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Key Takeaways of the Foreign Trade Policy, 2015-2020

Customs - Import - Export - SEZ - By: - Bimal jain - Dated:- 4-4-2015 - Dear Professional Colleague, Foreign Trade Policy 2015-20 Unveiled: Aiming to nearly double India s exports of goods and services to USD 900 billion by 2020 Commerce and Industry Minister Mrs. Nirmala Sitharaman unveiled the Prime Minister Mr. Narendra Modi-led government's new Foreign Trade Policy, 2015-2020 ( FTP ) on April 1, 2015 at the Vigyan Bhawan, Delhi, thus laying down a road map for India s global trade engage .....

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he key takeaways of the FTP: SIMPLIFICATION and MERGER OF REWARD SCHEMES Five different schemes (Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri Infrastructure Incentive Scrip, VKGUY) merged into single unconditional scheme named as Merchandise Export from India Scheme ( MEIS ). Further, Rewards for export of notified goods to notified markets under MEIS shall be payable as percentage of realized FOB value (in free foreign exchange). The debits towards Basic .....

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oups, whereas the rates of rewards under MEIS range from 2% to 5%. Under SEIS the selected services would be rewarded at the rates of 3% and 5%; There would be no conditionality attached to any scrips issued under these schemes. Duty credit scrips issued under MEIS and SEIS and the goods imported against these scrips are fully transferable and usable for payment of Custom duty, Excise duty and Service tax. In order to give a boost to exports from SEZs, Government has now decided to extend bene .....

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has been changed to One, Two, Three, Four, Five Star Export House. Further, the criteria for export performance for recognition of status holder have been changed from Rupees to US dollar earnings. BOOST TO MAKE IN INDIA To incentivise 'Make in India' theme the FTP proposes to reduce export obligations if Capital goods under EPCG Scheme are procured from indigenous manufacturers (only 75% in place of 90%); Higher level of rewards under MEIS for export items with high domestic content .....

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Regional Authorities (RA), saving paper as well as cost and time for the exporters. In this regard, to start with, applications under Chapter 3 and 4 of FTP are being covered. Applications under Chapter-5 would be taken up in the next phase; Landing documents of export consignment as proofs for notified market will be digitally uploaded; Online inter-ministerial consultations for approval of export of SCOMET items, Norms fixation, Import Authorisations, Export Authorisation, in a phased manne .....

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s in Exporter/Importer Profile, Online applications for refunds, Online message exchange with CBDT and MCA etc., Forthcoming e-Governance Initiatives: In this context, Directorate General of Foreign Trade (DGFT) is currently working on various Electronic Data Interchange initiatives like Message exchange with CBDT for PAN, Message exchange with Ministry of Corporate Affairs for CIN and DIN etc,. D. OTHER NEW INITIATIVES Some of the new initiatives for EOUs, EHTPs and STPs are: EOUs, EHTPs, S .....

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uipment/goods for training purposes; 100% EOU units have been allowed facility of supply of spares/ components up to 2% of the value of the manufactured articles to a buyer in domestic market for the purpose of after sale services; Export obligation period for export items falling in the category of defence, military store, aerospace and nuclear energy shall be 24 months from the date of issue of authorization or co-terminus with contracted duration of the export order, whichever is later; Si .....

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is being exported under Defence Export Offset Policy; Outreach programmes will be conducted at different locations to raise awareness among various stakeholders. E-Commerce Exports: E-Commerce exports of handloom products, books/periodicals, leather footwear, toys and customized fashion garments through courier or foreign post office would also be able to get benefit of MEIS (for values upto 25,000 INR). These measures would not only capitalize on India's strength in these areas and incre .....

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Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

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Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017

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Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Forum: GST Invoice

Notification: The Customs and Central Excise Duties Drawback Rules, 2017

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.

News: GST implementation smoother than expected: Jaitley

Forum: GST - TRAN1 - filed - Data uploaded with Remarks Processed with Error - Not coming in Electronic credit ledger - need suggession guidance

Forum: 3B mistake

Forum: Input tax credit

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Due date of Filing TRAN-1

Highlight: Diversion of income at source - Joint venture agreement - 97% of the receipt transfer to M/s TRG Industries (P) Ltd. - scope of the agreement - it is diversion by overriding title - not taxable in the hands of assessee - HC

Highlight: Expenditure on eligible projects or schemes u/s 35AC - After 01.04.2017 the legislature desired to withdraw such deduction. - The Union legislature was competent to introduce such amendment - HC

Highlight: Transfer of trading assets at cost price, the profit component also stood transferred to the outgoing Directors, which otherwise belonged to the Company - the fact that AO has made the addition in the hands of the Directors would not make any difference - additions confirmed - HC

Highlight: The interest u/s 234B of the Act cannot go beyond the stage of S.245D(I) before the Settlement Commission - HC

Highlight: Galvanized iron pipe is a different commercial commodity than a iron pipe, therefore the activity of galvanization in our considered opinion amounts to manufacture - Deduction u/s 80-IB allowed - HC

Highlight: Penalty u/s 271C - non deduction of TDS on interest paid to sister concerns in terms of Section 194A - Levy of penalty confirmed - HC

Highlight: Disallowance of interest - reference to section 179 - The legislature has also recognised, that the doctrine of lifting of veil in the matter of tax dues is to be applied to prevent fraud etc. and not where the company has suffered despite its normal bona fide function. - HC

News: RBI Reference Rate for US $

Notification: Amendment in Notification No. S.O. 3118(E), dated the 3rd October, 2016

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Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force

Notification: Companies (Restriction on number of layers) Rules, 2017

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Highlight: Addition on account of alleged suppression of service value received - the addition made simply believing the Form 26AS will be an arbitrary exercise of power which cannot be sustained

Notification: Exempts intra state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 12/2017-UTT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 11/2017- UTT(R) to reduce CGST rate on specified supplies of Works Contract Services

Highlight: Liability to pay duty on import of software - Though no authorization was given by the appellant to DHL, it is an undisputed position that the software has, in fact, been ordered by the appellant and have been delivered to them by DHL - the appellant is to be considered as the importer



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