Page 2 - Sme Chatroom

'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

SME Chatroom: Banks can write off import entry in IDPMS over quality issues

RBI rules allow AD Category-1 banks to close BoE for such import transactions where write-off is due to short shipment or destruction of goods by port/Customs/health authorities

'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.

SME: 'Due date of sight bill should be counted from date of presentation'

What a firm seeking supplies from abroad on credit should do in case there is an error in the contractual documents

SME: 'Ad hoc norms valid for 3 yrs or till March 31, whichever is later'

So, the norms approved in 2017 will be valid till 31.03.2022 and the norms approved in 2020 will be valid for three years from the date of approval

SME Chatroom: Anti-dumping duty can be levied with retrospective effect

Most countries have aligned their tariffs at the six-digit level.

SME Chatroom: HS Code error in bill of entry can be amended after clearance

Here's how to claim a refund of the excess duty paid

SME Chatroom: No interest liability due on retrospective amendment

However, it would help all persons concerned if the CBIC issues a clarification in this regard

SME Chatroom: FTP allows exports through third party

Para 9.60 of FTP says that "third-party exports" means exports made by an exporter or manufacturer on behalf of another exporter

SME CHATROOM: Third-party payment allowed for imports subject to conditions

Notification No. 66/2017 exempts all suppliers of goods who have not opted for composition scheme, from payment of GST on advances received

SME Chatroom: Import of Covid-19 vaccine will attract Integrated GST

The notification no.28/2021-Cus dated April 24, 2021 does not exempt IGST leviable on medical goods

'FTP benefits are available against settlement of claims by ECGC'

Expert answers readers' SME queries related to excise, VAT and exim policy

Temporary or permanent transfer of intellectual property attracts 12% GST

Appendix-5C of the HBP also requires the Chartered Accountant to clearly certify that the exporter has submitted e-BRC and the same have been verified

Banks can consider extending time limit for settling import dues: Expert

Weekly advice on managing small businesses. This time SME chatroom talks about a RBI directive on import of goods and services.

'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.

Incoterms CPT, CIP terms oblige seller to contract for carriage, say expert

'The cost for contract for carriage must be borne by the seller, who must ensure that it is on usual terms and usual route as customary for the type of cargo'

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

'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

'Service tax and excise duty amnesty scheme comes into effect from Sep 1'

The Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 is not yet implemented. It shall come into force with effect from September 1, 2019

'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