Central government allows import of 3 lakh MT of raw sugar at 25% duty
The Dollar Business Bureau The Central government has allowed imports of 3 lakh metric tonnes of raw sugar at a concessional rate of 25% tariff duty. The sugar can be imported only through southern ports such as Tuticorin, Chennai in Tamilnadu, Karaikal in Puducherry, Mangalore in Karnataka, Kakinada, Vishakhapatnam and Gangavaram in Andhra Pradesh. According to the notification released by the DGFT No- 27/2015-2020 dated September 7, 2017, the validity of the tariff duty of 25% is for 60 days ie until the 1st week of November. The move to allow the imports of raw sugar by the government comes after sugar mills in Tamilnadu sought permission to import the commodity duty-free. Harvesting of sugar in the state has come down drastically due to ...
CBEC amends circular to aid manufacturers in getting Certificate from Development Commissioner
The Dollar Business Bureau The Central Board of Excise & Customs circular, dated April 10th 2017, has issued a notification with respect to difficulties faced by manufacturers (EOUs/EHTP/STP units) when availing a certificate from the jurisdictional Development Commissioner regarding duty if the manufacturers have procured goods from indigenous sources. The Customs notified that in an earlier notification given via Circular No.74/2001-Cus dated 04.12.2001, it was clarified that in case raw materials/ capital goods etc., procured from indigenous sources by EOUs/EPZ/SEZ/EHTP/STP units are transferred/ sold back to DTA except for the purpose of replacement, the deemed export benefits already availed of against such goods shall be required to be refunded back and that the export benefits shall be deposited through TR in ...
Rs. 56,418 cr forgone in SEZ-tax-sops in 9 months
The Dollar Business Bureau According to a written reply by Nirmala Sitharaman, Minister for Commerce and Trade, the government has “foregone” Rs. 56,418 crore in tax collections for special economic zones. The letter addressed to Lok Sabha, points that the amount was foregone in nine months (April-December) of FY 2016-17. These special economic zones contributed exports of Rs. 3.58 lakh crore during the specified period. The letter further mentions that SEZ zones had received duty exemptions worth Rs 52,216 crore between the year 2015-16 and contributed exports worth Rs 4,67,337 crore. While the introduction of SEZ’s was suggested to improve manufacturing index in the country, in recent times the concept has only led to a debate on the unviable tax-sops and operational efficiencies. ...
4.91 Re-import of rejected jewellery
An exporter of plain/ studded precious metal jewellery shall be allowed to re-import duty free jewellery rejected and returned by buyer up to 2% of FOB value of exports in preceding licencing year (based on CA certified copy of export of preceding year) with refund of any duty exemption/refund/replenishment benefit availed on inputs used as per customs rules and regulations.
