Export Import Business Ideas for 2021 in India

We all are aware of how Export-Import business contributes to the rise in GDP and also an easy way of making money in the overseas market. However, the NDA government has also made a prognosis based on revenue making it could reach a 5 trillion dollar economy by 2024. Coming across the present scenario globally there could be a massive influx in import export business income as countries are given access to global trade.

As we know that India is a tropical country and agriculture is the main source of living for millions here. The most common products exported from India include rice, sugar, pulses and onion engineering goods, chemical and pharmaceuticals, accessories, cotton, sugar, fruits, onions, cereals, and vehicles etc. This article talks about various kinds of export import business ideas and the registrations required for the same.

 Items for Import Export Business in India

1. Petroleum products
2. Vegetables
3.  Fruits
4. Meat Exports
5. Live stock business
6. Pearls, precious and semi Precious stones
7. Drug formulations, biologicals 
8. Gold and other precious metal jewellery
9.  Iron and steel 
10. Organic Chemicals
11. Cotton and Accessories
12. Motor vehicle/Cars
13. Electric Machinery and Equipment
14. Products of Iron and steel

Registration required to Export Import from India

Each country is developing and there are certain countries, who cannot produce vegetables, meat, petroleum products, Iron and Steel, Cotton and Accessories, construction materials, chemicals, and many more one can think about entering into this business. It is a good idea to provide insurance services to the exporter also. If you too are wondering about How to Import Export from India? Well, you would require the following license/ registration.

• Import Export Code: It mandatory for every business to obtain IEC to Import Export from India. However, it is a 10 digit number issued by the DGFT, Ministry of Commerce. It is the first requirement that should be taken care of once you decide to start exporting.
• APEDA Registration: It is required to export vegetables, agricultural products and processed foods so that the exporters can avail themselves of the various financial assistance schemes under APEDA Registration and thereby improve their business.
• Goods and Service Tax: Any NRI person or company/individual who wants to export vegetables from India need to register GST regardless of turnover.

How can Online Legal India™help you?

As we have talked about the Export Import business licenses, but there would be quite a few, who would be in two minds because of such an elaborate process one would face during registration. Hence, one would require assistance!

We have a panel of 10+ years of experienced Chartered Accountants who are always prepared to provide you with adequate online assistance and handle your accounts personally while dealing with Import Export Code(IEC) We also deliver Corporate Legal assistance. APEDA and GST Registration

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