Trade and customs
Bill of entry
Definition
The import declaration filed with Indian customs, usually through a customs broker on ICEGATE.
The bill of entry declares the goods, their value, the ITC(HS) code and the duty to be paid. There are separate types for home consumption, for warehousing and for clearing goods out of a bonded warehouse. Indian customs allows the bill of entry to be filed in advance, before the vessel arrives, which shortens clearance time.
After assessment and payment of duty, customs gives an out of charge order and the goods can be released.
Related terms
- Shipping billThe export declaration filed with Indian customs before goods are loaded for export.
- IEC (Importer Exporter Code)The ten character code issued by India's DGFT that a business needs to import or export goods, linked to its PAN.
- ITC(HS) codeIndia's eight digit version of the HS code, used in import and export policy and customs declarations.