Wait...

Online Export Import Data Search

Complete Training Video : Click Here

GST glitches likely to hit exports in October.


Date: 14-11-2017
Subject: GST glitches likely to hit exports in October
NEW DELHI: Exports are expected to shrink in October after several months of increase, with exporters blaming issues related to the implementation of goods and services tax (GST) as well as front-loading of shipments in September to avail of higher duty drawback rates, which are meant to be refunds for tax payments.

Exports had appeared to be back on track, registering a 26 per cent rise in September, the highest in six months.

Data is due to be officially released in a day or two but sources told TOI that labour-intensive sectors such as textiles have been the worst performers. For cotton and viscose textiles, the duty drawback rates and refund of state levies (ROSL), which were in the range of 11-13 per cent, has now come down by 8-9 percentage points from October. 

Garment manufacturers are also complaining of widespread loss of orders as buyers, including some of the top global brands, are preferring to source products from Vietnam and Bangladesh, which have cheaper labour but also enjoy preferential access to the US and European markets. While there has been discussion on restoring the rates, the government is yet to notify the changes.

Over the last two months, the government has sought to fix the glitches including offering a special dispensation to exporters to ensure that their funds do not get locked up. In addition, a new tool to enable merchant exporters, who source from manufacturers and export, has also been put in place but it is suffering from initial hiccups, which the revenue department is trying to fix.

Source: timesofindia.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 20-02-2018
DGFT Notification No. 51/2015-2020
Amendment in the Foreign Trade (Exemption from application of Rules in certain cases) Amendment Order, 2017.

Date: 19-02-2018
Notification No. 14/2018-Customs (N.T.)
Customs Tariff (Determination of Origin of Goods under the Comprehensive Economic Partnership Agreement between the Republic of India and Japan) Amendment Rules, 2018

Date: 16-02-2018
Public Notice No. 62/2015-2020
Directtives for processing of applicatin for MEIS claims under Foreign Trade Policy 2015-20

Date: 16-02-2018
Public Notice No. 61/2015-2020
Inclusion of Seaports located at Dhamra Port and Dighi Port under Para 4.37 of Hand Book of Procedures 2015-20.

Date: 15-02-2018
Public Notice No. 60/2015-2020
Amendments/Corrections in Table 2 of Appendix 3B Foreign Trade Policy 2015-20

Date: 15-02-2018
Notification No. 13/2018-Customs (N.T.)
Exchange Rates Notification No.11/2018-Custom(NT) dated 1.2.2018

Date: 15-02-2018
Notification No. 12/2018-Customs (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver.

Date: 12-02-2018
Notification No. 26/2018-Customs
seeks to further amend the notification No. 50/2017- Customs, dated the 30th June 2017 so as to reduce the Basic Customs Duty on motorcycles falling under tariff heading 8711.

Date: 06-02-2018
Notification No. 25/2018-Customs
Seeks to increase BCD tariff rate on Chana (Chickpeas), [Tariff item 0713 20 0] from 30% to 40% by invoking section 8A (1) of the Customs Tariff Act, 1975 and accordingly, the effective rate of BCD on Chana (Chickpeas), will also be 40%.

Date: 06-02-2018
Notification No. 24/2018-Customs
Seeks to increase import duty on all types of sugar under tariff head 1701, [Raw sugar, Refined or White sugar, Raw sugar if imported by bulk consumer] from the present 50% to 100% (Tariff rate) with immediate effect and without an end date.



Exim Guru Copyright © 1999-2018 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001