Exporters facing difficulties post-GST due to late drawback refunds: EEPC
The Dollar Business Bureau Engineering Export Promotion Council (EEPC) of India said on Monday that after the implementation of Goods and Services Tax (GST), shipping companies are facing problems as their refunds for drawback will not be issued till end of September or October. In addition, the supply of goods from domestic tariff zones (DTZs) to export-oriented units (EOUs) are not taken as ‘deemed exports’ under the new tax regime, which resulted in denying duty free imports of inputs under the Government’s scheme of Advance Authorisation, EEPC said in a statement. Moreover, the exporters will be paying basic customs duty, Integrated GST and cesses for the goods imported that are used for supply to EOUs. The exporters are entitled for input tax credit of IGST only. The basic ...
Duty-free shops beyond food safety range: FSSAI
The Dollar Business Bureau The Food Safety and Standards Authority of India (FSSAI) has stopped regulating imported food and beverages sold at duty-free shops. The decision comes as a surprise to everyone, especially after its internal department had earlier issued a warning of a probable threat of bio-terrorism as well as general safety of consumers. In January this year, the FSSAI had issued stricter guidelines on food imports to curb sub-standard foods entering into the Indian market. It had said no person shall import any food product without an import license, and no food should be cleared from the custom unless it has 60% shelf life at the point of custom clearance. The decision comes at a point when FSSAI contends against a ...
The last FTP scored just pass marks. A 40% target-achievement wont do this time!
Steven Philip Warner | @TheDollarBiz Policies cannot be judged unequivocally by outcomes. Under such ambiguity, let us say that in many-a-case, failure becomes the twin of a noble impulse, and criticism is the outcome of bold decisions at a macro-level. But there is an indicative measuring rod. A number that has a soul to appraise performance vis-a-vis promise. When FTP 2009-14 was released, the-then policymakers had set a target of crossing the $500 billion mark in India’s exports by FY2014. The target therefore called for $315 billion in incremental annual exports. By FY2012, it had become profoundly certain that India’s FTP lacked punch – perhaps some real big incentives in the form of credit scrips or drawbacks ...
