Both bills of lading and commercial invoice are used in international trade. They serve as an important document in international trade. The CBIC has mandated commercial invoices and bills of lading to be a part of import/export transactions. This article lists the differences between a commercial invoice and a bill of lading.
| Particulars | Commercial invoice | Bill of lading |
|---|---|---|
| Meaning | It is a formal document issued by the seller to the buyer in an international sale transaction. It serves as proof of international sale. | A bill of lading is an official contract between the seller and the shipping company containing details of goods sold, quantity, and the recipient’s address. |
| Requirement | A commercial invoice plays a vital role in determining the correct value of imported goods. It also helps to assess the number of duties and taxes. | Bill of lading is accepted as proof of shipment of goods. |
| Contents | A commercial invoice must include: Name and address of the buyer |
Description of goods
Due date of payment
Freight charges and packing charges
Product name and quantity
Gross and net weight of the shipment
I preach the words, “Learning never exhausts the mind.” An aspiring CA and a passionate content writer having 4+ years of hands-on experience in deciphering jargon in Indian GST, Income Tax, off late also into the much larger Indian finance ecosystem, I love curating content in various forms to the interest of tax professionals, and enterprises, both big and small. While not writing, you can catch me singing Shāstriya Sangeetha and tuning my violin ;). Read more
Bills of lading and commercial invoices are essential in international trade. Differences detailed: purpose, contents, issuing parties, ownership indication, and time limits.
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