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Paper praise not enough for WTO

The US has invoked national security concerns and threatened to raise tariffs on more Chinese goods worth around $325 billion

After Trump's China action

China's rise has been a source of concern for many other countries, too, and any prospect of flight of capital from there is good news for many of these, all hoping to attract the investments

Export of sample is zero-rated in accordance with Section 16 of IGST Act

'AD Cat I banks may close BoE for import deals where write-off is for quality issues'

Finance Ministry somewhat closer to reality

In its February report, the ministry had said growth was consumption-driven in recent years and growth in consumption was unyielding

Iran development a warning signal

India has tried to reduce dependence on oil by encouraging renewable sources of energy and production of electric cars and buses

Signs of hope on the export front

Twenty of the 30 major product groups were in positive territory for March, most of these showing impressive growth

BJP manifesto lacks road map to meet promises

Doubling the total exports by 2022 is one of the aspirations of the manifesto

Deep post-election change unlikely

It is easy to promise removal of restrictions on export and import of agricultural products but difficult to do so

Court orders halt to arbitrary govt

For 15 months, the govt turned a deaf year to representations from exporters, before removing the pre-import condition in early January 2019

'MEIS benefit available for export realisation in rupee through Vostro a/c'

Imports under EPCG scheme with or without IGST payment has no bearing on export of goods on IGST payment under refund claim

'Exempt supply' includes supplies on reverse charge basis to restrict ITC

'You may restrict input tax credit, as prescribed under Rule 42 of the CGST Rules, 2017'

Reality test needed for RBI credit rules

The RBI says banks may consider the applications from exporters and grant permission for opening or hiring of warehouses abroad

Coming to sense with absurdities

When the Goods and Services Tax (GST) was introduced in July 2017, the government withheld any exemption from IGST on import under all categories of advance authorization

Higher onus on trade in new audit approach

Under the new scheme, transaction-based audit will be confined to a few transactions under the risk management system

Clearly, GST is still 'work in progress'

The avalanche of notifications and circulars show the GST regime is yet to stabilise

Public interest and pre-import clauses

IGST on imported goods is levied and collected in accordance with Section 3(7) of the Customs Tariff Act, 1975

GST's latest in word cascade

When the Goods and Services Tax (GST) was introduced, exporters were entitled to claim refund of Integrated GST (IGST) paid on goods shipped out

How not to arrest the rupee's fall

It is not clear what items the government will treat as non-essential and if it will restrict such import through licensing or higher duties

WTO looks back at data of 2017

Trade in commercial services fully recovered in 2017, with 8% growth in 2017

Credit note must show tax rate and tax amount, says expert

As per Rule 53(i) of the CGST Rules, 2017, the rate of tax and the amount of tax must be shown in the credit note