What are the DGFT Services? Why do you need DGFT Services? What are the benefits?
When you are entering or thinking of entering into an import-export business, you ought to know about DGFT services. DGFT is solely responsible for the incorporation and implementation of the Foreign Trade Policy. The main objective is about promoting India in the export market.
What exactly is DGFT?
Stands for Directorate General of Foreign Trade, DGFT is mainly the agency of the Ministry of Commerce and Industry of the Government of India. The functionality is mainly and solely responsible for the execution of import and export Policies of India.
DGFT plays the most important role in the development of trading relations with other countries. It helps in the improvement of economic growth and enhanced relation in the trade industry. Not only this, DGFT has set up regional offices for the promotion of import and export in India.
As you know now, the DGFT is directly associated with the Department of Commerce, Ministry of Commerce and Industry. The headquarters is in Udyog Bhavan, New Delhi. Right under the jurisdiction, there are 4 Zonal Offices at Delhi, Mumbai, Kolkata and Chennai.
Functionality of DGFT –
DGFT is well entrusted with the sole responsibility of incorporating different policies. This is in relevance to trading like Foreign Trade Policy.
DGFT has got the licensing authority for exporters, importers; import and export business.
DGFT will help in the prohibition, restriction and regulation for import and export services
The main functionality role of DGFT is the note to issue for Notification, Public Notices, Circulars and much more.
When you need to move ahead with your international business, DGFT will be granting you with Importer Exporter Code. It concludes the main need and requirement to import and export business and services.
DGFT helps in the introduction of the different schemes updated from time to time. This is in relevance to the trading benefits throughout the country.
Furthermore, DGFT has also launched the ITC (HS CODE) Schedule-1 for import items in India. Schedule-2 is slated to the Export items from India.
To acquire the DGFT services, you will have to garner the details and in-depth knowledge about the DGFT EXIM. See, what you need to know is you ought to have Import Export Code. As a business, you will have enhanced options through import and export business. You will come across the benefits of unlocking the international market for their products or services they are involved in. When it comes to IEC Code is the main need to enter into the international market. It is the involvement needed for the support for the growth and development of your trading business to a certain period.
Benefits of Taking Up IEC Registration for DGFT Services –
Global Market Reach
As you know, Global Market Reach is the core important for import and export from India. It is for the goods and specified services that help businesses to unveil the factors all over the globe in the international business market. It enhances the global reach of the business. It further opens doors for growth and expansion.
Acquiring the IEC and DGFT services can only be approved when you have submitted the documents over an online portal. There is an online portal for the common IEC registration application. With hassle-free things, its list of the documentation becomes easier with the scanned document.
Simple Document Requirement
The Import-Export Code could be acquired by any businesses or even individual. When it comes to the documentation, here are the core ones that you need to submit for the best DGFT services.
- PAN Card of the Applicant
- Applicant’s Passport Size photograph
- Cancelled Cheque
- Address proof of the Business
- PAN Based Registration
The code is given based on the Permanent Account Number of the business firm. Also, registration is not required with the place of the business. When the business is getting dissolved, the registration gets surrendered.
Life Time Validity
IEC registration is the permanent one that is valid forever. There will not be many glitches. Just modify the details of IEC registration as and when required through their online portal. You may seek the help of a consultant that will help you fetch the best service.
Benefits of Schemes
When it comes to DGFT services, the benefit is both for the importers and exporters. Registered business entities will garner benefits as per the Foreign Trade policy. After filing LUT under GST, the exporters could make exports without the payment of taxes. In terms of exports, it is made through the payment of taxes. Here the exporter will be able to claim refunds of the amount paid n the form of tax.
DGFT has several schemes like MEIS, RoDTEP, SEIS, EPCG, Advance licence, DFIA, Deemed export benefits and much more. Enrich Professional Services will guide you the right scheme to maximize the benefits.
Unlike another form of tax registrations, the exporter or importer will not have to fulfil any diligent compliance requirement. The code that you receive does not need compliance, once registration is done.
No Annual Maintenance
Not a list of compliance, no need for annual maintenance fees to be paid once you receive the code. There is not much of the requirement for filing or renewal of the registration for every financial year or so.
Consultants that you associate with will help in the licencing process and getting your IEC code. This is important for the import and export of goods and services for your business. The chief legal expertise is needed for border transaction. The process becomes easier with expert help.
Reduces the risk of Illegal transportation
With the proper levy of the documents and IEC, you will be able to eradicate illegal transportation. The centralised registration process helps the professional in supervising and enhanced the administration of transaction for border business.
But the fact is how will you acquire the benefits in the best way possible? In this, you have to do all the things which are to seek the help of professionals. Consultants at Enrich Professional Services are there to offer the best support and guidance for DGFT services. So, if you are looking forward to starting your business in the international market, seek the right guidance and consultation from the best DGFT consulting provider in Hydearbad India.