Page 11 - Tnc Rajagopalan

Disputes at WTO will end when third parties also relinquish rights

The Dispute Settlement Body (DSB) at the WTO is dysfunctional because the US has blocked the appointment of judges to hear the appeals emanating from the DSB panel decisions

Export growth still depends on demand in Europe, North America

The government is pinning its hopes on increased investment that its Production Linked Incentives (PLI) scheme may attract

'Interest demand in pre-import regularisation cases can be contested'

The CBIC Circular referred to above says that the bill of entry will be assessed again and then you have to make the IGST payment

CBIC circular on pre-import violation cases

The circular is useful because it applies not only to the parties who litigated on the pre-import issue but also to those who did not do so

CBIC should clear the air quickly on pre-import issues

It is difficult to understand why the government has not yet come out with a circular prescribing the procedures that the exporters have to follow.

Chatroom: Denial of ITC on inter-state transfer of duty-free goods unfair

'The testing requirement will apply for exports to all countries, without exception'

Suggestions of influential persons on trade policy and their scrutiny

The government is keen on giving incentives for exports but is also keen on justification on the basis of export performance

At 5.74% CAGR, exports growth dismal in last nine years

he Foreign Trade Policy (FTP) 2015-20 targeted doubling of exports of goods and services from $466 billion in 2013-14

CHATROOM: Exports on CIF terms attract IGST on CIF value, says expert

The Commerce Ministry introduced Para 2.43 on "merchanting trade" in the recently released Foreign Trade Policy 2023

Key messages on economy from external affairs minister

It is remarkable that the Minister of External Affairs has so clearly articulated the government's thinking on economic affairs

Challenging SC judgment on validity of pre-import condition may not succeed

Exporters complain that some authorities are talking of applicability of the pre-import condition for advance authorisations issued during that period

CHATROOM: 'No assent needed to re-export goods imported under IGCRS'

There is no requirement under FEMA that you must have an IEC before receiving advance payment for exports

MOOWR scheme made less attractive

Most manufacturers were reluctant to opt for the MOOWR scheme instead of well-established EOU/SEZ/EPCG schemes. Now, even some MOOWR units may opt out of the scheme and go for the competing schemes

Trade resents losses due to government's faults

It is now for the industry associations to agitate the matter before the government

Chatroom: EO fulfilment can start from date of issue of EPCG authorisation

'You can export goods capable of being manufactured by the use of capital goods imported under the EPCG scheme'

DGFT should make good notable omissions

Hopefully, communications will follow on these issues

Key FTP changes that didn't find mention in the highlights

Generally speaking, the new FTP continues with the same old provisions under the major export promotion schemes

Chatroom: Replacement part can be imported under EPCG scheme for spares

There is no stipulation that a free replacement must come only after re-export of the wrong shipment

New trade policy continues with old schemes

The new policy gives no specific period for its validity or any expiry date, but it can be amended anytime

Claims of rebound in global trade premature

The expected boost in shipments from China after relaxation of the Covid-19 restrictions has not materialised