Archive | October 2013

International Trade Resources and Import Export Data

Cybex Exim Solutions is the leading Import export data provider in India. They provide the highest level of data & service quality to its customers and place an utmost importance on maintaining long term association with its clients. Their core strength lies in their team of professionals having utmost expertise in data mining, data banking and data analysis to ensure customized data solutions for its clients. It also provides free International Trade Resources like ISD Codes, Port Codes, Country code, Currency code, unit quantity code, Indian port list, Exchange rates, Inco terms, Foreign Embassies in India, Indian Embassies abroad, and Export Promotion Council.

ISD Code- International Standard Dialing Codes Directory Free Online Search. You need to use it as a prefix to an international number.
Port Codes- Indian Customs ports can be located near airports, seaports, and land border crossings. Port codes help identify the port’s name.

Country code- Country codes are short alphabetic or numeric geographical codes which help in identifying a country.

Currency code- Currency code list is used in banking and business globally. Three character alphabetic and three digit numeric. It’s used internationally to distinguish one currency from another.

Exchange Rate: – Exchange Rate is the rate at which one currency is exchanged for another. It is also regarded as the value of one country currency in terms of another currency. We also provide latest currency news, currency conversion and exchange rate.

INCOTERMS: – Inco terms are a series of international sales terms published by International Chamber of Commerce. These are accepted by governments, legal authorities and practitioners worldwide for the interpretation of most commonly used terms in international trade.

Foreign Embassies and Consulates in India: – The official residence or offices of an ambassador, the staff working in such a building. We provide all the details (Address Details) of Foreign Embassies

International Trade Data. Data of 90+ Indian Ports. Data from Cybex has been an excellent analytical tool for taking crucial managerial decisions for the Exim community. Cybex has been instrumental in helping its clients to grow their business by providing thorough insight about the trade scenario in their industry. Cybex is a one stop shop for Export Import Data India.

Indian Custom duty and how to optimize your custom duty

Customs Duty is a form of indirect tax which is imposed every time goods are imported from the other country or Exported from India to some other country.

Customs Act 1962 is the basic law governing the collection of custom duty in India. It lays down the detailed guidelines for imposing and collection of custom duty on imports and exports, import-export procedures, prohibitions on import and export of goods etc.

Central Board of Excise & Customs (CBEC) is the apex government body for customs related matters. It is a part of the Department of Revenue which works under the Ministry of Finance. All the policy matters concerning levy of customs and excise duties, prevention of smuggling, narcotics and evasion of duties etc are taken care of by CBEC through its various regional Offices.

Objectives behind imposing Custom Duties:
Among the various reasons for levying Indian Custom Duty, the following are the major ones:

• Conservation of foreign exchange by restricting the imports of goods.
• Protection to our domestic Industry from overseas competition.
• Regulating imports and exports of goods to attain the policy objectives of the Government.
• Controlling the Imports and exports of commodities, especially restrictive and prohibited goods.

There are 3 ways of levying Customs Duty on goods:

1. Specific Duties: – Specific custom duty is a duty levied on each unit of quantity of product imported or exported from India. For example, Rs.50 on each square meter of cloth imported or Rs.1000 on each LCD set imported. In this method of imposing the duty the value is immaterial.
2. Advalorem Duties: When a custom duty is levied as a percentage on a value of goods Imported or Exported it is called Advalorem duty. An example would 10% of the F.O.B. value of goods imported. In this case, quantity of goods imported or exported is not taken into consideration but the emphasis is paid on the value of commodity imported or exported.
3. Compound Duties: – Sometimes custom duty is levied as a combination of specific and advalorem custom duty. In this case both Quantity and Value is taken into consideration to calculate the duty. For example, 10% of total F.O.B. value plus 10 rupee per unit of quantity of goods imported.

The Harmonized Tariff System (HTS) provides duty rates for all the commodities whether exported or imported. HS code is of 8 digit level and each 8 digit HS code denotes a particular type of commodity. Against each 8 digit HS code custom duty is fixed.

Export Import Data India and Indian Export Data are readily available in the market nowadays and are a reliable source to check the custom duty on your products. It helps you to optimize the custom duty payable on your products by choosing the right HS classification used by other importers to import the goods. By choosing the right HS classification/ product description you can save on the custom duty and become more competitive in the market. It also helps you to see the overall market scenario for your products whether you are an Importer or an exporter, it can serve as one of the cheapest but most strategic decision making tool for your organization.