Knowledge Resource > The Union Finance Minister presented the Union Budget 2023 and proposed the Finance Bill, 2023 in the Lok Sabha on February 1, 2023. An overview of post-budget Customs and Central Excise notifications as well as changes to Customs Laws are listed below. Legislative amendments in the Customs Act, Customs Tarff Act and Rules made thereunder: …
Knowledge Resource > At the recently concluded Defexpo 2022, our Defence Minister reiterated India’s defence export target worth $5 billion by 2025. Focussed on turning India into a net exporter from being a net importer, it was emphasised that the target reflects the intent of making India an export-oriented defence manufacturing hub. India’s arms exports …
Defence exports on mind, can compliance be far behind? Read More »
Knowledge Resource > A. Amendment of import policy conditions for item under ITC(HS) Code 05119999 of Chapter 05 of ITC (HS), 2022, Schedule —IThe Central Government vide Notification No.22/2015-2020-DGFT dated July 20, 2022, has amended the import policy conditions regarding imports of Human Embryo under ITC (HS) 05119999. It is “Prohibited” in accordance with the …
Knowledge Resource > A. Amendments to Foreign Trade Policy 2015-2020.The Directorate General of Foreign Trade vide Notification No. 16/2015-20 dated July 01, 2022 has amended the Foreign Trade Policy 2015-2020 to provide exemption of Integrated Goods and Service Tax (IGST) and Compensation Cess under Advance Authorisation, EPCG and EOU scheme. Para 4.14, Para 5.01(a) and …
Knowledge Resource > A. Revamp of the Global Authorization for Intra-Company Transfer (GAICT) of SCOMET items/software/technology.The Directorate General of Foreign Trade vide Public Notice No. 14/2015-2020 dated June 13, 2022, revamped the process for issue of Global Authorisation for Intra-Company Transfer (GAICT) of SCOMET items Trade Notice is available at:https://content.dgft.gov.in/Website/dgftprod/43d855b9-3799-4095-b9ea-f39c357b2732/English%20PN%20GAICT.pdf B. Amendments made to Export …
Knowledge Resource > A. Amendment of notification No. 27/2011 dated 1st March, 2011 to increase export duty on certain goods.The Central Government vide Notification No.29/2022-Customs dated May 21, 2020 has amended Notification No.27/2011 dated March 01, 2011 to increase export duty on certain goods. In the case of Iron ore pellets, which currently does not …
Knowledge Resource > A. Amendment of Para 4.14, Para 5.01(a) and Para 6.01(d)(ii) of FTP 2015-20The Directorate General of Foreign Trade vide Notification No. 66/2015-2020 dated April 01, 2022 has notified that exemption from Integrated Tax and Compensation Cess under Advance Authorization under Para 4.14 of FTP 2015 -20, exemption from Integrated Tax and Compensation …
Knowledge Resource > A. Amendment in Policy condition of Si. No. 55 & 57, Chapter 10 Schedule-2, ITC(HS) Export Policy, 2018.The Directorate General of Foreign Trade vide Notification No. 61/2015-2020 dated March 23, 2022 has amended the Notification No. 60/2015-20 dated 09.03.2022 to the extent that export of Rice (Basmati and Non-Basmati) to EU member …
Knowledge Resource > A. Amendment in import policy conditions of items under ITC HS 0106 90 00 of Chapter 01 of ITC (HS), 2022, Schedule – I (Import Policy).The Directorate General of Foreign Trade vide Notification No. 57/2015-2020 dated March 07, 2022 has notified that the Import of only ‘Drosophila melanogaster’ under ITC (HS) 01069000 …
Knowledge Resource > A. Amendment in import policy of items under ITC (HS) 8524 and 8525 of Chapter 85 of ITC (HS) 2022, Schedule – I (Import Policy)The Directorate General of Foreign Trade vide Notification No. 55/2015-2020 dated February 24, 2022 has notified that the Import policy of ITC(HS) 8524 and ITC(HS) 8525 89 00 …