Trade Update 3

WEEKLY TRADE UPDATE

PART 1

Foreign Trade Updates
Measures taken by the licensing authority, Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry.

A. Process for submitting additional ITC (HS) Codes for items imported under ‘Others’ description.
Pursuant to our previous Weekly Trade Update, the DGFT has, vide Trade Notice 47/2019-2020 dated January 29, 2020, specified the website link through which industry data and representations must be submitted, concerning suggestions for additional ITC (HS) Codes for items imported under ‘Others’ description.
The link is as follows: http://bit.do/dgfttn46.
The data should be submitted by February 16, 2020.

B. Amendment to the Rebate of State & Central Taxes and Levies Scheme.
The Rebate of State & Central Taxes and Levies Scheme (RoSCTL), as notified by the DGFT, underwent amendment vide Public Notice 58/ 2015-2020 dated January 29, 2020.
The process for filing of online applications for claims under the scheme is now provided. Separate applications must be made for shipping bills with Let Export date between March 7, 2019 to December 31, 2019 and shipping bills with Let Export date after January 1, 2020. After a system based approval of the final settlement claimed, scrips will be issued by the Regional Authorities per shipping bill after factoring in any additional ad hoc incentives and Merchandise Exports from India Scheme (MEIS) benefits.

The deadlines for filing of shipping bills with Let Export date between March 7, 2019 to December 31, 2019 is June 30, 2020 and for shipping bills with Let Export date after January 1, 2020 is one year from the date of Let Export Orders. The Let Export Order is the final step while exporting goods out of India, issued by the Customs Authorities after all
formalities.

The RoSCTL scheme was announced on March 7, 2019 by the Ministry of Textiles vide Notification dated March 7, 2019. It was notified by the DGFT in paragraph 4.01(c) of the Foreign Trade Policy vide Notification 59/2015-2020 dated March 29, 2019. It is applicable, presently, only to the textile industry and is to be extended to other sectors as well.