Latest news with #TNCRajagopalan
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Business Standard
11 hours ago
- Business
- Business Standard
Imports under FTAs can be cleared under the provisional assessment
Rajagopalan answers readers' SME queries related to GST, export and import matters TNC Rajagopalan Listen to This Article We import our raw materials under the free trade agreements. We find that invariably the Customs raise some query or the other and the clearance gets delayed. This results in demurrage and even our production schedule gets disrupted sometimes. Is there any way we can avoid that? The CBIC has issued comprehensive guidelines for provisional assessments vide Circular No. 38/2016- Customs dated 22.08.2016. This circular has been revised after the implementation of the Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (referred to as the CAROTAR, 2020) issued vide Notification No. 81/2020-Customs (N.T.) dated 21st August, 2020.
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Business Standard
2 days ago
- Business
- Business Standard
SEZ Rules amended to attract more investments, facilitate operations
India has 276 operational SEZs with 6,275 units operating in them. Total investment in them is about ₹7.07 trillion and they employ about 3.19 million persons TNC Rajagopalan Listen to This Article Last Tuesday, the government amended some provisions in the Special Economic Zones (SEZ) Rules, 2006, in the hope of attracting more investments and providing greater flexibility in the operations. The minimum contiguous land area requirement is now reduced from 50 hectares to 10 hectares for setting up SEZs exclusively for manufacturing semiconductors or electronic components including display module sub-assemblies, various other module sub-assemblies, printed circuit boards, lithium-ion battery cells, mobile and information technology (IT) hardware components, hearables, and wearables. In Gujarat, SEZs for textiles and textile articles can now be set up with a minimum 4 hectares of contiguous
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Business Standard
01-06-2025
- Business
- Business Standard
Asean and our neighbouring countries now drifting closer to China
Deepseek says that in 2023 Asean countries exported goods worth $416 billion to China and imported goods worth $495.7 billion from them TNC Rajagopalan Listen to This Article Last Tuesday, the leaders of the Association of Southeast Asian Nations (Asean), the Gulf Cooperation Council (GCC), and China gathered in Kuala Lumpur, Malaysia, with a view to enhance economic co-operation. The joint announcement after the Asean-GCC-China summit talked of, besides many other issues, promoting free trade, negotiations for a Asean-China Free Trade Area 3.0 Upgrade and a China-GCC free trade agreement. Such conferences and announcements are not uncommon. However, it is remarkable that the smaller member countries of Asean prioritize the benefits of interdependence, keeping aside many differences between them. Asean is a grouping of Brunei, Indonesia, Thailand, Malaysia,
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Business Standard
11-05-2025
- Business
- Business Standard
Trade discussions proceed undisturbed by India-Pakistan hostilities
The UK-US trade pact is significant because it is the first deal after President Trump imposed reciprocal tariffs in the beginning of last month TNC Rajagopalan Listen to This Article Amidst rising anxieties last week regarding escalation of hostilities between India and Pakistan, we were also getting some positive news on the trade front. A trade deal was finalized between India and the United Kingdom (UK) on Tuesday. The United States (US) unveiled its trade deal with the UK on Thursday. China and the US started talks on bringing down the tariffs on Saturday. President Trump claimed on Tuesday that the Houthis, the Iran-backed militia based in Yemen, have agreed not to attack the commercial vessels passing through the Red Sea. The India-UK trade deal is welcome because it brings
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Business Standard
28-04-2025
- Business
- Business Standard
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
