Importer

Importers can use 2 exemption notifications simultaneously for same imports

If goods are imported into India after exportation therefrom, such goods shall be liable to duty and be subject to all the conditions and restrictions

Pharma exports rise around 10% to $27.9 billion, US biggest importer

The country's drugs and pharmaceuticals exports increased 9.67 per cent year-on-year to USD 27.9 billion in 2023-24, even as the total exports dipped by 3 per cent in the last fiscal. According to the commerce ministry data, pharma exports in March grew by 12.73 per cent to USD 2.8 billion. In 2022-23, the exports stood at USD 25.4 billion. The top five export markets, for the sector during the last fiscal, are the US, the UK, the Netherlands, the United Kingdom, South Africa and Brazil. The US accounts for over 31 per cent of India's total pharma exports, followed by the UK and Netherlands (about 3 per cent each). In 2023-24, the outbound shipments also entered new geographies like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia. An industry expert said that increasing market opportunities and healthy demand in countries like the US are helping exports to record healthy growth rates month after month. Experts have said that Indi

Govt sets up task force to resolve non-tariff barriers, says Piyush Goyal

The government has set up a task force under the Department of Commerce to identify, categorise and develop tailored strategies for the resolution of non-tariff barriers, Parliament was informed on Wednesday. Such barriers include prior registration requirements in the exporting country, cumbersome testing and certification requirements and unreasonable domestic standards/rules. Different countries enforce various regulatory measures to ensure the safety and quality of the products placed in their territory. These measures apply equally to domestic manufacturers and importers. However, such measures may sometimes act as trade barriers due to various reasons like gaps in the regulatory frameworks and quality compliance requirements of the trade partners, lack of transparency, arbitrariness or differing interpretation of the rules, and improper implementation. "Taking cognizance of the challenges involved in mapping the trade barriers, and to give increased focus, a task force has

Govt announces registration procedure for importers of yellow peas

The government on Wednesday notified the procedure for traders to register imports of yellow peas under the import monitoring system. The Directorate General of Foreign Trade (DGFT) said that an importer can apply under the system online on the DGET website. "The importer on submission of advance information in this online system and online payment of Rs 500 shall be issued an Automatic Registration Number," the DGFT said. The importer has to apply for registration not later than five days before the expected date of arrival of the import consignment. After that, they have to submit the registration number to the concerned Customs authorities when filing for import clearance. "One Automatic Registration Number granted shall be valid for any number of import consignments up to March 31, 2024 only," it added. Further, one number shall be valid for one specific country of origin and one Port of import only. Recently, the government has made it mandatory to register the import of yel

Russia and Switzerland outliers amid contracting imports, shows data

Imports from Russia second-largest in April-August period, shows data

CBIC extends interest waiver on customs duty payable via ECL till April 13

The CBIC has extended the interest waiver on customs duty payable by importers and exporters through the Electronic Cash Ledger (ECL) till April 13. An upgraded Customs duty payments system was launched by the Central Board of Indirect Taxes and Customs (CBIC) on April 1. After the members of the export-import trade complained of difficulties in making duty payments via ECL in the automated system, CBIC last week said that no interest would be charged on customs duty paid through ECL till April 10. In a notification dated April 11, it said the interest on duty payable in respect of goods where payment is to be made from ECL will be exempt till April 13, 2023. Through the Customs (Waiver of Interest) Second Order dated April 11, the CBIC waived the whole of interest payable for the period from April 11 to April 13, in respect of such goods, where the payment of import duty is to be made from the amount available in electronic cash ledger. AMRG & Associates Senior Partner Rajat ...

Chatroom: Importers must ensure genuineness of COO, says expert

Business Standard brings you the fortnightly Q&A on SMEs

Rupee sheds 33 paise on persistent dollar purchases by oil companies

So far this week, the domestic currency has shed 0.7% against the greenback, making it among the weakest performing Asian units over the past few days

Indian importers use rupee's recovery to increase hedging, data shows

Average dollar purchases by importers, beyond the spot date, rose to $1.64 bn last week from $1.14 bn the week before, latest data collated by The Clearing Corporation of India Ltd (CCIL) revealed

Importers still wait for clarity on expanded scope of IGCRS Rules

The new rules now say they come into play even in situations where the notifications prescribe end use of imported goods but do not specifically prescribe application of the new rules.

CBIC floats new norms to curb undervaluation of goods by importers

Nove comes after customs dept observed several consignments from South-East Asia in which rules of origin were flouted, and the FTA route was being used to evade duties

SC verdict on GST Council: Importers to save on 5% IGST on ocean freight

SC said the impugned levy imposed on the 'service' aspect of the transaction is in violation of the principle of 'composite supply' enshrined under Section 2(30) read with Section 8 of the CGST Act

Russian importers seek deals with small Indian firms to sidestep sanctions

Private players in Russia have met with potential suppliers in India's big cities and are opening specialised bank accounts at home for roubles-to-rupees transactions, with blessing of the two govts

Importer-exporter codes not updated after Jan 2014 to be deactivated: DGFT

The move would help in knowing the actual number of real traders in the country

Cargo clearance remains a long haul for importers; industry seeks relief

Industry says goods originating from least-developing countries but routed through some other country are not getting the preferential duty benefit

Sea change in customs clearance as govt addresses complaints over delays

74 per cent of consignments at ports got nod in less than 48 hours on Sunday

Customs clearance regulations making importers nervous

The government has raised import duties on several items and restricted import of many items subjecting them to import licensing

RBI gives exporters, importers liquidity and more time amid Covid-19 crisis

RBI took cognizance of the difficult situation amid the global coronavirus crisis and announced a number of measures for the export and import sector

Importers, exporters to mandatorily declare GSTIN in documents from Feb 15

While importers are paying IGST on imports but not claiming credit for the same. This essentially means that the supply of imported goods to domestic channels is being done without a bill

Govt plans to ease process for importers

The finance ministry is uniting and expanding the scope of two existing programmes for importers