Search Result for : Export Promotion Council

By Ranjeet Mahtani, Sweta Rajan & Suhasini Joshi Supplies of goods and services to units in Special Economic Zones (“SEZ”) and physical exports are ‘zero rated’ under the Goods and Services Tax (“GST”) regime.  The exporters can either (a) supply goods under a Bond or Letter of Undertaking (LUT) without payment of Integrated Goods and Service Tax (IGST) and claim refund of unutilized Input Tax Credit (ITC) or; (b) supply goods on payment of IGST and claim refund of such tax paid on the supplies.  The CBEC had issued a notification[1] and then two circulars[2] clarifying certain procedural and administrative aspects to be complied with by the exporters and field formations. Exporters continued to face various difficulties as also practical hurdles including: (a) ...

The Dollar Business Bureau The country’s apex court had delivered its judgement in the decade old litigation of Target Plus Scheme (TPS) for Export Promotion in the Civil Appeal No. 554/2006 titled DGFT v/s Kanak Exports & Ors., on 27th October 2015. Accordingly, the Government has approved implementation of TPS for 2005-06 as per the Judgment of the Supreme Court. The recent notification No.06/2015-2020 dated May 8, 2017 has been issued in this regard. The DGFT has instructed all its Regional Authorities to re-examine all the eligible claims/applications pending for TPS 2005-06 for issue of the balance claim/recovery of wrong claims as applicable after ensuring due diligence and ensuring genuineness of the exports. It has to be recollected that the Supreme Court in ...

The Dollar Business Bureau In an effort to enhance outbound shipments from the country, the government has assured exporters of giving additional incentives up to Rs.3,000 crore under the Merchandise Exports from India Scheme (MEIS) from next year. The Commerce Secretary Rita Teaotia on Wednesday held a brainstorming session with the representatives of 27 export promotion councils and other export bodies and sought their suggestions to promote exports. In the meeting, the Commerce Secretary said that the allocations for export incentive schemes in the current financial year has been increased from Rs.18,000 crore to Rs.21,000 crore and “this amount was likely to be available for allocations in the coming year”, the Commerce Ministry said in a statement. Export promotion councils for ...

Himanshu Vatsa | The Dollar Business Rubber industry has asked the government to form a separate body to promote exports of rubber products from India. The All India Rubber Industries Association (AIRIA) has submitted its demand to the Commerce Ministry, seeking a dedicated export promotion council to encourage manufacturing of rubber products and their overseas shipment to tap the international market. At present, the export of rubber products comes under the Chemicals and Allied Products export promotion council (Capexil). “We have sent a letter to the Department of Industrial Policy and Promotion (DIPP) under the Ministry of Commerce and demanded that there should be a separate export promotion council for rubber industry. The matter is still under consideration,” Sanjay Sanghvi, Secretary ...