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Computer import curbs not part of FTP Principles of Restrictions

The duty rates on computer software and hardware were cut to zero after India became a signatory to the Information Technology Agreements (ITA-1 and ITA-2) at the World Trade Organisation

CHATROOM: Second beneficiary cannot transfer LC to another, says expert

Section 143 of the CGST Rules, 2017 allows sending any inputs or capital goods, without payment of tax, to a job-worker for job work and from there subsequently to another job-worker and likewise

Ahead of I-Day, optimism, but concerns abound

Another significant achievement is the adoption of information technology (IT) to improve various processes in the government and businesses

CHATROOM: 'Customs should reveal method used to fix value of export goods'

Rule 1.1 of the FEDAI Rules, 2019 says that the normal working hours of ADs for foreign currency to Indian rupee transactions for clients is 9 a.m. to 5 p.m. on all days, except Saturdays, Sundays

WTO ranks India 18th in merchandise exports

India is ranked 7th in the list of services exporters with exports of $309 billion and 4.4 per cent of global services trade share

CBIC deserves kudos for GST clarificatory circulars

The GST Council has decided to meet again on August 2, 2023, to consider various representations regarding tax rates on services of online gaming, casinos, and horse racing

CHATROOM: 'CBIC should tweak legal provisions for SEZ to DTA sales'

Firstly, it is not correct to say that the B/E is filed on the basis of the proforma invoice

Intent to not lag China is behind moves to promote INR trade

The linking of 'card switches' will facilitate mutual acceptance of domestic cards and processing of card transactions

CGST Rule 89(4) or 89(4B)? Refund issue can snowball into major problem

Rule 96A of the CGST Rules, 2017, allows export of goods without payment of IGST after furnishing a bond or letter of undertaking (LUT)

CHATROOM: 'DGFT should resolve contrary provisions in FTP, HBP quickly'

DGFT Policy Circular no. 11(RE-01)/2001-02 dated 1.10.2001 had clarified that the annual average exports should be maintained till the export obligation is completed

India should move towards complete convertibility of rupee

The IDG believes that CAC is not a pre-condition for internationalisation of INR, or vice-versa, and makes several recommendations over the short-term and medium-term horizons

Centre should spell out reform agenda, take everyone along

When the minority government of Narasimha Rao was formed on June 21, 1991 after the general elections, very few expected major initiatives

Chatroom: 'Interest can be claimed on delayed payment of drawback'

You can claim interest on the pre-deposit amount in accordance with Section 129EE of the Customs Act, 1962

Disputes at WTO will end when third parties also relinquish rights

The Dispute Settlement Body (DSB) at the WTO is dysfunctional because the US has blocked the appointment of judges to hear the appeals emanating from the DSB panel decisions

Export growth still depends on demand in Europe, North America

The government is pinning its hopes on increased investment that its Production Linked Incentives (PLI) scheme may attract

'Interest demand in pre-import regularisation cases can be contested'

The CBIC Circular referred to above says that the bill of entry will be assessed again and then you have to make the IGST payment

CBIC circular on pre-import violation cases

The circular is useful because it applies not only to the parties who litigated on the pre-import issue but also to those who did not do so

CBIC should clear the air quickly on pre-import issues

It is difficult to understand why the government has not yet come out with a circular prescribing the procedures that the exporters have to follow.

Chatroom: Denial of ITC on inter-state transfer of duty-free goods unfair

'The testing requirement will apply for exports to all countries, without exception'

Suggestions of influential persons on trade policy and their scrutiny

The government is keen on giving incentives for exports but is also keen on justification on the basis of export performance