Bill of entry

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29 June 2012 what is Bill of Entry.
please tell me in detail.

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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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30 June 2012 A bill of entry is a formal declaration describing goods which are being imported or exported. The bill of entry is examined by customs officials to confirm that the contents of a shipment conform with the law, and to determine which taxes, tariffs, and restrictions may apply to the shipment. This document must be prepared by the importer or exporter, with many companies hiring a clerk specifically to handle the process of preparing bills of entry.

A typical bill of entry includes a description of the goods in the shipment, including details and the quantity of the goods, along with an estimate of their value. Customs officials reserve the right to inspect the shipment to determine whether or not it is consistent with the bill of entry, and discrepancies can be grounds for legal proceedings. Once a bill of entry has been reviewed and the shipment has been inspected, it can be cleared for sale or transfer. If there is a problem, customs may opt to confiscate the goods.

Many nations have specific laws about how bills of entry should be formatted and presented. It is important to have accurate documentation, or goods can be held up in customs.

read link for more information:

http://www.cbec.gov.in/customs/cs-act/formatted-htmls/cs-regulationt.htm

http://www.eximguru.com/exim/indian-customs/customs-regulations/bill-of-entry-electronic-declaration-regulations-1995.aspx