&w=3840&q=100)
No relief from QCO for inputs imported under advance authorisation scheme
Rajagopalan answers SME queries related to GST, export and import matters
TNC Rajagopalan
Listen to This Article
For deemed exports supplies to EOU, we are obtaining advance authorisation under the notification 21/2013-Cus dated 1st April 2023. Can we import under the advance authorisation, the inputs subject to quality control orders (QCO)?
No. DGFT notification no.71/2023 dated 11th March 2024 says that the exemption from QCO will be available for physical exports only and such exemption will not be allowed for deemed exports for advance authorisation holders.
We have imported certain inputs under advance authorisation. Our customer has cancelled the orders because of higher tariffs in the US and uncertainties ahead. Now, the imported raw materials cannot be
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
42 minutes ago
- Time of India
Union minister highlights decrease in poverty rates
1 2 3 4 Vijayawada: Since Prime Minister Narendra Modi assumed office in 2014, the country witnessed equitable development across all sectors, leading to enhanced international standing and justice for all sections of society, said G Kishan Reddy, Union minister for coal and mines and Telangana BJP president. He was speaking at a press conference in Vijayawada on Tuesday. Reddy stated that India's economy became the world's fourth-largest, surpassing Japan, growing from a 2.1 trillion dollar economy in 2014 (10th position) to four trillion dollar, as confirmed by the International Monetary Fund (IMF). Govt aims to achieve a five trillion dollar economy soon. Furthermore, approximately 25 crore people were lifted out of poverty in the last nine years, with poverty rates decreasing from 29.2% in 2013-14 to 11.3% in 2022-23. Per capita income also saw a substantial 67% increase, rising from 68,572 in 2013-14 to 1,14,710 in 2024-25. The minister highlighted the successful implementation of the Goods and Services Tax (GST) with the consensus of all states and the increase in states' share of tax revenue from 32% to 41-42%. He also detailed govt's war on black money, which included demonetisation and banking reforms, leading to a significant increase in the number of taxpayers from 6.9 crore in 2014 to 15.7 crore in 2024-25. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending Local Enterprise Accounting Software [Click Here] Accounting ERP Click Here Undo Direct tax collection also surged by 220% during this period. In terms of social welfare, Reddy announced that the NDA govt provided free ration to 81 crore people and constructed four crore pukka houses for the poor. The Union minister for coal and mines also mentioned that the expansion of the Ayushman Bharat scheme that was to cover over 50 crore poor and middle-class citizens, was now extended to include all individuals above 75 years of age for free medical services. The number of AIIMS institutions grew from seven to 26.
Indian Express
2 hours ago
- Indian Express
Copper cathode imports have fully stabilised; no supply side rigidity: Mines Ministry
The import of copper cathode has 'fully stabilised' and there is no supply side rigidity being faced by the domestic user industry, according to the Ministry of Mines. In April 2025, 32,000 tonnes of copper was imported against 24,000 tonnes in April 2024, the ministry said in response to a story titled 'Copper wire, tube imports hit multi-year highs in FY25; cathode shipments fell 34% year-on-year' published in The Indian Express on June 9. The report had said that copper cathode imports to India fell substantially between December 2024 and February 2025 to a monthly average of 2,000 tonnes, from 27,000 tonnes each month between April and November 2024. The dip in imports followed the implementation of the Copper (Quality Control) Order (QCO), 2023 from December 1, 2024. In response, the Mines Ministry said — 'It must be noted that due to an uptick in domestic production (post commissioning of M/s Adani's Kutch Copper refinery last year), domestic refined copper supply did not come under any pressure. On the metric of last three months' average domestic consumption of copper cathode, there was only marginal reduction from 69 kt in Nov 2024 to 61 kt in Mar 2025.' 'On an annual basis, even though there was a decline in the import of copper cathode from 363 kt in FY 2023-24 to 239 kt in FY 2024-25, it was covered by domestic production. There was a ramp up in domestic production from 509 kt in FY 2023-24 to 573 kt in FY 2024-25 (12.6% growth y-o-y). Monthly import of refined copper has now increased to 32 kt in April 2025, compared to 24 kt in April 2024. Thus, the import of copper cathode has fully stabilized,' the ministry added. The ministry said that it regularly monitors the supply situation in the country through 'extensive industry consultations, and ensured that all four domestic producers and ten major foreign suppliers had obtained BIS (Bureau of Indian Standards) certification.' 'There is no supply side rigidity, whatsoever, and domestic user industry has enough choice of BIS-certified domestic and foreign suppliers to source their cathode requirements. Thus, there is no scope for any irrational pricing, and as such the market is driven by LME prices,' the ministry said. Copper cathode is used in the production of key downstream products, including 'high-performance electrical goods having safety concerns like electrical wires with applications at household level.' 'Bringing copper cathode under mandatory QCO has thus been crucial to ensure quality, consumer safety, protection and performance,' it added.
&w=3840&q=100)
Business Standard
7 hours ago
- Business Standard
E-way bills grow nearly 19% to 122.65 million in May, shows data
The year-on-year (Y-o-Y) growth in e-way bills — electronic permits required for transporting goods across and within states — surged by nearly 19 per cent in May, compared with a 23.29 per cent growth registered in April, according to data from the Goods and Services Tax Network (GSTN). This is the second-highest growth after a record 124.5 million in March this year. Sequentially, the number of e-way bills increased by 2.83 per cent in May, reaching 122.65 million, after a dip of 4.2 per cent in April to 119.26 million. E-way bills are required to move goods worth more than ₹50,000 and are often used as an early indicator of demand and supply in the economy. These trends typically manifest in larger economic indicators after some time. Intra-state e-way bills stood at 80.17 million in May, while inter-state e-way bills totalled 42.48 million during the month. According to GSTN data, there are 15.2 million registered GST payers, with 6.19 billion e-way bills generated cumulatively so far. The noticeable increase in the generation of e-way bills signals a significant improvement in compliance, indicating a stronger potential to reduce tax leakages, according to Abhishek Rastogi, Founder of Rastogi Chambers. "Businesses have become increasingly cautious in issuing accurate e-way bills, especially in response to numerous instances where flying squads have intercepted vehicles and taken stringent action against non-compliance. Such proactive enforcement has prompted businesses to adhere more strictly to GST norms," Rastogi said. He further noted that these compliance-oriented mechanisms are instrumental in strengthening the overall GST revenue collection framework. However, Rastogi also highlighted that there have been cases, some even reaching the courts, where perishable goods were subjected to manifestly arbitrary and unlawful actions. 'The GST Council must ensure that enforcement efforts are balanced and fair,' Rastogi added. 'It is essential that genuine businesses are protected from undue hardship, and all measures must be taken to prevent actions that could be detrimental to legitimate trade.' The Reserve Bank of India (RBI) cut the repo rate by 50 basis points on Friday and stated that private consumption, which drives overall demand, is performing well, helped by a slow rise in non-essential spending. It noted that rural demand is steady, urban demand is improving, and investment activity is picking up. The central bank expects the economy to grow by 6.5 per cent in FY26, with balanced risks.
