Brand Rate Fixation-Brand Rates:Too cumbersome to claim?
Duty drawback rates in India are mostly associated with All Industry Rates (AIRs) based on SION. And while there is a provision for fixing Brand Rates, why do only a few exporters opt for it? Are Brand Rates suitable for only those exporters who engage in value additions and suffer from significant wastage during the production cycle? Is AIR actually more realistic in addition to being simple? And is the ‘claim process’ the very reason why Brand Rates isn’t a popular option for Indian exporters?Indranil das | January 2017 Issue | The Dollar BusinessIt’s a known fact that many governments across the globe, particularly those in highly protected economies, refund all taxes paid by an exporter – be it customs ...
A paradoxical 2017 awaits us!
On one hand, we lament over India’s reduced exports, and on the other, we see no 'social justice' in giving our exporters enough to even cover their input costs in the form of remission and incentive schemes. Steven Philip Warner | January 2017 Issue | The Dollar Business When 2016 began, the world trade community had just braved a cold and icy year. TDB's January 2016 issue titled, ‘2016: Are we regressing?’ summed the low-key expectations from 2016 quite well. Based on a comprehensive consideration of various past situations and expected scenarios (simulative analyses), TDB Intelligence Unit had then made a few forecasts about what the year ahead would mean for foreign trade and policy. They were predictions however, and most of which ...
Exporters to get refund within 7 days under GST
The Dollar Business Bureau Indian exporters get a major relief as their tax claims will be refunded by the government within a week under the proposed Goods and Services Tax (GST) regime. “Department of Revenue (DoR) to refund 90% of the duty claims of exporters only within seven days under the new GST regime,” said Commerce Minister Nirmala Sitharaman on Thursday. Exporters would also get interest if the refund is delayed for more than two weeks, she added. At the Council for Trade Development and Promotion’s meeting on Thursday, exporters were given assurance “that on 90% of the amount (of refund), within seven days, the refund will be made and if there is an undue delay, interest will be paid on the amount due,” the ...
