A STUDY ON CUSTOMS CLEARANCE WITH REFERENCE TO SREE EXIM SOLUTIONS

Paper ID: EIJTEM_2023_10_4_66-99

Author's Name: Ms. V. K. Elavarasi, Dr. Deepa Rajesh, Adalbert Fernandez, Safeen Feeders, Hajay S

Volume: 10

Issue: 4

Year: 2023

Page No: 66-99

Abstract:

The process of customs clearance sree Exim solutions goods starts with the filing of a shipping bill and the ensuing activities around it. However, before you (as an exporter) try to get customs clearance for your goods, you must satisfy a few prerequisites. The primary prerequisites are the import export code, Authorized foreign exchange dealer code, current account for the credit of duty drawback, and license for export under export promotion scheme. Customs clearance is a necessary procedure before goods can be imported or exported internationally. If a shipment is cleared, then the shipper will provide documentation confirming customs duties that are paid and the shipment can be processed. Every imported goods should paid the customs duty. Customs duty is a kind of an indirect tax that is imposed on every imported goods. For example last week also we import Tractor tyre from sri lanka so that tyres having some percentage of tariff, so we paid that customs tariff. And also these goods coming under HS code. Once cleared, the shipper is provided with a document that confirms that all customs duties have been paid and that the shipment of goods may proceed. A freight forwarder will usually handle the customs clearance process, but you may also choose to hire a customs broker. A tariff is a tax imposed by a government of a country or of a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry.

Keywords: borders, tariff and import

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