Search Result for : Duty Drawback Scheme

The Dollar Business Bureau A parliamentary committee has recommended that the Government should extend the duty drawback rates for exporters that were prevailing prior to the Goods and Services Tax (GST) regime, until June 2018 or till the Department of Revenue comes out with revised rates. While tabling its report in Parliament on the impact of GST on exports, the Standing Committee on Commerce chaired by Naresh Gujral said that this step will enable the exporters in overcoming the problems which they are currently facing besides this will also help them to take a long-term outlook while negotiating their export orders. The Committee said that a formal mechanism must be put in place for redressal of grievance of exporters. “In order to bring relief to ...

PTI The Union Cabinet today approved amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST. The amendments in the Customs Act, 1962, allow furnishing of information relating to import or export of goods by specified persons to enable analysis and detection of cases of under or over-valuation in imports and exports. It also aims to check misuse of export promotion schemes, including the Drawback Scheme, and violations of the provisions of the Customs Act and various other laws under which Customs officials have been authorised to implement these laws. "Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent on rollout ...

The major takeaway from the Narendra Modi-led governments third Union Budget was its focus on strengthening the rural economy and agriculture besides ushering tax relief for the countrys salaried class The Dollar Business Bureau The government has widened duty drawback scheme to include more products and countries besides minimising the transaction costs of EXIM trade, as additional measures to support the countrys dwindling exports   After Finance Minister Arun Jaitely laid out a roadmap about how the Indian economy will shape up during the financial year 2016-17 in his third Union Budget speech earlier this week, several industry analysts praised the budget as pragmatic and progressive and said the announcement will put the Indian economy in a better place besides opening myriad opportunities ...