Exports of certain commodities may require special approval or license. SCOMET lists down a few such items. SCOMET is an acronym for Special Chemicals, Organisms, Materials, Equipment, and Technology that has both civilian and military use. Therefore, the export of these items is regulated by India’s Foreign Trade Policy. The exporter of these items must...
Notification No. 76/2021-Customs (N.T.) dated 23.09.2021 and Notification No. 77/2021-Customs (N.T.) dated 24.09.2021 was issued by the Government of India, Ministry of Finance (Department of Revenue) which notifies the manner to issue duty credit for goods exported under the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) and Scheme for Rebate of...
In order to understand the concept of Duty Drawback it is necessary to know that whenever imports take place, the goods imported are chargeable to customs duty. However, in certain situations, the customs duty paid on the import of goods is refunded to the importers in the form of duty drawbacks under customs. Section 74 and...
Authorised Economic Operator (AEO) was a programme introduced under the World Customs Organization's (WCO) SAFe Framework of Standards. It was introduced to secure and facilitate global trade. The objective of the program is to enhance the international supply chain security and facilitate the movement of legitimate goods. Under the AEO programme, an entity involved in international...
Exports play a crucial role in ensuring a balance of trade for any economy. As per WTO’s data released in April 2019, India’s share in global exports for the year 2018 stood at 1.7% for merchandise whereas, at 3.5% for the service sector. Exports are instrumental in creating employment, increasing foreign exchange reserves, and reducing...
Various provisions have been incorporated under the Companies Act, 2013, and various SEBI regulations to ensure compliance with various governmental and regulatory requirements. Therefore, to identify instances of non-compliance and take corrective measures to safeguard the interest of various stakeholders, secretarial audits have been mandated for a certain class of companies. Let’s have a profound...
What is Special Value Branch? The Special Valuation Branch (“SVB”) has been established to investigate the valuation of goods imported by an Indian party from its related foreign supplier. When the Indian importer imports goods from a supplier in a foreign country and such Indian importer and foreign supplier are related to each other, it can be...
What is EPCG Scheme? EPCG stands for Export Promotion Capital Goods. The EPCG Scheme has been introduced by the Government of India (GOI) to allow the Import of capital goods (except those specified in the negative list in Appendix 5F) for pre-production, production, and post-production at Zero customs duty. These capital goods imported under the EPCG Authorization...
Special Value Branch and its purpose A special relationship between an Indian importer and a foreign supplier may impact the price of the import resulting in reduced customs duty imposed on such transaction. The Special Valuation Branch has been constituted to monitor the transactions surrounding goods imported by the Indian buyer from a related foreign supplier. In...
What is RoDTEP Scheme? The full form of the RoDTEP scheme is “Remission of Duties or Taxes on Export Products”. The RoDTEP Scheme was made operational on 1st January 2021. The Ministry of Commerce & Industry issued Notification No.19/2015-20 on 17th August 2021 to notify the rates and the ineligible supplies/ items/ categories under the RoDTEP Scheme. The Ministry...
The COVID-19 pandemic has extensively disrupted the constitution and functioning of the entire World. India accounts for 14.4% of the overall number of COVID-19 cases, making it the second worst hit country in the world. This appalling figure has especially risen due to the ongoing macabre second wave of COVID-19 in the country. On account of...
In the Digital world, when every industry has come up with the idea of digitizing their platform, the Ministry of Commerce and Industry, Directorate General of Foreign Trade (DGFT) has undertaken an initiative to revamp the delivery of its service mechanisms to boost its foreign trade. As a step towards it, the first phase of Digital platform...
In view of the unprecedent current situation arising out of pandemic COVID-19, the Government has decided to continue relief under various export promotion schemes under Foreign Trade Policy 2015-20 (“FTP”). These relief will help industries to boost their trade or business and adding to their cash flows. Several reliefs have been announced to support trade...
Central Board of Indirect Taxes & Customs had issued a letter dated April 27,2020 regarding guidelines for conduct of personal hearing in virtual mode under Custom Act, 1962 Board has decided that personal hearing may be conducted through video conferencing facility, in respect of any proceeding under Customs Act 1962. The guidelines for the conduct...
Ministry of Commerce vide Trade Notice No. 03/2020-21 dated 15th April 2020 has come up with the clarification and the specification as to how the MEIS scheme would be replaced with RoDTEP. Following has been the pointers given in the said trade notice:- Even though the entire foreign trade policy has been extended by 1 year...
MUMBAI: Banking Sector - The changing technology landscape would challenge the traditional banks with Fintech and Big Data driving growth, but banks would continue to be in a position of primacy in finance with them adopting evolving technologies, Reserve Bank of India Governor Shaktikanta Das has said. Even as technology firms provide the tools for...
GUWAHATI: What is expected to provide impetus to Aadhaar enrollment in Assam, financial inclusion outreach initiative of the public sectors banks, co-operative bank, and rural banks will be held from February 26 to 28. Union Finance minister, Nirmala Sitharaman will attend the outreach initiative on February 27. Aadhaar enrollment in Assam is abysmally low. Sunil...
NEW DELHI:?Finance Minister Nirmala Sitharaman's Budget for 2020-21 was light on new structural reforms, Fitch Ratings said on Wednesday adding ?it has not materially altered its forecasts for India's economic growth to rise to 5.6 per cent in the next fiscal from 4.6 per cent in 2019-20. "We believe it is highly unlikely the country's...
Import duty hike - ASMA had urged the government to reduce import duty on primary aluminium to 2.5%, remove duty on scrap, increase duty on downstream products to 20% from 7.5% and remove aluminum from all FTAs to protect the domestic industry from cheap imports KOLKATA: Aluminium Association of India has appealed to the government...
India Attractive in Itself - Hong Kong-based private equity group Pacific Alliance Group (PAG) is looking to invest upwards of a billion dollars in India over the next three years to buy out targets, provide growth equity and even structured finance with an eye to fix broken balance sheets of India Inc. “We have been...
The government on September 14 announced a new scheme - Remission of Duties or Taxes on Export Product (RoDTEP) - that will replace the existing Merchandise Exports from India Scheme (MEIS) in order to boost exports. "The MEIS scheme will continue till December 31. Textile and other sectors that currently enjoy incentives up to 2...
This is to update you regarding a CBIC’s circular no 02/2020- Customs dated 10th January 2020 on ‘levy and collection of Social Welfare Surcharge (‘SWS’) on imported goods when the Basic Customs Duty and Additional Duties of Customs are debited through duty credit scrips’ (under various schemes such as Merchandise Exports from India Scheme (MEIS), Services...
NEW DELHI: The government has stayed with the borrowing plan for the fiscal, as announced in the budget, sending a strong signal that it will try and meet the fiscal deficit target despite a sharp cut in corporate tax rate that is expected to cost Rs 1.45 lakh crore. It will borrow Rs 2.68 lakh...
Gems and jewellery exports continued its downtrend registering a fall of 14 per cent in August to $2.84 billion against $3.32 billion logged in the same period last year. In rupee terms, exports were down 12 per cent to ? 20,242 crore (? 23,077 crore). The hike in import duty on cut and polished diamond...
Import and Export are part and parcel of business. There are several incentive schemes and benefits in India over trade providing an advantage for trading and payments of customs duties. Once duty credit scrips are issued one can avail the benefit of getting a discount while making payment with customs. Some of the common and...
FM Nirmala Sitharaman said that the new scheme, which will replace Merchandise Exports from India Scheme (MEIS) will incentivize exporters than existing schemes put together. Saturday, September 14, 2019 - 17:34 With GDP growth sliding to six-year low of 5 per cent in April-June quarter and several sectors facing low demand, Finance Minister Nirmala Sitharaman...
Exporters and Importers of any country need to register the company with several authorities, institutions, and government schemes. Such export import registration or policy helps the company to grow continuously without any hurdles in the form of incentives/benefits while conducting export and import trade. IEC (Import Export Code) is a number given by the Director...
Service Exports from India Scheme (SEIS) is originated from the Foreign Trade Policy (FTP) 2015-20. In recent time, the SEIS Scheme is a widely-popular concept for the overall industrial development and is passing through various interpretation and associated matters in the department. SEIS benefits have been a lucrative scheme for the service sector industry as...
The unified nature of Foreign Trade Policy (2015-20) means that you can save some workdays as an exporter due to the combined processes across the department. Apart from exports, the benefits have expanded to smaller auxiliary industries performing exports or manufacturers. They are the one who supplies to exporters with unified input credits, GST refunds, and...
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