I am planning to import electronics good to India (from China,UK,USA etc).But I don't know the tax details,legal matter here in India or abroad.Plz help me !
Hi First you should set up a business and name it. The business may be sole proprietor, partnership or limited company. If you a beginner or this is one time venture I wont suggest setting up a company. FOr your information, setting up a company would cost you anything upwards of Rs 12000, depending upon some factors as paid up share capital and so on. Second, after you have decided on above, ensure you have applied for Permanent Account Number (PAN) if not already done. If you need any info on this, you can again leave a message here Third, Go to a banker where you have a bank account and ask him about procedures to establish an Letter of Credit (LC). There can be many terms of payment for LC such as payment at sight or after 45 days and so on , please decide accordingly. Fourth, Are you sure about the quality of goods offered by Chinese seller? Would you like to have pre-shipment inspection there ?if you want to know more about such inspections, pl click on link here. Fifth, Locate a custom clearing agent near you who operates at the port of landing. This is not essential and you may do it yourself, but these services are not expensive and would help you in getting properly assessed for custom duty purposes I hope this should help you, if you have any more concerns, pl leave a message, may be i would be able to help
I've been in China for six years and could help you with inspections as well as sourcing and help give you quotes for expected tariffs implemented by the Indian customs before you make your deals.