Question Answer
What is ITC (HS) Codes? Indian Trade Classification (Harmonized System) [ITC (HS) ]is a compilation of codes for all merchandise / goods for export/ import. Goods are classified based on their group or sub-group at 2/4/6/8 digits.
What are the mandatory documents for export & import? Mandatory documents required for export and import are:
       • Bill of Lading/Airway Bill
       • Commercial Invoice cum Packing List
       • Shipping Bill/ Bill of Entry/ Bill of Export
What is the Certificate of Origin (CoO)? It is an instrument to establish evidence on origin of goods imported into any country. There are two categories of CoO viz. (i) Preferential and (ii) non-preferential.
What is IEC? IEC or Importer Exporter Code is a unique 10-digit alpha numeric code issued on the basis of PAN of an entity.
Who issues IEC? IEC is issued in electronic form (e-IEC) by Directorate General of Foreign Trade (DGFT) which is under Ministry of Commerce, Government of India.
What is the technical requirement for filing an IEC?  • Valid Digital Signatures Token (Class II or III)
 • Valid PAN
 • Valid Mobile Number and Email ID.
 • Valid Address Details of Branch Office
 • Valid Bank Account in the name of IEC Holder
 • Valid Aadhar Card matching the details with PAN Card.
What is the role of the Reserve Bank of India in exports? The RBI regulates the foreign exchange matters as per the FEMA Act. It issues guidelines for realization of export proceeds by the exporter from time to time through the authorized dealers.
Whether there is any restriction on invoicing of export contracts in Indian Rupee? As per the FEMA Act, there is no such restriction. All export contracts & invoices may be denominated either in Indian rupee or in any freely foreign exchange. However, to avail export benefits under Foreign Trade Policy export proceeds is required to be realized in freely convertible currency.
Where to apply for an EDF (Export Declaration Form) waiver and in which cases. How to take EDF approval for cases where goods are being exported for re-import after repairs/maintenance/ testing/calibration, etc? Exporters are required to approach the Banks for grant of EDF waiver and banks may consider requests for grant of EDF waiver from exporters as per prescribed conditions in the case of goods for display in foreign fairs/exhibitions etc. Banks may consider request from exporters for granting EDF approval in cases where goods are being exported for re-import after repairs / maintenance / testing / calibration, etc., subject to the condition that the exporter shall produce relative Bill of Entry within one month of re-import of the exported item from India.
What happen in case a loss of shipment in transit? In cases where the claim is payable abroad, the banks arrange to collect the full amount of claim due on the lost shipment, through the medium of their overseas branch/correspondent and release the duplicate copy of EDF only after the amount has been collected.   Banks ensures that amounts of claims on shipments lost in transit which are partially settled directly by shipping companies/airlines under carrier’s liability abroad are also repatriated to India by exporters.
How are exports be treated under GST? All exports are deemed as inter-State supplies. Exports of goods and services are treated as zero rated supplies. The exporter has the option either to export under bond/Letter of Undertaking without payment of tax and claim refund of ITC or pay IGST by utilizing ITC or in cash at the time of export and claim refund of IGST paid.
What is EPCG Scheme? Export Promotion Capital Goods (EPCG) scheme is a scheme which allows an exporter to import of capital goods including spares for pre-production, production and post-production at zero Customs duty, for exports. Also, IGST on import of capital goods under EPCG is exempted till 31st March 2020.
Who all are covered under the EPCG Scheme? • Manufacturer exporters with or without supporting manufacturer(s),
• Merchant exporters tied to supporting manufacturer(s) and
• Service Providers including Common Service Provider (CSP).
Can a new exporter avail this scheme? Yes, in such case, there will be no average export obligation.