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...

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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...

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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...
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CLARIFICATIONS ON SIMPLIFIED AUTO REGISTRATION OF IEC HOLDERS ON ICEGATE

  • Category: Customs & FTP
  • Date: 12-06-2019
  • Writer: Kenil Dharod

CBIC through its circular No 35/2018 dated 1st Oct ’18 provided an advisory for registration of the beneficiaries. Single Window Interface for facilitating Trade (SWIFT) was introduced as part of ease of doing business initiative to integrate Customs and other Participating Government Agencies (PGAs) for seamless processing of import and export clearances. 

One of the components of SWIFT is e – SANCHIT wherein, under the import side, the system allows the beneficiary importer to...

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70. Customs Updates Summary of notifications issued in the month of May 19 - Hiregange & Associates

  • Category: Customs & FTP
  • Date: 05-06-2019
  • Writers: CA Venkata Prasad, Shilpi Jain

1. RATE OF EXCHANGE OF CONVERSION INTO INDIAN CURRENCY

OR VICE VERSA WITH EFFECT FROM 3rd MAY, 2019 TO 16th MAY 2019

(Notification No. 35/2019-Customs (N.T) dated 02.05.2019)

With effect from 3rd May, 2019, the CBIC has fixed the rate of exchange for conversion of each of the foreign currencies mentioned below, relating to imported and export goods, for computation of Customs Duty as per section 14 of the Customs Act, 1962.

Schedule - I

...

Sl.No. 

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Customs Updates – Summary of notifications issued in the month of May’19

  • Category: Customs & FTP
  • Date: 05-06-2019
  • Writers: Ashwini Seeram, CA Venkata Prasad, Shilpi Jain

Benefit under FTP for service providers – SEIS scheme

  • Category: Customs & FTP
  • Date: 01-06-2019
  • Writer: Adv.Venkatanaryana GM

Introduction

SEIS [ Services Export Incentive Scheme] is one of the export incentive scheme of  DGFT in chapter 3 of Free Trade Policy 2015-20 of India. This scheme aims to incentivize service exporters of India with the objective to encourage and maximize export of notified services from India. A large number of service providers have not been claiming this benefit due to either lack of awareness or have doubts on it being sanctioned easily. It is available in normal course in most...

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Benefit under FTP for service providers – SEIS scheme

  • Category: Customs & FTP
  • Date: 01-06-2019
  • Writer: CA Venkatanarayana G M