Everything Exporters need to know about RoDTEP - 50 important FAQs - Par II

  • Category: Customs & FTP
  • Date: 18-08-2021
  • Writers: CA Ashish Chaudhary, CA Ravi Kumar Somani
  1. How a user can claim the credit and generate the e-credit scrips on the online ICEGATE Portal?

Ans: Once the RoDTEP scroll is generated, the credits allowed will be available within their ICEGATE login of the exporter to claim and covert into a credit scrips. In case the exporters have not registered on ICEGATE already with their digital signatures, they may refer to this advisory (2_Advisory_Registration_APPROVED.pdf (icegate.gov.in)) and complete registration in order to avail...

Read more

Everything Exporters need to know about RoDTEP - 50 important FAQs - Part 1

  • Category: Customs & FTP
  • Date: 18-08-2021
  • Writers: CA Ashish Chaudhary, CA Ravi Kumar Somani

Background:

Indian Exporters have been waiting for last 8 months for the announcement of the benefits under RoDTEP (Remission of Duties and Taxes on Exported Products) Scheme. Ministry of Commerce & Industry under Department of Commerce has finally come out with the Scheme Guidelines by issuing the Notification No. 19/2015-2020 dated 17th August 2021 providing for the contonur of the Scheme. It has also provided for the rate of benefit applicable on various products presently 8555 tariff...

Read more

Manufacturing and other operations in a Warehouse (MOOWR) – A Feasibility Study

  • Category: Customs & FTP
  • Date: 05-08-2020
  • Writer: CA Ravi Kumar Somani

Introduction:

Government of India through the Central Board of Indirect Taxes and Customs (CBIC) has announced a scheme of Customs Bonded manufacturing cum warehousing commonly known as MOOWR i.e. Manufacturing and other operations in a Warehouse. In order to promote manufacturing & other operations in India and to strengthen the initiative of Aatma Nirbhar Bharat (Self Reliant India), the bonded manufacturing scheme allows the importers to import the raw materials and capital goods...

Read more

Post import Activity – the great ‘customs valuation’ escape

  • Category: Customs & FTP
  • Date: 23-05-2020
  • Writer: Manish Sachdeva

The Customs Valuation Rules, 2007 [and earlier that of 1988] (“the CVR”) were formulated under the aegis of Customs Valuation Agreement (“the CVA”) in pursuance of GATT 1994. Largely the rules under the CVR mimics the Articles of the CVA to show India’s accord to the GATT. The value for imported goods under Article 1[1] of CVA is transaction value (TV) adjustable in accordance with provisions of Article 8[2] of CVA. The present piece examines the challenge faced by revenue in...

Read more


PRIVATE CUSTOMS BONDED WAREHOUSE

  • Category: Customs & FTP
  • Date: 15-04-2020
  • Writer: CA Pradeep V

About Customs Bonded Warehouse:

Customs warehousing is a procedure under which imported goods are stored under customs control in designated place without payment of import duties. The provisions related to warehousing are under Chapter IX of the Customs Act,1962. Apart from the specific provisions, certain regulations like Manufacture and Other Operations in Warehouse Regulations, 2019(MOOWR 2019), Warehouse (Custody and Handling of Goods) Regulations, 2016 and the Warehoused Goods...

Read more

Impact of Customs on GST

  • Category: Customs & FTP
  • Date: 15-04-2020
  • Writers: CA Anil Kumar Bezwada, CA Madhukar N Hiregange

The Customs Act has been put in place to ensure that the import and export of goods into and from India is regulated. Certain products cannot be imported or exported, while certain others require a license to import. The vast majority are however freely importable.

It is also a tool to protect the local industry from dumping [normally done by China and many East European Countries]. The various preferential trade agreements with countries that India wishes to have deeper ties are also...

Read more

Advance Authorisation under FTP

  • Category: Customs & FTP
  • Date: 23-12-2019
  • Writer: Siva Krishna

Introduction:- India’s Foreign Trade policy (FTP) has, conventionally, been formulated for five years at a time and reviewed annually. The focus of the FTP has been to provide a framework of rules and procedures for exports and imports and a set of incentives for promoting exports. The benefits under foreign trade policy encourage the exporter to export the goods as well as service.

Advance Authorisation is a license issued under chapter 4 of Foreign Trade Policy 2015-20. This Advance...

Read more

Service Exports from India Scheme Benefits under FTP

  • Category: Customs & FTP
  • Date: 03-09-2019
  • Writer: CMA Srikanth Manne

Overview

Service Exports from India Scheme (hereinafter referred as ‘SEIS’) has been introduced by the Government of India under the Foreign Trade Policy 2015-20 w.e.f. 01.04.2015(hereinafter referred as ‘FTP’) replacing the erstwhile 'Served From India Scheme (SFIS)’ under the FTP 2009-15. Under FTP, SEIS incentives are given to the service exporters in the form of scrips, which are transferrable and can also be used for making payment of duties.

Objective of the SEIS...

Read more

CUSTOMS (SUPPLEMENTARY NOTICE) REGULATIONS, 2019 (Notification No.42/2019 – Customs (N.T.) dated 18th Jun ‘19)

  • Category: Customs & FTP
  • Date: 28-06-2019
  • Writer: Kenil Dharod

The Finance Act, 2018 had inserted provisions under the Customs Act, 1962 to provide for the issuance of a supplementary notice under circumstances and manner as may be prescribed. In this regard, the Customs (Supplementary Notice) Regulations, 2019 has been enacted that would be effective from 18th Jun ’19.

Applicability

The said regulations shall apply to the notices issued:

  1. For recovery of duties or interest, not levied or not paid or short levied or short paid or...
Read more