In the shipping industry, getting customs clearance is the most important part of both the sides, export and import. The customs department demands a handful of documentation every time a trader lines up a freight shipment in the international waters. When a trader exports a consignment, the shipping bill plays a key role in getting the “Let Export Order”. Similarly, when he imports goods, he must file a BOE (Bill of Entry). As the name suggests, the Bill of Entry meaning is that it serves as a permit for importing goods into a country.
The importers have to understand the Bill of Entry meaning as well as learn all the ways to file it so that unforeseen situations do not pause the workflow. If one has ample knowledge, he can continue working in times like the COVID-19 pandemic. The pandemic has taught us much, and we have come to realize the productiveness of online portals. Since the need of the hour during this pandemic is to maintain social distancing, importers should learn how to file the Bill of Entry. If you have been stressing over the procedure of filing for the document, you can get all your answers here.
Learn filling the Bill of Entry through the online portals to avoid stepping out of the house.
What Is Bill of Entry Meaning?
The Bill of Entry also termed as Shipment Bill is a legal document that an importer has to file to the customs department. This bill will allow you to claim his consignment from the destination port. You can either do the task by himself or hire a CHA (Customs House Agent). If the imported goods are for domestic consumption, you will need to make four copies of the Bill of Entry. The original and the second duplicate copy are for submitting to the customs authority, the third copy is for you to keep, and the final copy is for your bank for clearing the remittance.
The Bill of Entry meaning is also that you have to specify if the goods are for bond clearance or home consumption. In the case of the former one, you will have to submit the date of insurance and the bond number as well. Once the customs department approves your bill, you will be able to claim ITC on your goods.
How to File Bill of Entry Online
For filing the Bill of Entry online, you have two options. You can either do it yourself through the online portal of the customs stations, or you can avail the services of a CHA from a renowned shipping company.
With the Help of EDI Portal
The EDI (Electronic Data Interchange) is the online portal of business information where trading partners can transfer files from one computer to another.
- You need to go to the EDI website and register yourself and then upload your Bill of Entry.
- After you do so, a checklist will be sent to your CHA for a cross-verification process.
- The CHA has to verify the accuracy of the documents and then sign it.
- You will have to submit this signed copy to generate the Bill of Entry number.
The Bill of Entry meaning explains its significance in the shipping process. You should not make any mistake while filing this document. It is always advisable to take the help of an experienced CHA who can guide you in a better and efficient way.
With the Help of ICE GATE Software
The ICE GATE (Indian Customs Electronic Gateway) is a software that the customs service providers of the CHA use for e-filing procedures. The CHA has to register his license details to use this software. If you do not wish to take the headache and the risk of misfiling the Bill of Entry meaning, you should shift the responsibility on reliable shoulders.
- You will need to provide all the necessary documents to your CHA. He will need to have the details of goods, exemption details, value quantity, declaration, customs tariff and other required details are to be mentioned properly.
- The CHA will compile all the information and file the Bill of Entry.
- After the bill is ready, he will receive a checklist for the cross-verification process.
- There is no need to produce any other document at this point. Once the Bill of Entry number is generated, the CHA will complete the process.
You will always be in a secure and safe position if you hire a reliable CHA to look after all the formalities and requirements of customs clearance. The Bill of Entry meaning is essential for you to import the goods that you have paid for.
Although the pandemic has slowed down the market operations, the international trade industry is still in motion as the countries are trying to extend help to each other. In such a scenario, you should do your bit by staying at home and let your service partner and CHA take care of the customs clearance.