(NewswireOnline):- Abbreviated as FTZs, the foreign trade zones are designated, secured locations near a customs port of entry where domestic, as well as foreign merchandise, is considered to be outside of the country’s customs territory. Hence, activated businesses in a foreign trade zone can defer duty and fees on imports and leverage several other value-added benefits which are encouraging for foreign entities of the USA, Dubai, and China in the prominent locations of India including Noida, Mumbai, Chennai, and Gujarat.
FTZs have been thriving to meet the dynamic import/export needs of businesses in the global economy. OSV’s foreign trade zones and logistic warehouses are vital resources for businesses. These zones can be used for directly importing certain merchandise without having to go through the customs formalities and without having to pay the import duties upfront or entry procedures.
Excise taxes and customs duties are to be paid only when the merchant eventually decides to transfer the merchandise from the FTZ to the market or another country for consumption or sale. The merchandise could be in the form of raw materials, unfinished goods, or finished goods.
It is the intent of the Indian foreign-trade zone program to stimulate economic growth and development in India. In an expanding global marketplace, there is increased competition among nations for jobs, industry, and capital. The FTZ program was designed to promote Indian competitiveness by encouraging companies to maintain and expand their operations in India.
In other words, you can save your money, have more working capital in hand that would otherwise go in paying the endless customs duties, taxes, and various fees for importing and exporting goods. The foreign trade zones liberate the merchants from the stress of making all these payments as long as the goods are kept inside these zones and the logistic warehouses of OSV.
Some of the amazing benefits you stand to gain on utilizing the OSV’s foreign trade zones include:
– Deferment of duty
– Higher Confidentiality
– Reduced Compliances
– Streamlined logistics
– And many other Value Added Services
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