Search Result for : Sezs

A little bit of push can do wonders for SEZs: Vinay Sharma, EPCES

Ahmad Shariq Khan Apart from doing justice to its given mandate of earning precious foreign exchange for the country, the units in SEZs and the EOUs are playing a critical role not just in economic development of the country but also in nation building, and with a little push the sector can do wonders for the country’s economy, said Vinay Sharma, Acting Chairman, Export Promotion Council for EOUs and SEZs (EPCES). According to Sharma, unlike many Govt projects that have so far made not much progress including the recently announced manufacturing hubs that have long gestation periods and the coastal manufacturing hubs that are yet to see the light of the day, SEZs offer ease of doing business (EODB) in the true ...

A new agricultural exports policy is required: Suresh Prabhu

The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhu said on Monday that India needs a new agricultural exports policy focussing on enhancing the exports of agricultural products from the country and to increase the incomes of the farmers. “A new agricultural exports policy is required that lays focus on increasing exports of value-added agricultural products so that farmers can access international markets and increase their income,” Prabhu said while speaking at the 3rd meeting of Council of Trade Development and Promotion in New Delhi. Prabhu further emphasised on the participation of states to explore ways for tapping into global trade, which is pegged at around $5 trillion, by promoting exports of services, value addition to agricultural products, organic farming, utilisation of the ...

DGFT meeting all the RA's to address GST issues

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 ...

Central Excise duties to be taken over by the Principal Commissioner of Customs

The Dollar Business Bureau With the implementation of GST, the Customs Board has decided to reorganise the Customs functions which were previously handled by the Central Excise department. In this context it has been decided that in respect to supplies made by Domestic Tariff Area or Domestic Tariff Zone (DTA) unit to Special Economic Zone (SEZ) units or developers and where the SEZ unit or developer issues a disclaimer to the DTA supplier and drawback is claimed by the DTA supplier, the drawback going forward shall be processed and paid by the Principal Commissioner of Customs or Commissioner of Customs/Customs (Preventive) under whose jurisdiction the DTA occurs. Earlier the same was disbursed by the Central Excise Commissionerate under whose jurisdiction the manufacturing unit ...

Rs. 56,418 cr forgone in SEZ-tax-sops in 9 months

The Dollar Business Bureau  According to a written reply by Nirmala Sitharaman, Minister for Commerce and Trade, the government has “foregone” Rs. 56,418 crore in tax collections for special economic zones. The letter addressed to Lok Sabha, points that the amount was foregone in nine months (April-December) of FY 2016-17. These special economic zones contributed exports of Rs. 3.58 lakh crore during the specified period.  The letter further mentions that SEZ zones had received duty exemptions worth Rs 52,216 crore between the year 2015-16 and contributed exports worth Rs 4,67,337 crore.  While the introduction of SEZ’s was suggested to improve manufacturing index in the country, in recent times the concept has only led to a debate on the unviable tax-sops and operational efficiencies. ...

Government revised designated ports for import of un-shredded metallic scrap

The Dollar Business Bureau The Directorate General of Foreign Trade (DGFT) on Monday announced the names of the designated ports for import of un-shredded metallic scrap and extended their validity.  According to the new announcement, imports of scrap would only be carried through Chennai, Cochin, Ennore, JNPT, Kandla, Mormugao, Mumbai, New Mangalore, Paradip, Tuticorin, Vishakhapatnam, Pipava, Mundra and Kolkata, and no exceptions will be given to EOUs and SEZs.  Earlier, imports of scrap were shipped through 26 designated ports.  The existing designated seaports - Chennai, Cochin, Ennore, JNPT, Kandla, Mormugao, Mumbai, New Mangalore, Paradip, Tuticorin, Vishakhapatnam, Pipava, Mundra and Kolkata - will be allowed to import un-shredded scrap till March 31, 2018. However, they will be required to install and operationalise radiation portal monitors and container scanner by March 31 deadline. If ...

Goods and Services Tax: Progress made, concerns and the way forward

By Ranjeet Mahtani and Sweta Rajan Draft GST laws The Union Cabinet chaired by the Prime Minister has approved the Integrated GST, Central GST, Union Territory GST and GST Compensation bills on March 20, 2017. These four bills will now have to be passed by the Parliament. It is expected that the bills will be introduced in the Parliament early next week as a ‘money bill’ (note that the Rajya Sabha does not have the power to amend or reject money bills and is required to return it to the Lok Sabha within 14 days). Should the July 1, 2017 target for the introduction of GST in India be met, the Parliament will have to pass these bills before the end of ...

GST Council approves all GST laws

By Ranjeet Mahtani and Sweta Rajan The 12th GST Council meeting on March 16, 2017, proved to be monumental with the Council approving the State GST and Union Territory GST laws. With this, all GST legislations viz. the Central GST, Integrated GST, State GST, Union Territory GST and the GST Compensation laws have been approved by the GST Council. After the Cabinet takes up these laws (except the State GST draft), the next step is the passage of the laws by the Parliament (Central GST law, Integrated GST law, Union Territory GST law and the GST Compensation law) and the respective States (State GST law) and Union Territories (viz. Delhi and Pondicherry).  Prior to transition to GST – a game changer of a reform - the GST Council has two more crucial responsibilities, viz. approval of rules and regulations regarding: a) composition scheme, transition, input tax credit and valuation, ...

Quiz Import and Export