Import trade laws / Import laws in India/ Best law firm in Coimbatore/ Best advocates in Coimbatore/Best law service in Coimbatore/ Best legal consultation in Coimbatore/ Best legal services in Coimbatore/ Best lawyers in Coimbatore/ Online legal consultation. India's export-import trade is governed by a variety of laws, regulations, and policies. Here are some of the major laws and regulations that were in place: Foreign Trade (Development and Regulation) Act, provides the legal framework for the regulation and promotion of foreign trade. It empowers the government to formulate and implement export and import policies, regulate trade practices, and control the movement of goods and services. Customs Act, governs the levy and collection of customs duties, controls the import and export of goods, and outlines procedures for customs clearance, valuation, classification, and assessment. Foreign Exchange Management Act (FEMA)regulates foreign exchange transactions, external trade, payments, and dealings in India. It aims to facilitate external trade and payments and promote orderly development and maintenance of the foreign exchange market. Goods and Services Tax (GST) has implications for imports and exports, as it replaces various indirect taxes on goods and services. The GST regime includes provisions for the import and export of goods and services. The EXIM Policy, now known as the Foreign Trade Policy (FTP), outlines the government's strategies for promoting exports and regulating imports. It provides various incentives and schemes for exporters and importers to boost trade. Customs Tariff Act, provides for the imposition of customs duties on imported and exported goods. It classifies goods into various tariff headings and sets out the rates of duty applicable to each category. Central Excise Act, primarily relates to the levy and collection of excise duty on manufactured goods within India, it can have implications for goods that are both domestically produced and exported. India regulates the export of certain goods, technologies, and services to protect national security, foreign policy, and public health interests. The Directorate General of Foreign Trade (DGFT) issues notifications and guidelines specifying restrictions or requirements on the export of sensitive items. Some goods may be subject to import licensing or restrictions for various reasons, such as safeguarding domestic industries, protecting public health, or meeting international obligations. Marine Insurance Act, governs marine insurance, which is important for the protection of goods during international transit. You can get the law services of Saanvika Legal Associates like Trust deeds, Financial law, Insurance law, Environment, Consumer, Property, Banking Tax Cyber, Constitutions, Labor law, Civil, Criminal, Family, Property registration, Getting Doc, and many others. Additionally, you can get to know about Legal notice, documentation, Legal registration, Property organization, establishing companies, Family legal consultation, Civil legal consultant, Criminal legal consultant, and Litigation for finance property from our expert lawyers.