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Fragmentation of global trade leads to sub-optimal outcomes

The tensions near Taiwan go up at a time when the relations between Russia and the US and its allies are at rock bottom

Commerce ministry issues norms for engaging consultants

The terms of reference for engagements shall include the functions to be performed and the outputs to be delivered

Revenue-oriented policies need to be reviewed to fight inflation

However, the government can review its excessive revenue-oriented policies to tackle inflation and boost domestic demand

Trade in rupee: A little step forward but nothing more

Transactions in INR shift entire exchange rate risks to the foreign party. It is difficult to fathom why any foreign trader would agree to that

Container D&D charges moderate but still above the 2020 level

Container demurrage is charged for use of a container within a terminal beyond the free period allowed by the shipping line

Useful recommendations of GST Council for exporters

The present exemption of IGST on import of goods under advance authorisation, Export Promotion Capital Goods (EPCG) authorisation and by Export-Oriented Units will be continued

Quicker refunds helping exporters in GST regime

Overall, the five years of GST have made life easier for exporters and importers, despite some rude shocks and unresolved issues

MC12: Decisions not impactful, but WTO wins big

The current practice of not imposing Customs duties on electronic transmission will continue till the next ministerial conference (MC13) to be held towards the end of December 2023

'Supplies from DTA to SEZ attract export duty'

Duty credit allowed under the RoDTEP scheme is subject to realisation of sale proceeds within the period allowed by the RBI

Low expectations from the 12th WTO Ministerial Conference

The meet takes place under the shadow of global inflation, supply chain disruptions, lingering pandemic, slowing growth momentum, and the Russia-Ukraine war

European Union to ban insurance for tankers that carry Russian oil

Ship insurance companies not only cover the physical damage to the hull and machinery of the vessel but also provide protection and indemnity (P&I) against third-party liability

'MOOWR is a duty deferment scheme'

There is no customs duty exemption for inputs used in the manufacture of capital goods in a bonded warehouse, even if they are supplied to an EPCG authorisation holder

CBIC cautions against coercive tax collection during searches

The experience of the taxpayers is that many officers do not follow the CBIC instructions in tax collection or enforcement matters and do subject the taxpayers to unnecessary harassment

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