Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: due date for vat payment :: form 3cd :: ACCOUNTING STANDARDS :: VAT Audit :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

Duty Entitlement Pass Book scheme extended till further orders
April, 01st 2008
Annual supplement to foreign trade policy on April 11


Export promotion

DEPB rates announced from April 1, 2007 and subsequent amendments made should continue for all exports under the scheme even after March 31.

The scheme came under the WTO scanner as it was deemed WTO-incompatible.

Exporters welcome the Ministrys move to extend the scheme.


The uncertainty hovering around the continuation of the popular export promotion scheme, Duty Entitlement Pass Book (DEPB) scheme was ended today with the Directorate General of Foreign Trade (DGFT) stating that the scheme, which was valid for shipments up to March 31, 2008, has been extended till further orders.

A statement issued by the DGFT said that this would facilitate shipments to be allowed under the Scheme by the field formations of Customs even beyond March 31. It was further clarified that the DEPB rates announced effective from April 1, 2007 and subsequent amendments made in them should continue for all exports under DEPB scheme even after March 31.

The DEPB scheme provides reimbursement of customs duty and allows manufacturer-exporters to use partly or fully domestic inputs and the scheme refunds the customs duty as if the domestic inputs had been imported. It thus promotes the use of domestically produced/sourced inputs in the production of exported products.

However, it came under the WTO scanner and was deemed WTO-incompatible because the scheme does not require imports to be made of the inputs used in the production process. Besides, the fact that the duty credit is freely transferable disconnects altogether eventual imports against which it is used from the actual inputs used in the production process of the exported product.

When contacted the FIEO President, Mr Ganesh Kumar Gupta, said that he welcomes the step of the Commerce Ministry as exporters could ship their products without any hassle now. He said that at a time when the exporters business calculations were buffeted by rising transaction cost and appreciating rupee, the exporters were seeking the extension of DEPB as the only mitigating step.

Trade policy supplement

Meanwhile, the annual supplement to the Foreign Trade Policy (FTP) scheduled for April 7 has been further put off to April 11 as India is hosting the Africa Summit beginning on April 7 in which the Ministry of Commerce and Industry is proactively involved, besides the External Affairs Ministry and the Prime Ministers Office, an official source said here.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions