Import rules and regulations

If you need to get into the business of importing something and selling in India, first of all you will need to register the following

1. Value Added Tax
2. Professional Tax
3. PAN for Income Tax purposes
4. Import Export Code
5. If you want to form a company or LLP then you will have register with the MCA. In case you want to register as a partnership then have to register with the registrar of partnerships.
6. Other local acts. i.e. in some states you might have to obtain trade llicense or shop and establishment certificate etc

Regards

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I WOULD LIKE TO BEGIN THIS BUSINESS AS A SOLE PROPERITOR. I LIVE IN CHENNAI. WHAT ARE THE STEPS I SHOULD TAKE SEQUENTIALLY?

I hope you have a PAN, if not apply for one first because that is an independant step (Around 15 - 20 days)

Then apply for VAT registration and obtain VAT certificate (1 month)

Next open a bank account (current) with a well known bank

Apply for IEC

By this time you will be ready to import.