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By Ranjeet Mahtani and Suhasini Joshi The Duty Drawback Scheme introduced for incentivizing and facilitating exports has been continued under the GST regime. This drawback scheme is an export beneficiation where either a part, or in some cases the entire customs and central excise duties levied on inputs used in manufacturing export goods and Service tax on services used for export of such goods are refunded by the Central Government to the exporter. The exports that are eligible under this scheme are: export of goods which were imported into India as such, or export of goods which were imported into India for use for identified purposes and export of goods which are manufactured or produced out of materials which were either imported or indigenously procured. Under this ...

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  Foxconn Country Head and MD Josh Foulger paid a courtesy visit to Commerce Minister Nirmala Sitaraman on March 21, 2017. Among other things, the two leaders discussed export incentives for mobile phones.  The manufacturing contractor for some of the biggest global brands like Apple expressed concerns over increased costs due to 2% import duty imposed on printed circuit boards. As a result, the domestic industry has suffered from uncompetitive prices in the manufacturing of feature phones and related accessories Foulger said. The industry had demanded a slew of measures for export incentivisation earlier in anticipation of the budget. The increase of credit under Merchandise Exports from India Scheme (MEIS) from the current 2% rate to 5% was one of the most voiced out wishes. Under MEIS, exporters are credited in ...

The Dollar Business Bureau Rebar export offers of China have slightly declined this week after the prices kept going up for past five weeks. Chinese rebar export offers are presently hovering in the price range of $395-400 per MT, free on board (FoB) main port, fall of $6 per MT on week-on-week basis. In the meantime, domestic steel rebar prices in Beijing for 25 mm HRB 400 grade have also declined by $32 per MT (220 Chinese Yuan) within a week and stood at $399 per MT (around 2,740 Chinese Yuan). In Shanghai, the prices of steel rebar of HRB 400 grade material stood at around $413 per MT (2,840 Chinese Yuan), a decline of $25 per MT (170 Chinese Yuan) in the ...

The Dollar Business Bureau In an effort to curb soaring prices of onion in the domestic market, the government has increased the minimum export price (MEP) of onion by more than 140% from $175 per tonne to $425 a tonne. “Export of all varieties of onions will be subject to a MEP of $425 FOB (freight on board) per tonne,” a report said citing a notification issued by the Directorate General of Foreign Trade (DGFT). According to officials, the move will discourage onion traders to sell the produce abroad, resulting in adequate supply in the domestic markets. In the wholesale markets within the country, the price of onion has increased from Rs 11,000 ($173) per tonne to Rs 17,000 ($268) in ...

Himanshu Vatsa | The Dollar Business The government, on Thursday, restricted free exports of goods by large exporters for promotional activities to Rs.10 lakh. “Status holders shall be entitled to export freely exportable items on free of cost basis for export promotion subject to an annual limit of Rs.10 lakh or 2% of average annual export realisation during preceding three licensing years, whichever is lower,” stated the notification issued by the Directorate General of Foreign Trade (DGFT). Earlier, the cap was Rs.10 lakh or 10% of the annual export value, whichever is higher. Exporters feel the move will not only hamper India’s manufacturing growth but will also restrict innovation. “The new rule will mainly affect merchandise exports, particularly textile and ...

(a)      EOU / EHTP / STP / BTP units may on basis of records maintained by them, and on prior intimation to Customs authority, supply or sell samples in DTA for display / market promotion on payment of applicable duties. (b)      Remove samples without payment of duty, on furnishing a suitable undertaking to Customs authorities for bringing back samples within a stipulated period. (c)     An EOU may export free samples, without any limit, including samples made in wax moulds, silver mould and rubber moulds through all permissible mode of export including through courier agencies / post. For statutory requirement of Stability & Retention sample with manufacturer, an EOU / EHTP / BTP / STP unit may re- import without ...

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.