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| Free Trade Warehousing Zone in India |
The role and responsibility of the Free Trade Warehousing Zone in India are vital in import and export goods from one region to another region. It is specifically a zone or area within which goods are usually landed, handled, manufactured, or reconfigured, and re-exported sans any customs authority’s interference.
You can find a List of FTWZ in India that is strategically located around major seaports, international airports, and national frontiers. They aim to eliminate the issues of high tariffs and complex customs regulations when the goods are moved to consumers.
The primary purpose of a free-trade zone is to remove from a seaport, airport, or border those hindrances to trade caused by high tariffs and complex customs regulations. They also help to fabricate, refinish, and store goods freely.
Free Trade Warehousing Zone in India Explained-
The foreign MNCs can hold their stocks as close to their markets as warehousing costs will permit and these zones aim at the supply of quality demanded by the market at least cost. These 3PL services offer endless facilities.
FTWZs eliminate limitations of combining products from suppliers from different countries and the processes for end-distribution of products can be done at affordable prices. You can have more control over inventory and also quicker payments to the suppliers.
The automobile or IT hardware manufacturers can able to stock spares duty-free in the FTWZ to supply them according to their needs within a timeframe to the Indian market. The products can also be tested prior to actual supply and payment of duty. Also if there are defective spares, they can be re-exported sans any loss. These zones can be used to accumulate even motor vehicle kits or IT hardware or mobile phones by sourcing different parts duty-free from different countries. Different foreign MNCs can use FTWZs in India for different products.
Free Trade Warehousing Zone in India for re-exports-
Exempts service tax on all activities carried out including rental & labor
Exemption from custom and stamp duty on products imported meant for re-export out of India
Income tax rebate on the profit earned (where applicable)
Stress-free re-export procedure
Approval of 100% FDI for the set-up of units
Control India's cost, skill & geographic positioning advantage
All you just need to hire a professional and reliable 3PL service provider to take full advantage of the Free Trade Warehousing Zone in India. Make sure they have years of experience in this industry. For the best deal, you can visit www.onnsynex.com.
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