not a distant dream anymore. However, it is important to follow certain steps to experience a seamless transaction. Therefore, while it is a good milestone for your business, ensure that you take the right steps to avoid any unforeseen hiccups. Follow these steps for a smooth international shipping experience:
Whenever any kind of merchandise is imported into the country or exported from it to other regions, an indirect tax is levied on the products, and every country has different rules and policies for implementing it. The customs duty charged in India is defined under the Customs Act, 1962 and the Central Board of Excise & Customs (CBEC) is the regulatory body responsible for formulating the policies and measures regarding it.