Page 20 - Tnc Rajagopalan/workspace/business Standard Web/video

Virus forces world to rethink strategy

Developing more sources of supplies to guard against disruptions may emerge as the next big trend. But with what's happening in Delhi, India stands to lose out on a chance

'Export incentives available on rupee payment through Vostro account'

That PN does not extend the first block or final EO period. It only relaxes the period within which you can ask for extension of first block or final EO period.

Trade wants GST Council to change late payment rule

Demands on the basis of gross tax liability can be held in abeyance

Redefining law on exemptions

The Customs department so made the software in its Electronic Data Intercharge system that when exemption from BCD was claimed by presenting such scrip, the system automatically allowed it by a debit

New year begins on positive note

The government's new year gift is extension of the time limit to avail of the service tax and central excise dispute resolution scheme by 15 days

Year closes on a gloomy note

Export, import, private investment, domestic demand, direct tax revenue, and indirect tax collection all show a declining trend

Need for correct Incoterm usage can't be overstated, says expert

Incoterms clearly define the obligations of the seller and buyer, when the risk passes from seller to buyer and who bears what costs

Revised Incoterms take effect from Jan

The latest revision retains the 11 delivery terms in the current Incoterms 2010 version. The only change being that Delivery at Terminal is being replaced with Delivery at Place Unloaded

GST Council does some corrections

The GST Council has shown willingness to listen and make necessary course corrections

'Benefits on supplies from DTA linked to payment in foreign currency'

RoSL scheme has been brought back for a limited period

Making rebates WTO-compatible

Under RoSCTL, except for some items containing cotton, the rates are between 1.7 and 3.6 per cent of the FOB value of export

Hesitancies in an RCEP deal

The major fear of Indian businesses is that the mega deal will give duty-free access to other nations, especially China, resulting in a surge in import of manufactured goods

'EOU can clear unused raw materials in DTA, or transfer to another unit'

That trade notice cannot override the FTP notified on December 5, 2017

Exporters still face various problems

Hopefully, the government will take note and make life easier for exporters

Taking action on adverse feedback

The government has sent a clear message that it is listening and is willing to take the necessary steps to revive the economy

Newer language of global trade

Incoterms are invariably incorporated in all international contracts for sale of goods

Consideration and the levy of export tax

Exporters should review all situations where goods are sent abroad without any payment made or to be made

'EOUs can import goods from Pakistan without paying customs duty'

The 5/2019 notification grants exemption on goods imported by EOUs from the whole of customs duty leviable thereon under the First Schedule to the Customs Tariff Act, 1975

Amnesty offer for pre-GST litigation

The scheme is attractive, since the tax relief is 40-70% of the amount in dispute

What do GST rules say about refund for exporting goods and their payment

TNC Rajagopalan explains GST rules on exports and scrips.