Free Trade Zone in India- Features and Benefits
What is Free Trade Zone?
Free Trade Zone/foreign-trade zone is deemed to be a foreign territory which is a uniquely designed infrastructure intended for importing and exporting of goods sans hassle. The goods may be stored, handled, assembled, repackaged, and re-exported within these areas with minimum involvement of the customs.
The duty is only charged on the part of shipment that moves out of the Free Trade Zone for DTA (Domestic Tariff Area) sale.
Key features free Trade Warehousing Zone-
A Free Trade Zone facilitates storage facility of various products including -pharmaceuticals, medical devices, cosmetics, modern technology equipments, transportation and handling amenities, and many more. These are known as free trade warehousing zones which are used for storage and other value-added activities as per the customs law. It offers the advanced international infrastructure, latest WMS, and a lot more which could be hyped.
FTZ in India is located strategically around the main seaports, international airports, and dry port areas to provide easy access by rail and road.
It promotes the process of import, export, and re-exports with less or no dependency as well as the duty-free import of all goods.
It includes packing, packaging, or re-packing without processing. Labeling is also done according to the needs of clients.
Clients can store their goods within a Free Trade Zone for 3 years with Zero Duty and Tax Implications which helps to reduce the Cash Flows for the duties and taxes and lessens the transit time for shipping.
Key benefits of FTZs in India-
Different benefits can be obtained by a reputed and professional FTWZs. Some of them are mentioned below-
You can avoid the lengthy Customs duty drawback procedure. No duties on re-exports will be added. Also, Now the Duty Drawback and other similar benefits can be availed by Indian Exporters inside Free Trade Zone.
Duty & Tax Deferments–
Customs duties and excise tax are deferred on imports when stored inside FTWZ. Your hired smart logistics service provider will handle all the compliances related to it.
Free Trade Zone offers a world-class international infrastructure that contains the latest WMS and other value optimization services for domestics and foreign MNCs. Also services like -repackaging, relabeling, kitting, assembling, and many other value-added services can save you time and money. FTZ users usually have free and easy movement of goods in and out of an FTZ.
Superior and timely services–
A professional and experienced FTZ in India ensures secured storage, 24 X 7 customs clearance, and supplies all across India and apart.
Moreover, hiring a reliable Free Trade Zone in India is a great deal. OSV FTZ is a reliable and professional company that has been operating in this industry for over many years and has a huge clientele across the globe. Our List of FTWZ in India includes Delhi, Mumbai, Chennai, and Gujarat.