AEPC demands refund of IGST on apparel machinery import
The Dollar Business Bureau Exporters’ body Apparel Export Promotion Council (AEPC) has asked the Ministry of Finance for the refund of Integrated Goods and Service Tax (IGST) paid on the import of machinery used by apparel manufacturer exporters. AEPC, in a letter written to Ministry of Finance, has stated that after the implementation of GST from July 1, 2017, apparel exporters are required to pay IGST up to 18% on assessable value plus basic customs duty (BCD) while clearing shipments of capital goods under the Export Promotion Capital Goods (EPCG) scheme. “The incidence of a very high IGST without any corresponding relaxation for export obligation has rendered the EPCG scheme unattractive,” AEPC said in a statement. In the letter written to GK Pillai, Chairman ...
Export incentive Schemes under the FTP Are exports still incentivising under the GST regime?
By Ranjeet Mahtani and Suhasini Joshi The Government of India has always endeavoured to encourage and incentivise exports, and it has been an avowed policy to export goods and services and not taxes and duties. The Ministry of Commerce, Government of India has consistently formulated schemes aimed at diversifying Indian exports and creating a stable policy environment- Foreign Trade Policies (FTP). The FTP 2015-20 announced various schemes (some new and others modified existing schemes) as a step towards the Prime Minister’s much touted ‘Make in India’. On June 30th, 2017 the Directorate General of Foreign Trade (DGFT) issued a Trade Notice amending the scope, applicability and procedural aspects of some of the FTP schemes, in view of and to align with the new GST ...
Apple seeks govts approval to sell refurbished iPhones in India
In the recently-concluded Union Budget 2016, the Finance Ministry had announced that there will be a 12.5% excise duty on imports of these components while the domestic manufacturer will incur a 2% charge The Dollar Business Bureau US-based tech giant Apple has sought approvals from the Indian government to import and sell pre-owned iPhones in India. An application from Apple regarding import of certified pre-owned iPhones for sale in India and manufacturing certified pre-owned iPhones for sale in India has been received in the Ministry of Environment and Forests, Telecom Minister Ravi Shankar Prasad said in a reply to Rajya Sabha. The announcement came in the backdrop of the governments decision to impose an excise duty on domestically-manufactured as well as imported mobile components ...
