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SC strikes down levy of GST on ocean freight in CIF contracts

The matter before the Court was the appeal against the decision of Gujarat High Court in the case of Mohit Minerals Pvt. Ltd

Govt must cut import duty rates to combat inflation

Our government need not merely wait for the global commodity prices to drop but take active measures to supplement the actions of the monetary authorities

Exporters optimistic despite global slowdown prospects

They expect better market access in countries with whom new free trade agreements have been negotiated recently

Enquiries from Russia put exporters in a spot

The immediate challenge of the Indian exporters is to find shipping lines that will take their cargo to Russia.

IMF: Diversification, substitutability build resilient value chains

The IMF says that in the early days of the pandemic in 2020, the GVC-intensive trade collapsed but rebounded very quickly showing remarkable resilience.

'Unconfirmed LC binds only the issuing bank to pay'

In a freely negotiable LC, any bank can negotiate the LC compliant documents, pay the party and claim reimbursement in accordance with the instructions of the LC issuing bank.

Procedures of EPCG scheme now simplified

Under the EPCG scheme, exporters can import capital goods at zero duty against export obligation (EO) of six times the duty saved to be fulfilled in six years

RBI issues draft norms for trade via e-com mode

The roles and responsibilities of the banks and OEIF and the disciplines for operating the import and export collection accounts are clearly spelt out

'Commerce Ministry unaware EOUs are not bonded warehouses'

Apparently, the Commerce Ministry is not yet aware of these changes, and so, the SEZ Rules, 2006, remain unchanged.

Implications of short-term gain of cheap Russia oil must be weighed

So, India should carefully weigh the short term gains of buying cheap oil from Russia against implications of annoying the western alliances

Globalisation a casualty of Russia-Ukraine war

The prolonged war in Ukraine and considerable hardening of attitudes on both the sides can hurt global trade and economy

'Return of advance to foreign buyer after 12 months requires RBI nod'

Therefore, please send a suitable request to RBI, through your bank, explaining the reasons for the failure to export and the delay in sending back the advance within one year.

FTP should be extended for six more months

No new ideas have emerged on what the new FTP should be, despite meetings with the stakeholders through the Board of Trade and Export Promotion Councils

Crisis in Ukraine impacts global shipping industry

The shortage of skilled personnel at the middle and senior levels can hamper the operations of the shipping lines

SME: 'Due date of sight bill should be counted from date of presentation'

What a firm seeking supplies from abroad on credit should do in case there is an error in the contractual documents

Helpful changes in Customs and GST procedures

Many Customs notifications allow imports at lower or nil rates of duty, specified goo­ds for use in the manufacture of specified products

Ukraine crisis aggravates inflation, growth concerns

In recent years, the investments in mining fossil fuels have declined globally due to growing concerns

Restrictive GST rules take effect

Many changes in the GST laws have come into effect from the beginning of this year

Key role for WTO to meet emission targets

The 12th Ministerial Conference of WTO is scheduled to start at Geneva from the end of this month

SME Chatroom: Anti-dumping duty on inputs payable on sales from SEZ to DTA

Business Standard brings you the fortnightly Q&A on SMEs