Sovereign political entities involved in International Trade have their own set of rules and regulations. These regulations may be in the form of tariffs, customs duties, quantitative restrictions, exchange controls and local taxes. Extensive documentation, a characteristic of International trade's procedures & processes is paramount to the smooth flow of goods and payments thereof, across national frontiers. The differing legal and monetary systems make the process more complex.
Needless to mention, the Indian Trade processes are very complex and time consuming. Imports into India are regulated by the provisions of Import Policy of the Government of India through the Policy of Industrial Licensing. The prevailing Acts and Regulations of Customs and Central Excise of India, enacted from time to time, also govern the movement of goods in and from India . Industrialists, importers, exporters and manufacturers, big and small are bogged down by these frequent radical changes directly affecting their systems. The Central Excise Act, Rules and Procedures, the MODVAT scheme, exemptions, problems of classifications and valuations, etc. and their associated plenitude of documents can prove to be quite a deterrent.
It is the need of the hour for Indian Companies implementing ERP systems to have Add-on products that not only integrates with the main system but also get constantly updated based on the changing statutory regulations. GCI Enterprise Solution's OptiSuite is the only package in India , which covers almost all the statutory requirements of the Indian Corporate.
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