FTP Corner October 2017

  • Category: Customs & FTP
  • Date: 06-10-2017
  • Writer: CA Nagendra Hegde

Amendments to Hand Book of Procedures 2015-20: Public Notice 26/2015-2020 dated 20th  

September, 2017 -  

a) Para 4.06 of chapter 4 of HBP 2015-2020:  

  1. In case where norms have not been notified or where applicant wants to get the ad-hoc norms fixed before making an application for Advance Authorisation, application in ANF 4B, along with prescribed documents, shall be uploaded online to concerned Norms Committee (NC) in DGFT headquarters for fixation of...
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FTP Corner October 2017

  • Category: Customs & FTP
  • Date: 06-10-2017
  • Writer: CA Nagendra Hegde

Harmonising MEIS Schedule in the Appendix 38 (Table-2) with ITC (HS), 2017

  • Category: Customs & FTP
  • Date: 09-09-2017
  • Writer: CA Nagendra Hegde

The Directorate General of Foreign Trade had notified the Harmonised MEIS Schedule in Appendix  3B vide Public Notice NO.61 dated on 07.03.2017. Some of the ITC (HS) 2012 Codes eligible under MEIS were not notified.  

In exercise of powers conferred under Foreign Trade Policy (2015-2020), the Director General of Foreign Trade has notified the MEIS Schedule, Appendix 3B (Table-2) for the ITC(HS) Codes vide Public Notice 17/2015-2020, Dated the 22nd August, 2017 that were not included...

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Harmonising MEIS Schedule in the Appendix 38 (Table-2) with ITC (HS), 2017

  • Category: Customs & FTP
  • Date: 06-09-2017
  • Writer: CA Nagendra Hegde

176. FTP Corner August 2017

  • Category: Customs & FTP
  • Date: 12-08-2017
  • Writer: CA Nagendra Hegde

 

  1. Clarification regarding exports under claim for drawback in the GST scenario

 

The higher All Industry Rates (AIRs) under Duty Drawback scheme has been continued for a transition period of three months i.e.1.7.2017 to 30.9.2017 (Circular No. 22/2017-Customs dated 30.6.2017).

CBEC has issued circular 33/2017- Customs to clarify certain aspects regarding claiming higher rate of duty draw back. Few important aspects are listed below:

    1. Government has...
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FTP Corner August 2017

  • Category: Customs & FTP
  • Date: 12-08-2017
  • Writer: CA Nagendra Hegde

Key Changes in FTP - w.e.f 01.07.2017

  • Category: Customs & FTP
  • Date: 12-07-2017
  • Writer: CA Nagendra Hegde

Changes in IEC with the introduction of GST: (Trade notice number 09 dt 12.06.2017)  

With the introduction of GST, the GST Identification Number (GSTIN) would be used for the following purposes:  

  • Credit flow of IGST on import of goods  
  • Refund or rebate of IGST on the export of goods  

As the above requirement is fulfilled on transaction-level it has been decided that only GSTIN is required to be mentioned at the time of import and export of goods.  

Further,...

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Key Changes in FTP - w.e.f 01.07.2017

  • Category: Customs & FTP
  • Date: 12-07-2017
  • Writer: CA Nagendra Hegde

IEC code can now be applied online with only two documents

  • Category: Customs & FTP
  • Date: 03-03-2016
  • Writer: CA Nagendra Hegde

Department of Commerce, vide notification No.34/2015-20 dated 29-01-2016 had simplified the IEC application procedure with effective from the date of the said notification.  

Central Government issued the above notification to amend the existing para 2.05 (c) of Foreign Trade Policy (2015-20) and further introduces a new provision, part (d) under para 2.05.   

Existing policy: following are the requisite details /documents (scanned copies) to be submitted/ uploaded along with the...

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IEC code can now be applied online with only two documents

  • Category: Customs & FTP
  • Date: 03-03-2016
  • Writer: CA Nagendra Hegde