Search Result for : Iec

The Dollar Business Bureau The Directorate General of Foreign Trade (DGFT) is meeting all the regional authorities (RA's) to address issues related to the Goods and Services Tax (GST). In order to take stock of the exports situation in the post-GST regime, a meeting of all Regional Authorities of Directorate General of Foreign Trade (DGFT) and the SEZ Commissioners under the chairmanship of Director General of Foreign Trade, is being held on August, 10 and 11, 2017 in New Delhi.  Regional Authorities, which are interfacing with the exporter community, will deliberate and give specific suggestions on GST and Mid-Term review of Foreign Trade Policy (FTP) 2015-20.  These include measures for boosting employment generation, continued capacity building of export oriented Medium and Small Enterprises (MSMEs) and ...

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 The Customs makes changes in IEC that would come into effect with the introduction of the Goods and Services Tax scheduled to be implemented from July 1. According to the latest Customs notification no- 09/2018 dated 12th June, 2017, GSTIN would be used for purposes of (i)  credit flow of IGST on import of goods, and (ii)  refund or rebate of IGST related to export of goods. As GSTIN will be used for the purposes mentioned above, it is important as an identifier at the transaction level. In view of this, it has been decided that importer/exporter would need to declare only GSTIN (wherever registered with GSTN) at the time of import and export of goods. The PAN level aggregation of ...

The Dollar Business Bureau The Ministry of Electronics and Information Technology (MeitY), have relaxed the import conditions on the Point of Sale (PoS) terminal devices and sealed secondary cell/batteries containing alkaline or other non-acid electrolytes that are used in portable applications. On November 28, 2016, the government had already exempted the goods and devices used in the manufacture of PoS machines by announcing a 12.5% of excise duty and 4% special additional duty. These devices are indispensable in a cashless digital payment ecosystem. In its latest Customs circular no. 03/2017 dated January 16, 2017 MeitY has detailed the following devices that shall also enjoy relaxed import conditions: Non-labelled registered PoS devices imported shall be allowed subject to the condition that the importer puts a standard ...

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 ...

Sheela Mamidenna The recent amendment to the Foreign Trade Policy (FTP) by the office of the DGFT regarding eligibility for ‘status holder recognition’ could have various implications. According to FTP, Chapter 3, of 3.20, 2015-20, all Indian exporters of goods, technology and services with an IEC number shall be eligible for status holder recognition, upon successful performance of the current and previous two financial years. However, the recent amendment from the DGFT office reads, “An applicant shall be categorized as status holder on achieving export performance during the current and previous three financial…, as usual, the performance of the export will be counted on the basis of FOB, of export earnings in free foreign exchange.” But, for gems & jewellery sector, the ...

The Dollar Business Bureau   The government has decided to reduce the number of mandatory documents required for obtaining import-export code to two, a move which is aimed at facilitating ease of doing business in the country. Traders engaged in inbound or outbound shipment of goods and services are required obtain Import-Export Code (IEC) from the Directorate General of Foreign Trade (DGFT). “Only two documents are required to be uploaded /submitted along with the digital photograph while applying for IEC,” DGFT said in a notification issued on Friday. The government has been emphasisng on improving India’s overall business outlook. A number of measures have helped the country in achieving better ranking in the Ease of Doing Business Index released by the World ...