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At 5.74% CAGR, exports growth dismal in last nine years

he Foreign Trade Policy (FTP) 2015-20 targeted doubling of exports of goods and services from $466 billion in 2013-14

CHATROOM: Exports on CIF terms attract IGST on CIF value, says expert

The Commerce Ministry introduced Para 2.43 on "merchanting trade" in the recently released Foreign Trade Policy 2023

Key messages on economy from external affairs minister

It is remarkable that the Minister of External Affairs has so clearly articulated the government's thinking on economic affairs

Challenging SC judgment on validity of pre-import condition may not succeed

Exporters complain that some authorities are talking of applicability of the pre-import condition for advance authorisations issued during that period

CHATROOM: 'No assent needed to re-export goods imported under IGCRS'

There is no requirement under FEMA that you must have an IEC before receiving advance payment for exports

MOOWR scheme made less attractive

Most manufacturers were reluctant to opt for the MOOWR scheme instead of well-established EOU/SEZ/EPCG schemes. Now, even some MOOWR units may opt out of the scheme and go for the competing schemes

Trade resents losses due to government's faults

It is now for the industry associations to agitate the matter before the government

Chatroom: EO fulfilment can start from date of issue of EPCG authorisation

'You can export goods capable of being manufactured by the use of capital goods imported under the EPCG scheme'

DGFT should make good notable omissions

Hopefully, communications will follow on these issues

Key FTP changes that didn't find mention in the highlights

Generally speaking, the new FTP continues with the same old provisions under the major export promotion schemes

Chatroom: Replacement part can be imported under EPCG scheme for spares

There is no stipulation that a free replacement must come only after re-export of the wrong shipment

New trade policy continues with old schemes

The new policy gives no specific period for its validity or any expiry date, but it can be amended anytime

Claims of rebound in global trade premature

The expected boost in shipments from China after relaxation of the Covid-19 restrictions has not materialised

Chatroom: 'No GST rebate or exemption against supply of services to EOUs'

Section 16 of the CGST Act, 2017 allows you to take input tax credit of the input tax charged on any supply of goods or services, or both, subject to certain conditions

Entry of foreign law firms will help businesses and law professionals

The Indian legal industry is in a state similar to the Indian manufacturing industry prior to 1991. The BCI has now started the process of liberalisation

Settlement Commission looks to raise awareness through FAQs

Where the taxpayers are doubtful on whether they will be penalized, it makes sense to opt for settlement and get a quick closure. For them, the latest FAQs give a quick initiation

'Importers should ensure that certificate of origin is genuine'

Business Standard brings you the fortnightly Q&A on SMEs

Chatroom: Importers must ensure genuineness of COO, says expert

Business Standard brings you the fortnightly Q&A on SMEs

New export strategy must be a result of introspection

The 2015 Foreign Trade Policy Statement said that the government aims to increase India's exports of merchandise and services from $465.9 billion in 2013-14 to approximately $900 billion by 2019-20

Adani-owned ports may use their pricing power

The Adani group of companies is under pressure since Hindenburg Research, a small firm in the United States, levelled certain allegations