Export is essential for all economies, from advanced to developing and underdeveloped. This improves production levels, increases job opportunities, and influences wages and standard of living. Among these, Furniture export is a promising industry for India, and wooden furniture makes up a large share of total exports. Indian furniture is known for its variety and design, and this can be a selling point in the international market. By focusing on this sector, India can see quick results in terms of exports. If you are looking to export furniture, you will need to research various information such as export data for furniture, worldwide buyers and importers of furniture, and the procedures and taxes applicable to exporting furniture from India. The furniture export from India process is quite a challenging task if you don’t much about it. Therefore, this article will tell you the step-by-step process of how to start furniture export from India as well as certain incentives that one must need to know. So, without any further ado, let’s begin.
How to Start Furniture Export Business from India?
Anyone who is already in the furniture industry can easily branch out into furniture exporting. However, even before your first shipment, there is already a lot of documentation and compliance that is required. Even people who are not from the furniture industry can enter this business.
The following is the list of actions that are required to begin the process: -
Select and finalize the name of your furniture export business.
Register your business entity
Obtain the PAN card.
Open the bank account (current account)
Get an IEC code (Import-Export code). This is issued by the Foreign Trade office under the Department of Commerce, Government of India.
Registration Cum Membership Certificate (RCMC).
If your company is already registered and has the required bank account and PAN, you need not open a separate firm for exports. You may choose to register your existing company as an exporting entity and complete the procedures for IEC and RCMC.
Export Incentives
Import Replenishment license (REP)- Exporters are allowed to import raw materials and components to be used in the manufacturing of export products under this scheme.
Impex (Import-Export) Passbook- Under this scheme, recognized manufacturers can import duty-free raw materials.
Export-oriented units- Units that export their entire production and are located in special trade zones in the country will enjoy a complete income tax holiday for five years.
Tax exemption on Export earnings- The profits that are made from export earnings are cut in half when it comes to tax calculation.
Cash assistance- This scheme offers price reimbursement for specific cases and products that match international market prices.
Conclusion Amazon's Global Selling program allows Indian sellers to take their furniture export from India internationally by listing them on various marketplaces around the world. This makes it easy for sellers to get started with a few simple clicks and start earning revenue from a global customer base.
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