There is a thin line between knowing right and doing things the right way. Mistakes tend to happen but an improper paperwork for exporting can harm nothing except slowing down the process of payment, delivery and more.
So due to silly mistakes in Export papers may lead to the worst situations that both the parties face in export import business.
“Incorrect assumptions lie at the root of every failure. Have the courage to test your assumptions”
1.Categorization of goods: Whatever product you may choose, the classification should be done rightly in order to avoid negative consequences in future. The usage of codes plays a vital role here.
Maximum 10 digit codes are to be elected for the export. ITC-HS codes are the tops in the list. Also you need to decide whether your product really requires an export license before you ship or not.
2.Wrong Information on Packing and others: Who wants their products to be delivered to some completely unknown place or we can say to a wrong location or late arrival of goods.
Any Exporter would not want this even in his worst nightmares for the sake of his export import company. If the packaging details are not mentioned accurately then custom officers may destroy the entire shipment.
3.Right person for filling various important forms: Bad circumstances do not call you before arriving. Normally you himself/herself can fill out the major forms but in case your mentality changes then you must get it done by a trusted employee who is the right faithful person for this job.
4.Assuming preferential rates: As Brain Tracy rightly said “Incorrect assumptions lie at the root of every failure. Have the courage to test your assumptions”. One does not simply qualify for Duty free treatment of goods. If you use free trade agreements and you don’t qualify, then could be fined. So one needs to be extra careful to save his export import business.
5.Product Description: The product description should be very clear and that must be matched with your letter of credit. Incorrect description can surely lead to delay in payments and shipments that any export import trader would not want.
6.Wrong Value:Customers are being called as Gods, this is what we have been taught right from childhood.
After the invoice is created, the customer may ask you to change its value in order to save the money in import duties, just don’t do that! Make sure the value of your product is suitable so that the impression of your product would not look wrong.
Even the smallest mistake can knock down huge export import deals. A professional trade’s documentation is formally correct and legally sound. Digital Exim encourages every established export import trader or beginner who asks questions. Our Mission is to consult import export in India so that the nation would grow more strongly.
We will be more than happy to consult emerging traders who have a vision for tomorrow. Therefore, Import Export Education is the top most crucial part. Contact us for the resolution of your every doubt. Digital Exim; guide to successful Export Import traders!
One thought on “6 Export Documentation mistakes that must be avoided for successful International Trade”
I would like to read THE EXIM POLICY OF
EXIM BANK OF INDIA ( Latest Edition ) in the Form Book ( Hard Copy – Not CD )
Kindly do your this Favour Please
Thanks and Regards