News Update

India, Oman resolve to expediate talks for DTAATight schedule for Monsoon Session - 46 bills to be passed in 24 daysGovt proposes to amend law for Fastags for all commercial vehiclesCBDT Instruction No 3/18 - Board asks CCITs to wrap up withdrawal of appeals by Aug 20, 2018I-T - If assessee fails to establish urgent nature of business necessities for taking loans from its Directors in cash, such transaction warrants levy of penalty u/s 271D: ITAT Special BenchOECD employment rate raises by 0.2% in Q1SC asks Parliament to enact new law to deal with mobocracyST - If GOI department could be treated as using 'Residential Complex' constructed by NBCC for its 'personal use', how another Corporate body could be denied benefit of that type of user of 'Residential Complex' to be occupied by its Managerial Staff: HCPlace of removal - Valuation under CE & Customs Laws - past and present (See 'TOG INSIGHT' on 'Taxongo.com')India mulling safeguard duty on Chinese and Malaysian solar panelsGovt hikes basic import duty on many textile goodsIMF says India to be fastest growing economy in 2019CBDT prescribes registration form for Non-resident applicantsIs disallowing supplementary claim under MEIS & SEIS Scheme by DGFT valid?CX - On being pointed out, Assessee immediately reversed Credit wrongly availed - there cannot be said to be any fraud through which it wanted to evade Duty - setting aside of interest & penalty cannot be faulted: HCIGST refund - CBIC launches another fortnightly drive till July 30I-T - Complaint received against assessee is a reason to suspect but it is not a reason to believe that some income has escaped assessment untill AO verifies content of information before initiating re-assessment: ITATWCO Secretary General lauds India's efforts to use technology for trade facilitationBrahMos successfully test-fired from Balasore Test RangeIndia-Oman Joint Commission Meeting begins in MuscatHi-tech maritime labs launching programmes for traineesChina's GDP logs 6.8% growth in first half of fiscal20 hurt in pandal collapse during PM's Midnapore political rallyExports - Accountability of inputs - DGFT eases norms for Advance Authorisation holdersCustoms - CBIC expands list of exempt items for handicraft sectorI-T - Even if soil separated from land and put in containers it continues to be specie of land and income from growing mushrooms in such containers under controlled environment is agri income exempt u/s 10(1): ITAT Special BenchWTO - Govt officials attend workshop on SPS control, Inspection & approval proceduresI-T - Surplus generated by agriculturist on sale of his agri land is no basis to deny exemption u/s 2(14) and treat sale consideration as business income: HCSecond Year of GST - A year to amend mistakesCommittee set up to examine 'decriminalisation' of offences under Companies Act
 
New export promotion scheme introduced for AEOs

By TIOL News Service

NEW DELHI, DEC 06, 2017: UNLIKE in the past the Release of Revised FTP is no big bang news. Although the total incentives promised under the various export promotion schemes is about Rs 8000 Crore to the Exchequer but the industry and trade are not impressed. All the benefits under the GST were decided earlier by the GST Council. There are very little new inputs in the revised FTP.

Nonetheless the policy has unfoled a new scheme of Self-Assessment based duty free procurement of inputs required for exports. There will be no need of Standard Input Output Norms in such cases and this will eliminate delays. It is based on trust. Exporters will self-certify the requirement of duty free raw materials/ inputs. The scheme would initially be available to the Authorized Economic Operators (AEOs) and will get expanded as more exporters join the AEO program. The scheme will improve ease of doing business.

Some of the facilitation related initiatives have been announced in the policy:

Contact@DGFT service has been launched on the DGFT website (www.dgft.gov.in) as a single window contact point for exporters and importers for resolving all foreign trade related issues and also to give suggestions.  Exporters/Importers can track status of their queries through the assigned reference number. Feedback mechanism has also been provided. High level monitoring of disposal is being ensured  

A State-of-the-Art Trade Analytics division has been set up in DGFT for data based policy actions. The initiative envisages processing trade information from DGCIS and other national and international databases related to India's key export markets and identify specific policy interventions.

A new Logistics Division has been created in the Department of Commerce to develop and co-ordinate  integrated development of the logistics sector, by way of policy changes, improvement in existing procedures, identification of bottlenecks and gaps, and introduction of technology based interventions in this sector. These steps would improve India's ranking in the Logistics Performance Index (LPI) and promote exports and enhanced growth.

Focus will be given to Ease of Trading across borders.  A professional team to handhold, assist and support exporters in their export related problems, accessing export market and meeting regulatory requirements. The team will also examine the procedures and processes in clearances related to trading across borders for their simplification and rationalization and track progress. Dwell time at ICDs, ports and airports is being closely monitored in coordination with Customs, and infrastructure Ministries.


POST YOUR COMMENTS
   

TIOL Tube Latest

GST 1st Anniversary - A Hardlook (Episode 2) | simply inTAXicating

What's New

CGST Notification
CGST Rate Notification
CGST Circular
Income Tax Notification
Income Tax Circular
Customs Tariff Notification
Customs NT Notification
Customs Circular
Anti Dumping Notification
DGFT Notification
DGFT Public Notice
DGFT Circular
RBI Circular

TAXATION & WILDLIFE