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WTO’s Trade Facilitation Agreement enters into force

A major milestone for the global trading system was reached on February 22, 2017 when the first multilateral deal concluded in the 21-year-old history of the World Trade Organization (WTO) entered into force. In receiving four more ratifications for the Trade Facilitation Agreement (TFA), the WTO has obtained the two-thirds acceptance of the agreement from […]

Indirect Taxes Proposals Involving Change In Duty/Tax Rates: Customs & Excise Duty

PROPOSALS INVOLVING CHANGE IN DUTY / TAX RATES: CUSTOMS:   Commodity Rate of Duty   From To I. Incentivizing domestic value addition, ‘Make in India’ A. Reduction in Customs duty on inputs and raw materials to reduce costs Mineral fuels and Mineral oils 1. Liquefied Natural Gas BCD – 5% BCD – 2.5%     […]

Highlights of Union Budget 2017-18

Budget Highlights (Key Features) Introduction In the last two and half years administration has moved from discretionary, favouritism based to system and transparency based Inflation brought under control. CPI-based inflation declined from 6% in July 2016 to 3.4% in December, 2016 Economy has moved on a high growth path. India’s Current Account Deficit declined from […]

IEC Holder Seeks Modification – Amendment in Chapter 2 of the Handbook of Procedure (2015-20).

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 GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE NO. 54/(2015-2020) NEW DELHI: Dated the 11th January, 2017 Subject: – Amendment in Chapter 2 […]

Abolition of Mate receipt

Circular No. 56/20 16-Customs F. No. 450/221/2014-Cus.IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Room No. 227B, North Block, New Delhi, dated the 24th November, 2016 To, Principal Director General/Director General, Directorate of Revenue Intelligence All Principal Chief Commissioners/Chief Commissioners of Customs/Customs(Preventive) All Principal Chief Commissioners/Chief Commissioners […]

Rate of Duty Drawback on Gold Jewellery and Silver Jewellery/Articles – Rate increased

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No.-90/2016-CUSTOMS (N.T.) New Delhi, dated the 24th June, 2016 G.S.R. (E). – In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962), sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), […]

Export Import – Exim Queries

Export Invoice  |   Export Incentives  |   Letter Of Credit Example       |   Export Invoice Format  |   Export Incentives In India  |   Sample Letter Of Credit  |   Import Export Course Online  |   Export Bill  |   Export Incentive Scheme  |   Advantages Of Export Promotion  |   Apply For Iec Code Online  |   Benefits For Exporters In India  |   Bin No For Export  |   Bin Number In Export  |   Bis Standards For Steel  |   […]

Bill of Entry (Electronic Declaration) (Amendment) Regulation, 2016

Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) Notification No. 45/2016 – Customs (N.T.) New Delhi, Dated the 01st April, 2016 G.S.R. (E).- In exercise of the powers conferred by section 157 read with section 46 of the Customs Act, 1962 (52 of 1962), the Central Board of […]

Govt lists significant tax incentives for maritime sector proposed in Budget 2016-17

The government of India has proposed the following tax incentives in the Budget 2016-17 for strengthening and promoting the Indian maritime sector: (i) Exclusion of services of transportation of import cargo by ships on voyage charter from Negative List Freight charged by shipping companies for import of goods into India has been excluded from the […]

Instruction on applications for IEC / modification in IEC –regd.

Government of India Ministry of Commerce & Industry Directorate General of Foreign Trade Udyog Bhawan, New Delhi New Delhi, Dated the 12th February, 2016 Trade Notice No. 18/2016 To : All IEC holders/applicants All EPCs / All Chambers of Trade and Industries FIEO/ASSOCHAM/CII All RA’s of DGFT Subject: Instruction on applications for IEC / modification […]