Page 14 - Tnc Rajagopalan

RBI optimistic on the state of economy

Bank credit is increasing by double digits and the sustained surge in goods and service tax collections is signalling growing formalisation of the economy

Chatroom: 'Drawback of IGST also available on re-export of imported goods'

This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed

Importers still wait for clarity on expanded scope of IGCRS Rules

The new rules now say they come into play even in situations where the notifications prescribe end use of imported goods but do not specifically prescribe application of the new rules.

Need for rules to assist imported goods valuation unclear

The draft rules specify 11 types of imports that will be exempted from application of the rules

Chatroom: 'After imposition of moratorium, IBC prevails over Customs laws'

After initiation of CIRP, the liquidator can secure the imported goods from the Customs to be dealt with appropriately in terms of the IBC

FTP extension gives time to rethink present policies

The commerce ministry should rethink its strategy of walking away from multilateral/regional trade negotiations and getting into more and more bilateral trade agreements

Fears of weaker rupee, higher inflation worsen

The Finance Ministry increased the validity of electronic duty credit scrips under various schemes to 24 months, giving more flexibility to exporters

'AIR DBK available on goods made solely from domestic inputs'

As a matter of rule, no evidence of actual duties suffered on imported or indigenous nature of inputs used, even if the AIR has customs portion, should be insisted upon by field formations

FIEO plea for sops at odds with govt view

It is difficult to understand why the exporters want the taxpayers' money to further their businesses

Export momentum dissipating but new opportunities opening up

Speculation on what the new Foreign Trade Policy, to be unveiled this month-end, may contain has engaged the attention of exporters and importers

SME Chatroom: 'Assessable value can be different from invoice value'

There is a specific box in the bill of entry for Free of Charge (FOC) imports

System-generated examination orders for B/E introduced

Under the new procedure, after processing BE data, Risk Management System (RMS) will generate a consolidated examination order for each selected BE based on potential risks.

Global military expense rise may hit trade

Even before Russia attacked Ukraine in February this year, the major powers had started increasing their military spending

'Delay by authorities can't result in denial of benefits'

The RBI has not stipulated any amount up to which the banks can write off the IDPMS or EDPMS entries automatically

Discuss freebies and also the subsidies to industries

No doubt, the so-called freebies to the poor must be discussed but the subsidies to the industries must also be discussed in depth

India @75 should shun protectionism and get more competitive

The task ahead is to discard the protectionist trade and tariff policies that have failed us and adopt the liberal policies that have helped us

Fragmentation of global trade leads to sub-optimal outcomes

The tensions near Taiwan go up at a time when the relations between Russia and the US and its allies are at rock bottom

Commerce ministry issues norms for engaging consultants

The terms of reference for engagements shall include the functions to be performed and the outputs to be delivered

Revenue-oriented policies need to be reviewed to fight inflation

However, the government can review its excessive revenue-oriented policies to tackle inflation and boost domestic demand

Trade in rupee: A little step forward but nothing more

Transactions in INR shift entire exchange rate risks to the foreign party. It is difficult to fathom why any foreign trader would agree to that