Page 19 - Tnc Rajagopalan

Blind imposition of import restrictions hits exporters hard

The task of getting their goods to the buyers in time at reasonable costs is getting more difficult for the exporters

Provisional assessment allowed when Customs doubt origin of goods: Expert

Compulsory verification of assessment will be discontinued once the importer demonstrates that he has established adequate system of controls to exercise reasonable care

Govt expands scope of steel import monitoring

The importer can apply for registration not earlier than 60th day and not later than 15 days before the expected date of arrival of import consignment

Export figures for Aug disappoint optimists

Among manufactured goods, only drugs & pharmaceuticals and plastic and linoleum have shown positive growth

CBIC deserves credit for efficient assessment

The first phase of the 'faceless assessment' for imported goods was introduced in the first week of June this year at Bengaluru and Chennai Customs zones

Exporters may not get much help from RoDTEP

The government has restricted the allocation for MEIS benefits to Rs 5,000 crore for September-December period. In FY20, the Centre granted Rs 43,500 crore of MEIS benefits

Onerous obligations on importers under new Customs rules

It is meant to strengthen the provisions for checking misuse of exemptions for imports under various trade agreements

Imports from related party will be scrutinised by Customs: Expert

Rule 3(3)(a) of the Customs Valuation Rules, 2007 provides that where the buyer and the seller are related, the circumstances surrounding the sale will be examined

Protectionism shifts attention from real issues

Using the new tools, the claims for lower duty rates for imports under trade agreements may be put to greater scrutiny

Realisation of export proceeds not mandatory for drawback on re-exports

A licence or duty credit scrip obtained through misrepresentation is voidable but not void till it is cancelled

Act East policy giving way to Welcome West

The Centre is playing down its trade relations with Asian countries with more noises about de-coupling from China

Those who kept goods moving during Covid deserve praise

Improved money supply helped revive the global demand. However, the demand in the domestic economy did not pick up enough

Payment of advance does not create lien over supplier's assets: Expert

Your rights arise only from the contract between you and the supplier, say expert

Honest, thorough reappraisal of GST long overdue

The GST regime was ushered in without adequate preparation of the information technology platform for filing returns

Post-import expenses excluded for determining Customs value: Expert

The charges for erection and training will not be included in the assessable value of the imported goods

It's high time govt worked with trade to revive economy

The government cannot turn a blind eye, as if there were no errors on the GSTN portal

Better to file bill of entry before arrival of vessel, say expert

It is always desirable to file the bill of entry well before arrival of the vessel and get the assessment through

Small businesses still waiting for stimulus package

The fall in March trade figures is only the beginning of a trend that is likely to continue in the first quarter of this fiscal year

Coronavirus outbreak: Traders should highlight issues to get govt's help

The govt is trying to identify areas where relief by way of simplifying procedures or extending the deadlines can be provided

Force majeure does not extend expiry dates in letters of credit: Expert

A bank will not, upon resumption of its business, honour or negotiate under a credit that expired during such interruption of its business