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Feb 28

WTO deal to cut red tape comes into force

GENEVA. — A global agreement to boost trade by cutting red tape and streamlining border checks came into force on Wednesday, promising a 0.5 percent lift to the world economy by 2030 even as it faces renewed protectionism from the United States. World Trade Organization Director General Roberto Azevedo hailed the start of the pact, which he said was the “biggest reform of global trade this century”. He also sought to play down potentially difficult trade issues with US President Read Full Details…

Feb 27

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 its 164 members needed to bring the TFA into force. Rwanda, Oman, Chad and Jordan submitted their instruments of acceptance to WTO Director-General, Mr Roberto Read Full Details…

Feb 01

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% Chemicals & Petrochemicals 2. Medium Quality Terephthalic Acid (MTA) & Qualified Terephthalic Acid (QTA) BCD – 7.5% BCD – 5% Metals 3. Nickel Read Full Details…

Feb 01

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 about 1% of GDP last year to 0.3% of GDP in the first half of2016-17. FDI grew 36% in H1 2016-17 over H1 2015-16, despite Read Full Details…

Jan 18

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 of the Handbook of Procedure (2015-20). In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy, 2015-2020, the Director General of Foreign Read Full Details…

Nov 27

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 of Customs & Central Excise All Principal Commissioners/Commissioners of Customs/Customs(Preventive) All Principal Commissioners/Commissioners of Customs & Central Excise Sir/Madam, Subject:- Abolition of Mate receipt-regarding Ministry Read Full Details…

Jun 25

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), and section 93A read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), read with rules 3 and 4 of Read Full Details…

Jun 24

Export Import – Exim Queries

Apr 03

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 Excise and Customs hereby makes the following regulations to amend the Bill of Entry (Electronic Declaration) Regulations, 2011, namely:- (1) These regulations may be called Read Full Details…

Mar 16

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 Negative List and permitted availment of CENVAT credit on inputs used for providing such service. This will bridge the competitive gap between Indian and foreign Read Full Details…