Spice Industry FAQ : Legal, Policies, Licence, Governments - Spice Exporters Directory

Spice Industry FAQ : Legal, Policies, Licence, Governments

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In India, Section 2(5) of the Finance (No. 2) Act, 1962 provides for a tax concession in the case of profits derived from the export of goods or merchandise out of India. If the export profits are set off against any losses in the process of computing the total income, no tax concession will be available.

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Star export house is an Indian exporter who has excelled in international trade and successfully achieved certain minimum amount of export performance in two out of three financial years. Two star and above export houses are permitted to establish export warehouses as per Department of Revenue guidelines.

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Duty Entitlement Passbook Scheme (DEPB) is an export incentive scheme implemented by the Indian Government to the exporters of the country. The scheme refunds duties that are paid by the exporters in the form of credit.

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The aim of Merchandise Exports from India Scheme (MEIS) is to offset infrastructural inefficiencies and associated costs involved in export of goods or products, which are produced or manufactured in India, especially products having high export intensity, employment potential and to enhance India’s export.

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In India, It is necessary for the exporter to become a member of the appropriate export promotion council and obtain a Registration Cum Membership Certificate (RCMC) for availing benefits available to export firms from the Government like duty exemptions. These councils also provide incentives to the exporters.

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The Directorate General of foreign Trade (DGFT) is the agency of the Ministry of Commerce and Industry of the Government of India, responsible for execution of the import and export Policies of India. It was earlier known as Chief Controller of Imports & Exports (CCI&E) till 1991.

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Export Promotion Capital Goods (EPCGScheme helps facilitate import of capital goods into India for producing quality goods and service and to enhance India’s export competitiveness. EPCG scheme allows for import of capital goods used in pre-production, production and post-production at zero customs duty.

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Export promotion councils (EPC) are advisory bodies that actively contribute to the policies of Government of India and acts as an interface between the industry and the Government

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Importer Export Code (IEC) / Business Identification Number (BIN): IEC Code is unique 10 digit code issued by D.G.F.T, Ministry of Commerce, Government of India to Indian companies. It is mandatory to have IEC Code and BIN number for import or export to India.

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Merchandise Export from India Scheme. The Government of India has introduced Merchandise Exports from India Scheme (MEIS) through the Foreign Trade Policy (FTP) 2015-20 w.e.f. April 1, 2015. It seeks to promote export of notified goods manufactured/ produced in India.

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Federation of Indian Export Organisations – Federation of Indian Export Organisations (FIEO) is the apex trade promotion organisation in India set up by the Ministry of Commerce, Government of India, and private trade and industry in 1965. The organisation is responsible for representing and assisting Indian entrepreneurs and exporters in foreign markets.

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In India, Exporters are required to furnish quarterly returns and details of their exports to the concerned EPC. However, the status holders can submit quarterly returns to the FIEO in a specified format. De-registration: Registering authority may de-register an RCMC holder for violation of conditions of registration.

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In India, As per the Foreign Trade Policy, an exporter is required to get a Registration-cum-Membership Certificate (RCMC) for availing various benefits under the Policy. For registration purposes, FIEO has been recognized by the Government as an Export Promotion Council.

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Common documents required for exporting are Commercial Invoice, Export Packing List, Pro Forma Invoice, Airway Bill, Generic Certificate of Origin, Dangerous Goods Certificate, Insurance Certificate, Shipper’s Letter of Instruction etc.

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Raw fruitsvegetables, and fish are exempt from nutrition fact labelingFoods that contain insignificant amounts (insignificant means it can be listed as zero) of all required nutrients (foods that fall under this exemption include tea, coffee, food coloring, etc.).

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If spices have nutrient levels significant enough for labeling, then nutrition labeling is required. If the product doesn’t have nutrition labeling, it can‘t have any other nutrition or health claims.

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Research what licensing is required in your area. … If you plan to sell the seasonings to the general public, rather than selling wholesale, you will need a reseller’s license. The collected sales tax is remitted to the state. Some cities require that you get a separate business license from them as well.

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