As the world becomes local, cross border trade is fast becoming a lucrative business. Exporting locally manufactured goods which are competitive in terms of price and comparable with respect to quality can yield significant profits. The margins for selling goods procured in INR and sold in USD can be huge for any business. The Government of India in order to improve the ease of doing business has now made exporting as easy of possible. Yet you would need a range of documents considering several entities and agencies from two different countries are involved.
Well, this is one of the three compulsory documents required for exporting from India. Airway bill is the receipt issued by the airline carrier once the goods are received by them, whereas the bill of lading is the similar receipt issued by the sea cargo carrier. This serves as evidence that you have handed over the goods to the carrier. You may be required to submit this to your bank if the terms of payment involve Letter of Credit.
This is required to get the clearance of your goods from the shipment. Irrespective of the weather you are shipping via air, sea or road, you need to obtain the Shipping Bill without which you cannot load your goods. The electronic filing of Shipping Bill can be done on the platform Indian Customs Electronic Gateway (ICEGATE). It has to be submitted in a prescribed format along with other applicable supporting documents.
One of the crucial export documentations is the commercial invoice and the packing list. You need to clearly mention the selling price of goods being exported. The packing list may be used by the customs agent to verify the contents of the shipment. Some of the required details of the packing list include details of the consignor as well as consignee, purchase order number, invoice number, the port of loading, place of delivery, terms of delivery, description of goods, etc.
As per the Foreign Trade Policy (FTP) 2015 – 2020, these are the three mandatory documents required for exports from India. However, there are other documents which could be part of your export documentation on case to case basis.
Issued by the exporter to give all the details about the price, payment terms, delivery dates to the buyer.
This is a notarized affidavit which confirms the place of origin of the goods. This may be required depending on the goods being shipped.
Issued by the buyer’s bank which confirms that the seller will be paid by the bank at the end of the credit period.
This is required if the goods are being dispatched overseas. This will cover any loss or damage to goods until it reaches its destination.
The buyer may insist on a quality inspection of the goods to ascertain the condition of the goods before being shipped.
Export documentation is not a simple process as it varies widely based on the products, country of origin, destination country, your relationship with the buyer, mode of shipment, and many other factors. Our export management software is made to automate the entire process from inventory management to documentation making it easier and hassle-free for you to complete all the required documentation. We take care of your export documentation, so you can focus on your core business.