Import and export businesses in India are regulated by various trade laws, customs rules, and international standards. Proper documentation is essential not just for smooth shipment, but also for compliance with the Foreign Trade Policy (FTP), Customs Act, 1962, GST laws, and DGFT guidelines.
At Tax Craft Services, we provide end-to-end support for Import-Export Code (IEC) registration, compliance documentation, shipping procedures, GST filings, DGFT representations, and more—ensuring that your international business runs legally, smoothly, and profitably.
| Law/Authority | Purpose |
|---|---|
| Foreign Trade (Development & Regulation) Act, 1992 | Regulates import-export licensing, IEC, and DGFT policies |
| Customs Act, 1962 | Governs duties, import-export clearance, and compliance |
| DGFT – Directorate General of Foreign Trade | Issues IEC, licenses, and governs FTP schemes |
| GST Act | Applicable on imports & exports under IGST with refund & LUT options |
| RBI & FEMA Guidelines | Manage foreign currency payments and receipts |
| Offence | Penalty |
|---|---|
| Import/export without IEC | Seizure of goods + penalty under Customs Act |
| Misdeclaration of goods or value | Fine up to 100% + prosecution |
| Non-filing of GST/ICEGATE returns | Penalty ₹5,000 + interest on refund delay |
| Late LUT application | IGST payment mandatory until approved |
| Incorrect HSN code or invoice | Rejection of refund/ITC + demand notice |