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SME Chatroom: Duty drawback permitted on FOB value without bank charges

Agency commission and foreign bank charges, separately or jointly, exceeding this limit should be deducted from the FOB value for granting duty drawback, the CBIC says

Govt must ask exporters how diplomats can help

The External Affairs Ministry and the Commerce Ministry should interact with the exporters and find out what they actually need from our diplomats abroad and try to meet their specific requirements

SME Chatroom: Destruction of goods warrants reversal of input tax credit

Submit copies of correspondence with the buyer to the bank explaining the reasons for the inward remittance

Govt must cut number of slabs in Customs duty

The finance ministry has made a good beginning by reviewing the exemptions with intent to eliminate them

SME CHATROOM: Third-party payment allowed for imports subject to conditions

Notification No. 66/2017 exempts all suppliers of goods who have not opted for composition scheme, from payment of GST on advances received

Diminished role for commerce ministry in export promotion may continue

With the Commerce Minister holding the additional charge of the Textiles Ministry, it is likely that more funds will be diverted to encourage exports of labour intensive textiles.

Despite so many feats, GST still a work in progress

A major issue is the hold up of a conveyance due to minor defects in e-way bill when the matter has to be contested at the place where the conveyance is intercepted

Individuals need not obtain IEC to import for personal use: Expert

The Customs can refuse permission under Section 46(5) if the interests of revenue are adversely affected.

Focus on reforms needed to ensure sustainable growth

Successive governments continued this policy till the priorities were shifted in favour of inclusive growth in 2004

'GST laws vague on export of exempted goods through third party'

The current Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 does not have such an exemption.

DGTR puts up anti-absorption draft norms

The DGTR has framed the draft rules outlining the processes that will be followed for conducting the necessary investigations

SME Chatroom: 'No GST on expenses incurred as pure agent'

You need not include the costs and expenses you incur as a 'pure agent' in the value of taxable supplies, provided you fulfil the conditions stated in Rule 33

All eyes on GoM call on taxing Covid items

Under the GST laws, hundreds of mass consumption items and essential services are exempted fully or attract a lower rate of tax than the standard rate of 18%

Saving people from disease better than shielding industry

Should the govt policy benefit a few manufacturers through protection from imports or a large number of people via easier access to cheaper devices that help reduce chances of contracting diseases?

Covid-related imports not exempt from IGST if payment made: Expert

GST will be payable whether you buy from a party abroad or from a local supplier

Charge 0.1% GST on Covid vaccines, medical items

GST is applicable on domestic supplies and commercial import of vaccines at 5 per cent and on Covid drugs, oxygen concentrators, etc. at 12 per cent

'Covid-19 vaccine imports will attract IGST'

The notification dated April 24, 2021 does not exempt IGST leviable on on import of oxygen, oxygen-related equipment and Covid-19 vaccines

'FTP benefits are available against settlement of claims by ECGC'

Here are the conditions under which ECGC claims can be considered for availing export incentives

Lowering import duty to bring down vax price

The Customs has a critical role in facilitating the cross-border movement of the vaccines

Robust kickoff to FY22 marred by anxieties over Covid resurgence

The financial year 2021-22 has started well, except that the anxieties due to the spread of coronavirus in India and abroad have increased. Hopefully, they too shall pass