No matter large manufacturers or individuals as well as domestic or foreign MNCs, Free Trade Warehousing in India can play a significant role in easing this process. However, many companies are oblivious to the various benefits of the FTWZ program in India. It improves global market competitiveness and minimizes bureaucratic regulations.
A key objective of FTWZ in India-
When we talk about the key objective of Free Trade Warehousing in India, you must know first know that it is specially intended to make trade-related infrastructure to ease the import and export of goods and services. It gives freedom while performing trade transactions with free currency.
FTWZs are precisely creating or design with the first-class infrastructure for warehousing of various products, modern equipment, transportation, and managing facilities, commercial office space, communications and connectivity, water, power, approval of import and export formality, to support the manufacturing companies across the globe.
The most important factor is FTWZs are exclusively available in locations nearby seaports, airports, or dry ports thus ensuring there will be no hassle in the transporting process. Also, it counts as a special category of Special Economic Zones to ease trading and warehousing.
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| List of FTWZ in India |
Key features of FTWZs in India-
FTWZs territories are considered as Ports / Warehouse for Storage and other value-added services under the Customs Law. You can store the goods and products in these zones on behalf of foreign suppliers or domestic buyers.
It enables numerous transfers of ownership transactions and it doesn’t need to exclusion of the goods out of FTWZ. Essentially, there will be no cascade of indirect taxes or compliance as well as it offers the facility for less transaction cost.
It exempts Income Tax on export income, Central Sales Tax, Service Tax for all activities in the FTWZ and without any maturity restriction.
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| Free Trade Warehousing in India |
It offers single permission for Central and State level approvals
Free Trade Warehousing in India exempts from VAT for procurement from India and reduces expenses.
It reduces the time for Customs clearances and most importantly, the enhanced and advanced logistics and connectivity promotes reduced delivery times.
Are you finding the List of FTWZ in India? There are many reputed and highly-recognized firms available in India to help you in easing this process. However, you need to ensure that you are in the right place. By conducting thorough research, you will able to get effectively the List of FTWZ in India.
No matter you are a domestic player of Foreign MNC, you can visit www.onnsynex.com to get the best yet affordable deal.
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