1. Are businesses subject to specific compliance requirements for undertaking import and export in India? The compliance requirements for undertaking import and export transactions may vary on a case-to-case basis. According to Economic Laws Practice, apart from regular compliances such as obtaining Importer Exporter Code (‘IEC’), Goods and Services Tax (‘GST’) registration, ICEGATE registration, it is also essential to consider the following in case of import or export of goods sold into/from India: • Import license as per the Indian Tariff Classification (Harmonised System) (‘ITC(HS)’) Import Policy Import of goods into India are generally classified as ‘free’, ‘restricted’ or ‘prohibited’ as per the ITC(HS) Import Policy. In cases where imports are classified as ‘restricted’, an authorisation/license or permission is required. • Bureau of Indian Standards (‘BIS’) registration In order to import certain specified goods into India it is mandatory to conform to the specified...