A. Import Reporting Through IDPMS

The revised framework extends import reporting requirements beyond goods to include services and merchanting trade transactions, as specified in the regulations.

– PAN is mandatory for the relevant IDPMS reporting.

Importers should review their service import documentation, payment records, and bank reporting processes to identify any additional compliance requirements.

B. Timeline for Import Payments

Under the revised framework, import payment timelines are linked to the commercial contract between the Indian importer and the overseas supplier, subject to the applicable Trade Credit Guidelines.

– Where a payment is delayed, an extension may be requested with satisfactory reasons and supporting documents.

Businesses should ensure that contractual payment terms are clear and that any delay is documented and discussed with the Authorised Dealer (AD) Bank in a timely manner.

C. Evidence of Import

Evidence of import is required for both goods and services under the revised framework, with the relevant reporting through IDPMS.

Importers should maintain appropriate records, such as invoices, contracts, shipping documents, delivery confirmations, service agreements, and evidence of service receipt, as applicable to the transaction.