A shipping bill is a crucial legal document required for customs clearance and claiming export incentives. This article provides a brief overview of the meaning of a shipping bill, its importance, and the format it typically follows.
Introduction
A shipping bill is an important document required when goods are exported from one country to another. It serves as proof of shipment and contains all the necessary details related to the exported goods. In this article, we will explain the meaning and format of a shipping bill.
Meaning of Shipping Bill
A shipping bill is a legal document required by the country’s customs department from where the goods are being exported. It contains all the important details related to the goods being exported, such as the name of the exporter, the name of the importer, the quantity of goods being exported, the value of the goods, and the destination country. A shipping bill is a mandatory document that needs to be submitted to the customs department before the goods can be shipped.
Types of Shipping Bills
Four types of shipping bills are used in international trade. These are:
Export Shipping Bill
This type of shipping bill is used when goods are exported from one country to another. It contains all the necessary details related to the goods being exported, such as the name of the exporter, the name of the importer, the quantity of goods being exported, the value of the goods, and the destination country.
Re-Export Shipping Bill
This type of shipping bill is used when goods previously imported into a country are being re-exported to another country. It contains all the necessary details related to the goods being re-exported, such as the name of the importer, the exporter, the quantity of goods being re-exported, the value of the goods, and the destination country.
Export Promotion Capital Goods (EPCG) Shipping Bill
This type of shipping bill is used when capital goods are being exported to promote exports. It contains all the necessary details related to the capital goods being exported, such as the name of the exporter, the name of the importer, the quantity of capital goods being exported, the value of the capital goods, and the destination country.
Free Shipping Bill
This type of shipping bill is used when goods are being exported to countries with a free trade agreement with the country from where the goods are being exported. It contains all the necessary details related to the goods being exported, such as the name of the exporter, the name of the importer, the quantity of goods being exported, the value of the goods, and the destination country.
Format of Shipping Bill
The format of a shipping bill is standardised and contains all the necessary details related to the goods being exported. The format of a shipping bill is as follows:
Header Section
The header section of a shipping bill contains
- the name of the exporter,
- the name of the importer,
- the value of the goods being exported, and
- the destination country.
Declaration Section
The declaration section of a shipping bill contains a declaration by the exporter that all the information provided in the shipping bill is true and correct.
Shipping Bill Number
A shipping bill number is a unique number that is assigned to each shipping bill. It is used to track the shipment of goods.
Port of Export
The port of export is the port from where the goods are being exported.
Port of Destination
The port of destination is the port where the goods will be delivered.
Description of Goods
A shipping bill’s description of the goods section contains a detailed description of the goods being exported. It includes information such as the quantity of goods, the weight of the goods, and the value of the goods.
Harmonised System (HS) Code
The Harmonised System (HS) Code is a code that is used to classify goods for import and export purposes. It is a standardised code used globally to identify different types of goods.
Invoice Details
The invoice details section of a shipping bill contains the details of the invoice related to the goods being exported. It includes information such as the date of the invoice, the invoice number, and the total value of the goods.
Carrier Details
The carrier details section of a shipping bill contains the details of the carrier that will be transporting the goods. It includes information such as the carrier’s name, the vessel’s name, and the loading port.
Payment Details
The payment details section of a shipping bill contains information related to the payment for the goods being exported. It includes information such as the mode of payment, the amount paid, and the payment date.
Signature of the Exporter
The signature of the exporter section of a shipping bill contains the signature of the exporter, certifying that all the information provided in the shipping bill is true and correct.
Conclusion
In conclusion, a shipping bill is a mandatory document that needs to be submitted to the customs department before the goods can be shipped. It contains all the important details related to the exported goods and serves as proof of shipment. We hope this article has helped you understand the meaning and format of a shipping bill. If you require further assistance or have any queries, please do not hesitate to contact Vakilsearch.
