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GSTN activates functionality to file quarterly GSTR-1 returns for taxpayers having less than Rs 1.5 Cr turnoverCBEC Chairperson asks for expediting work relating to division of taxpayers; verification of transitional credit claims & timely revenue analysisWidespread tax evasion compelled GST Council to advance e-Way Bill: Sushil ModiGuwahati DRI nabs three persons with gold bars worth Rs 2.4 CroreGST - If ownership of imported goods kept in bonded warehouse is transferred, such transaction to be liable to IGST, clarifies CBECAP CM to position his State as Education HubUS taxpayers not hopeful of decline in taxes next year: PollsSC orders re-examination of 349 FDC medicines such as Corex Cough syrup + Vicks Action 500e-Way Bill - GST Council decides to notify it from Feb 1, 2018 on Inter-State movement of goodsIncome tax - Figures mentioned in loose sheet cannot be automatically treated as incriminating material, for initiating reopening: ITATCX - Revenue failing to cause enquiry to ascertain truth from IT Dept. regarding seizure of document shall not debar appellant from respective claim of CENVAT credit: CESTATFM urged to hike TDS limit for bank interest and extend date of Masala Bond TDSNewsprint publications - UP tops tally; followed by MaharashtraUnion Cabinet clears bill to substitute MCI Act to regulate 40% seats even in private medical collegesExports picks up in Nov but trade deficit also swells between Apr-NovDebit Card Payment - Govt to reimburse banks MDR charges on transactions upto Rs 2KGovt has fixed ceiling prices of 849 medicines so far: MandaviyaConsumer Helpline receives over 3 lakh plaints relating to e-commerce, banking, insurance, telecom and real estate sectorsNovember exports gallops @30.5% in Dollar termsPre-Budget Meet - Bankers urge FM to hike TDS limit of bank interest from Rs 10KCabinet okays proposal to reimburse banks MDR charges for debit card payments upto Rs 2000Cabinet approves subsidy to industrial units located in N-ECabinet okays UNESCO's Training Centre for Operational Oceanography in HyderabadCabinet okays special package for employment generation in leather & footwear sectorsCabinet okays 2nd financial restructuring proposal of Konkan Railway Corporation Limited (See 'TOG News')Cabinet nod to subsidize MDR charges on digital payments (See 'TOG News')Govt substantially reduces tariff value of gold, silver and edible oilsGST - Nebulous state of affairs - Court fully justified in initiating action for contempt, however, considering sensitivity of matter, is inclined to give one more opportunity to respondent to consider representations and pass orders: HCPM to launch 60MW Tuirial Hydro Power Project tomorrow
 
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.


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