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Import and Export (F)

AUDIT & ASSURANCE

For the Carrier

Section 30 : Filing the Import General Manifest (IGM) prior to the arrival of the vessel

IGM is generally filed on the basis of Bill of Lading / Airway Bill and is issued by the Carrier. It contains details around the shipper, consignee, no. of packages, description of goods, date, vessel details etc.

Note: Sections 31 to 34 prohibit imported goods from being unloaded from vessel until Entry inwards is granted and mentioned in the Arrival Manifest or Import Report.

In all these instances we find that the liability to duty arises as soon as they entered the ‘territorial waters’ of India and at every point until they remain ‘imported goods’ up to the point where they are to pass for ‘home consumption’.

Section 31: : Entry Inward granted by the Customs

It acts as permission for unloading the Goods. The date herein would be construed as the relevant date for arrival of goods in India

Type of auditing service we are providing

  • Statutory Audit of Companies
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For the Importer                                                                     

Section 46 : The importer needs to submit the bill of entry. This Bill of Entry needs to be signed by the Importer. The Bill of Entry contains the details of goods along with :

– Bill of Lading

– Invoice

– Packing List

– Product Literature

– Licence

– Import Permit

– GATT declaration form duly signed by the Importer

Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.

Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.

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Accounting

For the Custodian

Section 45 : Custodian is appointed by the Customs

The custodian would be responsible for keeping proper record of unloaded goods. The custodian is also responsible to ensure that the goods don’t leave the customs area (that is clearance) without proper authorisation from the Customs Officer.

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For the Customs

The Customs Authorities note the Bill of Entry by assigning a number and date stamp. This date is then construed as the date of presentation of Bill of Entry.

Post the above procedures, the assessment as described above is undertaken, and once the assessed duty is paid vide TR6 Challan, this Challan is submitted as evidence of payment to the Customs authorities, and the Out of Charge Order is issued, and on the basis of this Order, the Custodian allows the Clearance of Goods from the Customs Area. Demurrage is the charges levied by the port authorities, if not cleared within 3 days of unloading.