How To Open An Import Export Unit In India The overall size of the Indian Export Industry(merchandise and services) was estimated to be $54.06 Billion for September 2021 according to the Ministry of Commerce and Industry. Exports are up 21.44% from last year. The jubilation that this news might beget is dampened by the import numbers having risen by 85% YOY and the trade deficit swelling to $22.59 Billion against $2.96 Billion from the same period last year. The excessive import of Gold is responsible for the ballooning of the trade deficit for September when 91 tonnes of Gold($5.1 Billion worth) was imported as compared to 12 tonnes($601 Million worth) a year ago.
With the RoDTEP guidelines and rates released, the government must enact better initiatives to promote export. Besides, with a resurgence in global trade levels and the shipping container crisis finally easing up, this could be the right time for you to establish your Exim unit in India. Read on to find out the government’s import-export procedure.
Process
Set up an Organisation
Establish a business organisation in India. You can choose from a Sole Proprietorship/Hindu Undivided Family/Partnership Firm and complete the necessary GST formalities.
Get PAN Number
All business entities in India need to obtain a PAN number from the Income Tax Department to start operations.
Open a current account