Blogs

Introduction:

The right to a refund under the GST is a substantive right and not merely a procedural entitlement. If the refund is not sanctioned within the time prescribed by statute, it must compensate the taxpayer for the time value of that deprivation, and this is precisely what Section 56 of the CGST Act, 2017 (“Act”) sets out to do. Even after 9 years of GST, the interest on delayed refunds remains one of the most litigated and administratively resisted corners of the law....

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...

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 17^th 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...

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...

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...

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...

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...

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...