Sme Chatroom

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

Traders must classify imports of lab chemicals under appropriate heads

In an Ex-W contract, the obligation of the seller is to make the goods available at the named place and give notice to the seller. The obligation of the seller is to take delivery at the named place

Chatroom: EGM proof required under IGST Rate Notification 41/2017

Rajagopalan answers readers' SME queries related to GST, export and import matters

Chatroom: Remittances below $25,000 also need Form A2 now

The RBI has only put up the draft directions on exports and imports of goods and services for public response. The directions would be finalised only after receiving feedback from stakeholders

Chatroom: CBIC's clarificatory circulars have retrospective effect

TNC Rajagopalan answers SME queries related to GST, export and import matters

Chatroom: Duty-free inputs used in export output are not export benefits

When you re-import the goods under notification 45/2017-Cus dated June 30. 2017, you have to pay the GST, DBK and RoDTEP amounts at the time of clearance

Chatroom: Individuals can get up to $250,000 forex for their foreign trips

Para 6.07(a) allows sale in DTA without any limit for EOUs in sectors other than gem and jewellery and services, so long as you achieve positive NFE

CHATROOM: 'CBIC should tweak legal provisions for SEZ to DTA sales'

Firstly, it is not correct to say that the B/E is filed on the basis of the proforma invoice

Chatroom: Denial of ITC on inter-state transfer of duty-free goods unfair

'The testing requirement will apply for exports to all countries, without exception'

Chatroom: EO fulfilment can start from date of issue of EPCG authorisation

'You can export goods capable of being manufactured by the use of capital goods imported under the EPCG scheme'

Chatroom: 'No GST rebate or exemption against supply of services to EOUs'

Section 16 of the CGST Act, 2017 allows you to take input tax credit of the input tax charged on any supply of goods or services, or both, subject to certain conditions

'In CIF/CFR contracts, the seller bears risk of variation in freight rates'

'As long as you expect to realise the CIF/CFR value of the goods and declare it correctly in your shipping bill/EDF, there is no violation under FEMA'

'DGFT should clarify duty payment for destruction of imported goods'

Practically, it is difficult to escape payment of customs duty and interest even when the goods are destroyed or re-exported

Chatroom: 'After imposition of moratorium, IBC prevails over Customs laws'

After initiation of CIRP, the liquidator can secure the imported goods from the Customs to be dealt with appropriately in terms of the IBC

SME Chatroom: 'Assessable value can be different from invoice value'

There is a specific box in the bill of entry for Free of Charge (FOC) imports

SME Chatroom: 'IGCR Rules apply only when exemption notifications say so'

the duty concessions are available under exemption notifications and some of them mandate the procedures prescribed under the said IGCR Rules.

'Supplies from DTA to SEZ attract export duty'

Duty credit allowed under the RoDTEP scheme is subject to realisation of sale proceeds within the period allowed by the RBI

SME Chatroom: Banks can write off import entry in IDPMS over quality issues

RBI rules allow AD Category-1 banks to close BoE for such import transactions where write-off is due to short shipment or destruction of goods by port/Customs/health authorities

'Unconfirmed LC binds only the issuing bank to pay'

In a freely negotiable LC, any bank can negotiate the LC compliant documents, pay the party and claim reimbursement in accordance with the instructions of the LC issuing bank.

SME: 'Due date of sight bill should be counted from date of presentation'

What a firm seeking supplies from abroad on credit should do in case there is an error in the contractual documents