Page 5 - Sme Chatroom
'Merchant exporter's name must be mentioned in shipping bill'
We are merchant exporters and have received a transferable LC. As the first beneficiary, we have transferred the LC in favour of our supporting manufacturers, the second beneficiary. They will ship the goods and present the documents to the transferring bank. We will substitute our invoices for negotiation. The negotiating bank will collect the proceeds from the LC-issuing bank and disburse the proceeds between us and the supporting manufacturer. Our question is: who will be treated as the exporter by the authorities -- we or the supporting manufacturer?As per Article 14(k) of UCP 600, "the shipper or consignor of the goods indicated on any document need not be the beneficiary of the credit." So, you must ask the supporting manufacturer to mention your name as the shipper in the bill of lading. Secondly, you should ask the supporting manufacturer to file the shipping bill giving his name and address and stating that the export is on your behalf and mention your name and address. In tha
'If Indian firm reimburses parent entity abroad, no service tax due'
Since the service is in relation to the immovable property located in the taxable territory, service tax is payable by the service provider
'Customs not justified in asking for CVD plus 4% special duty'
'Site' means any premises made available for manufacture of goods by way of a specific mention in contract
 "'Customs not justified in asking for CVD plus 4% special duty'")
'Supplies to SEZ count as exports though payment may be in rupees'
The Trade Notice makes it clear in the new FTP 2015-20