The Reserve Bank of India (RBI) needs to revisit certain provisions in its Master Circular on Export of Goods and Services, so as to make them more exporter-friendly.

<B>TNC Rajagopalan:</B> RBI should reconsider provisions of master circular on export of goods and services

Business Standard

Under S.No.(3) of Service Tax Notification No.12/2012-Service Tax dated 17.03.2012, &ldquo;services by an entity registered under Section 12AA of the Income Tax Act, 1961, by way of Charitable Activities&rdquo;, is exempt from Service Tax.

'Duty credit scrips can be used to regularise defaults in export obligation'

TNC Rajagopalan: RBI should reconsider provisions of master circular on export of goods and services

Essentially, forfaiting involves selling a bill of exchange without recourse. It frees the exporter from political or commercial risks. It does not affect his borrowing limits/capacity and relieves him from the botheration of credit administration and collection problems.

TNC Rajagopalan: Forfait trade gets new global rules

The Director General of Foreign Trade (DGFT) has issued a public notice (no.31 dated November 21, 2012) allowing recipient of goods also to claim refund of terminal excise duty (TED) against deemed exports supplies on production of a disclaimer from the supplier in a new format. This amendment has caused some confusion but it is only correction of an error that had crept in earlier.

TNC Rajagopalan: Notice on claiming refund of terminal excise duty is a correction of an earlier error

Last week, the commerce ministry reported that exports had fallen by 14.6% in July as compared to last year.&nbsp;Anand Sharma, the commerce minister who had a meeting with representatives from industry and export promotion councils (EPC), expressed serious concern and said that the Government would bring down transaction costs so that things would take a turn for the better in the third quarter of this fiscal year.

TNC Rajagopalan: Cutting down transaction costs may boost exports

The annual supplement to the Foreign Trade Policy (FTP), released last week, gives some additional benefits to exporters by way of duty credits, removes some unnecessary hurdles, makes some procedures simpler and fails to address some issues. Its new features allow duty credits under post-export EPCG (Export Promotion Capital Goods) scheme and utilisation of duty credits for payment of excise duty on domestic sourcing.

TNC Rajagopalan: Exploring new vistas in foreign trade policy

While releasing this year&rsquo;s annual supplement to the Foreign Trade Policy, the commerce minister talked about electronic transmission of foreign exchange realisation details on exports by banks on a daily basis under the Electronic Bank Realisation Certificate (e-BRC) initiative. On the same day (June 5, 2012), the Director General of Foreign Trade (DGFT) issued public notice (no. 2) stating that the existing system of physical BRC along with the new system of e-BRC will run concurrently for a period of one month and thereafter, issuance and transmission of e-BRC to DGFT in electronic form would be mandatory. The DGFT&rsquo;s website&nbsp;dgft.gov.in&nbsp;gave the technical guidelines under the e-BRC icon. Last week, the DGFT issued policy circular (no.1 dated June 18, 2012) clarifying certain matters but exporters, brought up on manual BRC, still have some doubts.

TNC Rajagopalan

TNC Rajagopalan

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TNC Rajagopalan: RBI should reconsider provisions of master circular on export of goods and services

'Duty credit scrips can be used to regularise defaults in export obligation'

TNC Rajagopalan: RBI should reconsider provisions of master circular on export of goods and services

TNC Rajagopalan: Forfait trade gets new global rules

TNC Rajagopalan: Notice on claiming refund of terminal excise duty is a correction of an earlier error

TNC Rajagopalan: Cutting down transaction costs may boost exports

TNC Rajagopalan: Exploring new vistas in foreign trade policy

TNC Rajagopalan: Doubts about electronic bank realisation certificates