Blog

Manufacturing and other operations in a Warehouse...

Overview India allows manufacturing and other operations in a bonded manufacturing facility to promote India as the manufacturing hub globally and the commitment towards ease of doing business,  Customs (CBIC) has announced a scheme of Customs Bonded manufacturing cum warehousing commonly known as MOOWR i.e. Manufacturing and other operations in a Warehouse. Central Board of Indirect Taxes (CBIC) is allowing import of raw materials and capital goods without payment of duty for...

2020-08-07

RoDTEP - Remission of Duties & Taxes on Exported...

Overview ! The RoDTEP Scheme came into existence because USA have challenged export promotional Scheme included in FTP in India at the World Trade Organization (WTO). USA argued that India is not complying with Articles of Subsidies and Countervailing Measures (SCM) Agreement and offering subsidies like the MEIS scheme which is an undue benefit to Indian exporters & it is against the WTO rules. As India lost the case at WTO, and the ruling was in favour of the USA. Also, WTO Instructed India...

2020-07-07

Duty Drawback Behind the LAW

Drawback was established in 1789 in order to promote exports and manufacturing within the U.S. market. Claimants can recover the duties, taxes and fees paid on the imported merchandise. As old as the hills Duty drawbacks, essentially, are post-export replenishment/remission of duty on inputs used in export products. In other words, many governments, particularly those in highly protected economies, refund all taxes paid by an exporter – be it customs duty, service tax or excise duty –...

2020-06-08

Common Digital Platform for issuance of...

 The ministry has also launched Common Digital Platform for issuance of electronic Certificates of Origin (CoO). The platform will be a single access point for all exporters, for all Free Trade Agreements (FTAs)/Preferential Trade Agreements (PTAs) and for all agencies concerned. Certificate of Origin will be issued electronically which can be in paperless format if agreed to by the partner countries. Authorities of partner countries will be able to verify the authenticity of certificates...

2019-09-16

Steel Import Monitoring System

Steel Import Monitoring System (SIMS)   Advance information about steel import to government and other stakeholders, including producers and consumers, to have effective policy interventions.(launched by The Commerce and Industry Ministry ) In this system, the importers of specified steel products will register in advance on the web portal of SIMS, providing necessary information   Starts From   SIMS has been notified with effect from 1.11.2019. i.e. Bill of...

2019-09-16

All export incentives to be replaced by duty...

You must be aware that, Since last few months  the MEIS scheme was challenged by the United States at the World Trade Organisation and there is huge pressure from various export organisations, councils, trade representatives and consultants on government for continuation of Export Incentives to compete in international trade.   Also it has been represented to government with request of reimbursement of various duties and taxes are still manufacturers are not able reimbursed like. VAT &...

2019-08-01

New Export Incentive scheme - replacement for MEIS

The proposal is part of a 100-day action plan prepared by the ministry for the new government which will take office on May 30. A new export promotion scheme has become necessary as the existing merchandise exports for India (MEIS) scheme is being opposed by the US in the World Trade Organisation (WTO), stating it is not in compliance with global trade norms, the official said. The new scheme could be named as Central and State Taxes and Levies Scheme. According to the proposal, the...

2019-05-27

Phasing out of physical copies of MEIS/SEIS

Circular  No.  11/2019-Customs dtd 09.04.2019  In  order  to  enhance  the  ease  of  doing  business  for  exporters,  DGFT  has decided  to  phase out  physical  copies  of  MEIS  and  SEIS  Duty  Credit  Scrips  issued  with  EDI  port  as  port  of registration.  DGFT  has issued  Public  Notice  No.  84/2015-2020  dated  03.04.2019  and  Trade  Notice No.  03/2015-2020  dated  03.04.2019  notifying  this  change.  This  shall  come ...

2019-04-09

Utilisation of IGST - Ammendment

Under the old rules which were in operation in February and March, in most of the cases, IGST credit used to get exhausted in IGST and CGST payments in order. CGST credit used to stay in the system un-utilised, and businesses had to make cash payments for SGST. Now, under the modified rules, the taxpayer can choose to pay off SGST using IGST credit, even if the latter is not used to set off CGST liability. This will improve the efficiency of credit utilisation in the GST system, while...

2019-03-31

Social welfare surcharge (SWS)

Chennai Customs has raised an audit query that ‘Social Welfare Surcharge (SWS)’ cannot be debited in the MEIS/SEIS Licence. They have started issuing notices to importers demanding payment of SWS duty.  But the Customs EDI System itself does not have the option to debit only the Basic Duty in MEIS/SEIS Licence. This point has been raised with the Chennai Customs & they have put up with ‘Director General Systems’ to make the necessary amends in the Customs EDI System.  Other...

2019-03-31

Transport and market assistance scheme

Coverage All eligible Agri. Exporters duly registered with relevant export promotional council are entitled for this scheme. Assistance at notified rates will be available for particulars product exported to particular country Applicability Scheme will be applicable from 01.03.2019 to 31.03.2020 List of Products & country of destination For products covered under Ch. 01 to 24 except of products notified (List as per Table A) For particular country’s (List as per Table...

2019-03-29

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