Page 5 - SME

'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

Commercial spaces re-open vistas for security service firms: CRISIL

Private security players' key service offerings include manned guarding, cash management services, and allied services such as electronic security services

Chatroom: 'Seller and buyer can agree to deviate from Incoterms'

Under the Customs laws, you are required to declare the transaction value, i.e., the price paid or payable for the goods

'In CIF/CFR contracts, the seller bears risk of variation in freight rates'

'As long as you expect to realise the CIF/CFR value of the goods and declare it correctly in your shipping bill/EDF, there is no violation under FEMA'

CRISIL SME Tracker: Strong domestic demand to drive pharma growth in FY23

In December, the domestic pharmaceuticals market grew 10.4 per cent on exceptional growth in both volume sales and prices

Chatroom: 'Export duty is not part of the price paid or payable for goods'

You must show the export duty amount separately in the invoice and collect the aggregate amount from the buyer (whether in one or more instalments)

'DGFT should clarify duty payment for destruction of imported goods'

Practically, it is difficult to escape payment of customs duty and interest even when the goods are destroyed or re-exported

Sugar industry MSME margins hit by flat product prices: CRISIL SME TRACKER

Globally, supply is expected to ease as output in Brazil and Thailand, both major producers, is likely to revive

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

Chatroom: 'RoDTEP credit doesn't lapse after 1 year from scroll generation'

The ICPO referred to by you does not give you full payment security, as, say, a bank guarantee or irrevocable LC would give

Non-Covid services may boost hospital SMEs in FY23: CRISIL SME Tracker

Small and medium enterprises (SMEs), which account for 60-65 per cent of the health care delivery market, stand to benefit from the improvement

Chatroom: 'Drawback of IGST also available on re-export of imported goods'

This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed

Chatroom: 'After imposition of moratorium, IBC prevails over Customs laws'

After initiation of CIRP, the liquidator can secure the imported goods from the Customs to be dealt with appropriately in terms of the IBC

ITeS sector's growth prospects in FY23 augur well for SMEs: CRISIL

In FY22 the ITeS sector's revenue logged 13-15% growth to about Rs 3.1 tn, riding on volume recovery across the three key segments - customer relationship management (CRM), knowledge, and transactions

'AIR DBK available on goods made solely from domestic inputs'

As a matter of rule, no evidence of actual duties suffered on imported or indigenous nature of inputs used, even if the AIR has customs portion, should be insisted upon by field formations

SME Chatroom: 'Assessable value can be different from invoice value'

There is a specific box in the bill of entry for Free of Charge (FOC) imports

CRISIL SME tracker: Export duty will hurt large steel players, spare MSMEs

MSMEs, which make up 90-95 per cent of re-rollers, witnessed a sharp margin contraction in FY21 owing to iron ore unavailability, and logistics and labour issues, among other factors

'Space availability certificate not required for filing in-bond B/E'

The requirement of producing the space availability certificate for clearance of goods to be deposited in a bonded warehouse has been done away with

Twin headwinds lash SMEs in gems and jewellery sector: Crisil SME Tracker

The rise in the prices of gold will also curb demand, though it will support the revenues of SMEs