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Invisible Export.




Introduction
Invisible export is the part of international trade that does not involve the transfer of goods or tangible objects, which mostly include service sectors like banking, advertising, copyrights, insurance, consultancy etc. invisible exort also known as invisible trade is basically associated with the person’s own skill and knowledge is what is 'sold' rather than a piece of software or books.

Invisible trade is composed of invisible imports and invisible exports. Since nothing tangible is transferred, the importer is defined as the person, group or country that receives the service. The exporter is defined as the supplier of the service. The net total of a country's invisible imports and invisible exports is called the invisible balance of trade and is a part of the country's balance of trade. For countries that rely on service exports or on tourism, the invisible balance is particularly important.

Export Performance of the Indian service Industry
An analysis of the consultancy contracts secured by Indian project in the foreign market has been carried out by Exim Bank of India. As per the analysis, done during 1995-96 to 2000-01 indicates that consultancy contracts were secured largely in West Asia which accounted for 39% number wise and 46% value wise followed by South East Asia and Pacific & South Asia.

South East Asia constituted 22% both by number and by value whereas South Asia was 18% number wise and 16% value wise. According to the 2002 data of the Federation of Indian Export Organizations (FIEO), India's share in global trade in services was about 1.3%. India’s share of consultancy exports is about 0.5% of global trade in services.

Government Initiatives
In the recent years the Government of India has take some important step for the improvement of service based export. The Foreign Trade Policy, 2004 – 09 is one of them, which has announced the setting up of Services Export Promotion Council for promoting the Indian service sector in the foreign market. Government of India has also introduced Market Development Assistance (MDA), Market Access Initiative (MAI) scheme, proactive EXIM Policy and EXIM Bank schemes. Government also provides exemption on service tax for export of consultancy services. However due to lack of clarity in the provisions in the present notification, consultancy export may be affected.

Strengths and Weaknesses of Indian Consulting Industry

  • The major strengths of Indian invisible export or invisible trade include professional competence, low cost structure, diverse capabilities, high adaptability and quick learning capability of Indian consultants.
  • The major weaknesses of Indian invisible trade or invisible export include low quality assurance, low local presence overseas, low equity base, lack of market intelligence and low level of R&D.

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What is New?

Date: 01-12-2022
Notification No. 101/2022 - Customs (N.T.)
Exchange rate Notification No. 101/2022-Cus (NT) dated 01.12.2022-reg

Date: 01-12-2022
Notification No. 40/2022-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude.

Date: 01-12-2022
Notification No. 41/2022-Central Excise
Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on Diesel.

Date: 01-12-2022
NOTIFICATION No. 04/2022-Central Excise (N.T.)
Appointment of the Commissioner of Central Excise and Service Tax (Appeals) as Central Excise officer for the entire territorial jurisdiction of the Principal Chief Commissioner/ Chief Commissioner of Central Excise and Service Tax for the purpose of passing Orders-in-Appeal for the CX & ST appeals filed after 30.06.2017-reg.

Date: 30-11-2022
Notification No. 100/2022-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 29-11-2022
No.98 /2022-Customs (N.T.)
Amendment of notification no. 47/2022–Customs (N.T.), dated the 31st May, 2022

Date: 29-11-2022
NOTIFICATION No. 99/2022-Customs (N.T.)
Amendment of notification number 48/2022-Customs (N.T.) dated the 31st May, 2022

Date: 25-11-2022
NOTIFICATION No. 61/2022-Customs
Seeks to amend certain specific FTA/PTA notifications.

Date: 23-11-2022
NOTIFICATIONNo. 23/2022 – Central Tax
Seeks to empower the Competition Commission of India to handle anti-profiteering cases under CGST Act, 2017 with effect from 01.12.2022.

Date: 23-11-2022
NOTIFICATION No. 24/2022 – Central Tax
Seeks to make fourth amendment (2022) to CGST Rules with effect from 01.12.2022.



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