Search Result for : Epcg

The Dollar Business Bureau Few days after threatening with reciprocal taxes on export products from India, the US, under Donald Trump administration, has launched a fresh offensive against it by filing complaint at the World Trade Organisation (WTO) about, what it termed, as its export subsidies programmes such as Special Economic Zones (SEZs) and the Merchandise Exports from India Scheme (MEIS). The US has requested to hold discussions with India on the issue, the first step before taking any legal action. In its request, the US has argued that the incentives provided by India violate the WTO agreements as it has crossed the economic benchmark of $1,000 per capita gross national income (GNI). Under the rules of WTO, India and the US are ...

The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhakar Prabhu said on Thursday that financial incentives for exporters through various export promotion schemes such as Merchandise Exports from India Scheme (MEIS) is expected to cross Rs. 1 lakh crore in the fiscal 2017-18. “Incentives to exporters under various schemes like the popular MEIS, SEIS, Advance Authorisation and the Export Promotion Capital Goods (EPCG) would cross Rs.1,00,000 crore and touch Rs.1,20,000 crore or even more depending on the performance of exports in the last two months of the fiscal,” Prabhu said while addressing a press conference. “You heard our Finance Minister say (in his Budget speech) that exports this year could have a growth of 15% over the previous year. A good export performance means ...

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 ...

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 ...

The Dollar Business Bureau The Government has exempted custom duty on the re-imported goods which are exported under claim for drawback of any customs or excise duties levied by the Union, drawback of any excise duty levied by a State, for rebate of Central Excise duty, bond without payment of Central Excise duty, duty exemption scheme (DEEC/Advance Authorisation/DFIA) or Export Promotion Capital Goods Scheme (EPCG). “The Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods falling within any Chapter of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975)….when reimported into India, from so much of the duty of customs leviable and the whole of the additional duty, ...

The Dollar Business Bureau  As a part of evaluation and monitoring of the Foreign Trade Policy (FTP) 2015-20, Commerce Secretary Rita Teaotia on Thursday released the “MIS Report on Export promotion Schemes 2017” of the Statistics Division of Directorate General of Foreign Trade (DGFT). The Report was released by Teaotia in the presence of DGFT and other senior officials of the Department of Commerce, on the occasion of the 11th ‘Statistics Day’ celebration to commemorate the birth anniversary of the Father of Indian Statistics - Professor Prasanta Chandra Mahalanobis. “The Report is an initiative taken by Statistics Division of DGFT as part of the monitoring and evaluation of the Foreign Trade Policy (2015-20),” said an official statement. The publication consists of latest information ...

The Dollar Business Bureau  In order to promote ease of doing business, the government is considering a proposal to merge two departments under the Ministry of Commerce, DGFT (Directorate General of Foreign Trade) and the CBEC (Central Board for Excise and Customs). These departments are common to the ministries of finance and commerce, respectively. The proposal assumes importance as a major part of the present work profile of DGFT - the foreign trade policy regulator is going to be online with digitisation and implementation of goods and services tax (GST). The role of the DGFT is facilitation of exports, formulation of foreign trade policy and governs programmes like Merchandise Exports from India Scheme (MEIS), Export Promotion for Capital Goods (EPCG) and Advance Authorisation Scheme. The DGFT ...

The Dollar Business Bureau Directorate General of Foreign Trade (DGFT) on Wednesday amended IEC provisions under the Foreign Trade Policy 2015-20, related to jurisdictions of IEC transfer, applications and adjustment of fees. In its notification No.54/(2015-2020), DGFT informed, “When an IEC holder seeks modification/change of Branch Office/Head Office/Registered Office address in its IEC and which involves a shift in its jurisdictional RA, a request to that effect will have to be made to RA concerned under whose jurisdiction the applicant exists.” In the earlier provision, the request to that effect will have to be made to the new RA to whose jurisdiction the applicant is shifting its Office. “On the basis of this request, the RA (custodian of the IEC file till ...