Government announces tax refunds rates for 8,555 tariff lines under RoDTEP export-promotion scheme

https://www.moneycontrol.com/news/business/economy/government-announces-tax-refunds-rates-for-8555-tariff-lines-under-rodtep-export-promotion-scheme-7350491.html

After a long wait Commerce Ministry has finally announced the RoDTEP rates today. See above article in money control online. Rates vary from 0.5 to 4.3 percent. We hope govt will clear pending refund of exporters from 1 January 2021 till date to help cash flow of exporters.

**NEW YORK* *NEW YORK *

*READY DO AVAILABLE*

*VESSELS* *INDAMEX*

*For 4O HC and 20 GP*

Sailing 28/08 and 30/08 vessels.

*Very Limited DO available*

Please confirm your requirements urgently.

Ashok Samani
ashok@mprsshipping.com

** AFRICA*. *AFRICA*

*READY DO AVAILABLE*

*For 40 HC ONLY*

*EX NHAVA SHEVA*

Sailing *28/08* vessel

Cape Town

Sailing *29/08* vessel

Mombasa
Dar Es Salaam
Zanzibar

Sailing *30/08* vessel

Port Louise
Victoria Seychelles
Toamasina

Sailing *01/09* vessel

Douala

Sailing *03/09* vessel

Onne
Monrovia
Conakry
Banjul
Freetown
Dakar
Nouakchott

*EX MUNDRA*

Sailing *31/08* vessel

Durban 40 Hc only

Please advise your valuable requirements.

Ashok Samani
Email ashok@mprsshipping.com

Extremely encouraging news for exporters in a long time. Govt has decided to clear pending dues of exporters under various incetive schemes such as MEIS, SEIS, duty drawback and reibursement of taxes scheme to textile industry and as also RoDTEP scheme.

The dues are to be released immediately. Roughly 75000 crores will be cleared giving massive cash flow to exporting sector. It will reduce interest burden of exporters. Finally govt seems to be serious in taking meaningful measures to boost exports. Ref article in business line.

*MAERSK READY DO AVAILABLE*

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*For 40Hc*

Sailing *19/09* vessel
Vessel CMA CGM JAMAICA

Apapa Usd 11970/40
Tincan Island Usd 11970/40
Tema Usd 7800/40
Matadi Usd 7455/40
Cotonou Usd 7675/40
Luanda Usd 7250/40
Douala Usd 7570/40
Sub Euro 35

*Sailing *17/09*
Vessel MAERSK GENOA

Dakar Usd 7595/40
Lomé. Usd 7395/40
Conakry
Usd 7795/40 sub Euro 130

Banjul. Usd 8215/40
Abidjan. Usd 6895/40
Nouakchott Usd 7055/40
Freetown. Usd 7875/40

Please advise your valuable requirements.

Ashok Samani
Email ashok@mprsshipping.com

Ref above freight and booking proposal from a NVOCC. It appears booking position has eased somewhat though container freight is still at elevated levels.

*READY DO AVAILABLE*

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Sailing *24/09*

Ambarli.20GP

Sailing *26/09*

Dar Es Salaam 20 GP

Sailing *27/09*

Victoria Seychelles 20 GP
Booking available for 10x20

Sailing *29/09*

*40 HC*
Cotonou
Luanda
Tincan
Matadi
Tema

Sailing *01/10*

Lomé 40HC

Sailing *03/10*

Mombasa 20GP
Dar Es Salaam 20 GP

*Ex Mundra*

Sailing *01/10*

Mogadishu. 20 GP

*Ex Hazira*

Sailing *28/09*

Mogadishu 40 HC

Please confirm your valuable requirements.

Ashok Samani
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The Commerce Ministry has now taken a step towards knowing the actual number of real traders in the country
https://www.thehindubusinessline.com/economy/policy/importer-exporter-code-not-updated-after-2005-to-be-de-activated-from-october-6/article36677924.ece

1. Commerce ministry will start de activating import export codes which are not updated after Jan 2005. Current rules require exporters importers to update IEC every year. Deactivation will start from 6 October.

2. Maximum cap of Rs 5 crore has been fixed for availing benefit under SEIS scheme per IEC.

3. Last date of 31 December 2021 fixed for submitting claims for pending export incentives under MEIS, SEIS and refund of tXes for textile industry in respect of exports made up to Dec 2020. These schemes were discontinued after Dec 20 and replaced with new RoFTEP scheme.

The government has notified extension of the Foreign Trade Policy 2015-20 by another six months till the end of the fiscal

https://www.thehindubusinessline.com/economy/policy/centre-extends-foreign-trade-policy-by-six-months/article36739631.ece

Govt of india may give benefit of RoDTEP scheme to SEZ and EOU units also. Presently RoDTEP is not allowed for these units.

Commerce ministry has constituted a committee to finalise the rates etc. But it may be applicable from next financial year only.

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*Ex Nhava Sheva*

*Sailing 19/11*

Dakar Usd 6075/40 Hc
Lomé. Usd 6015/40 Hc
Freetown Usd 6425/40 Hc
Nouakchott. Usd 5850/40 Hc
ONNE. Usd 7385/40 Hc
Conakry. Usd 6675/40 Hc

*Sailing 21/11*

Mombasa Usd 3895/20
Dar Es Salaam Usd 3995/20

*Sailing 24/11*

Tema. Usd 6975/40 Hc
Apapa. Usd 8100/40 Hc
Luanda. Usd 7300/40 Hc

*Sailing 28/11*

Mombasa Usd 3850/20
Onne. Usd 7475/40 Hc
Conakry. Usd 6925/40 Hc

Sub to Seal and Locals

Please confirm your valuable requirements.

Govt sets up committee for determination of RoDTEP rates for exports from SEZs, EOUs

https://economictimes.indiatimes.com/news/economy/foreign-trade/govt-sets-up-committee-for-determination-of-rodtep-rates-for-exports-from-sezs-eous/articleshow/87633403.cms
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which

From January 1, 2022, onwards, the codes used to classify every internationally traded item will change. The globally standardised Harmonized Commodity Description and Coding System, better known as the (HSN) tariff nomenclature, will be updated from this day onwards.

The changing codes are expected to impact exporters and governments alike. The classification of goods is expected to take longer until trade terminal softwares are fully updated and the sector memorises the new codes. Moneycontrol takes a look at why the codes are changing, the challenges involved and what to expect, going forward.
What exactly are HSN codes ?

Issued by the World Customs Organization (WCO), the HSN codes have been used to classify and regulate global trade since 1988. They help customs administrations in 200 member-nations and the private sector across the world maintain a globalised database of goods, the flow of which can be easily measured and regulations implemented.
The Brussels-based WCO is an independent inter-governmental organisation that maintains and periodically updates the codes in line with the changing nature of global trade. The latest set of codes (HSN 2022) will be used to capture the trade in a variety of new fields.
How does it work ?
HSN codes are given to every traded product and they are organised logically by economic activity or component material. The existing HSN codes are organised into 21 sections, which are subdivided into 99 broad chapters. They are used to analyse national trade.
Chapter 1-5 corresponds to live animal and animal products, 6-12 to edible agri-products, and 13- 24 to industrial agri-products and so on. For India, the important chapters include 27 (mineral fuels, crude oil and processed petroleum), 30 (pharmaceuticals & components), 74 (gold, diamond, gems & jewellery), 84 (heavy engineering goods) and 85(electronics). These are the product categories, where large chunks of India's trade is concentrated in.
The 99 HS chapters are further subdivided into 1,244 headings and 5,224 subheadings. The system consists of separate levels of data classification to categorise more than 10,000 separate categories of products.
Where does India stand?
The first six digits of the HSN tariff number are used universally. Each country may then add up to six more digits according to its tariff and statistical needs. The first two digits designate the HSN Chapter. The second two digits designate the HSN heading. The third two digits designate the HSN subheading.
India has remained at the eight-digit level, while major exporting nations have graduated to even more detailed higher levels of trade classification. Turkey uses a 12-digit HSN code system. Most major developed economies such as the European Union, the United States, South Korea, Canada, and China have standardised 10-digit codes.
Having a more detailed level of trade classification allows a country to zoom into the exact nature of trade, identify the problems such as bottlenecks in exports or a glut of particular imports and create specific policy for these.
According to Commerce Department officials, it helps in finding the minute trade patterns of today that may become the norm in the coming months and years.
India has, for years, tried to upgrade its trade classification. Latest official figures show 2,433 items -- all classified under the ‘other' category or not clearly mentioned. This has led to a lacunae in policymaking, whereby the government does not have a clear idea where the items are coming from. India will continue to have eight digits in the updated HSN codes as of now.
What is happening now?
As new products are traded, new definitions are drawn up, standardisation takes place and new product categories are opened up, so that they can be added to the list. WCO has regularly updated its database of HSN codes every five years and the latest (7th edition) set of codes will go live from January 1, 2022.
The Finance Ministry has confirmed that since India is a party to the HSN convention, the government has brought in necessary changes through

the Fifth Schedule to the Finance Act, 2021. This will align the first schedule of Customs Tariff Act, 1975, with the HSN 2022.
What will be the impact?
The Commerce Department expects the change to a new set of codes to disrupt classification for the first few months at least. Officials clarify that while the department has already updated its monthly and annual trade databases to mirror the changes, it is working with the private sector to raise awareness.
In general, exporters usually leave the business of classifying shipments based on HSN codes to trade firms and overseas logistics companies. These entities work with freight forwarders to ship most of the cargo, traded internationally. The government had started to work with these companies well in advance to inform them of the new codes, officials say.
However, the Revenue Department under the Finance Ministry expects greater digitisation to ease the pain of moving to a new code. The Central Board of Indirect Taxes and Customs (CBIC) has begun to train its officers stationed across inland container terminals, land crossings, international airports and sea ports. The CBIC maintains separate databases on merchandise trade through India's international ports.
What will this mean for tax filings under GST?
Currently, HS codes are mandatory for filing GST invoices. While traders will, from now on, have to mention the new set of codes, the government is not planning to change the rules for GST, sources said. These HSN codes must be declared in every tax invoice issued by the taxpayer under GST. All eight digits of the HSN code are mandatory in case of exports and imports under the GST.
Currently, for recording domestic transactions up to Rs 5 crore, it is mandatory for B2B tax invoices to mention the first four digits of the HSN code of the product, the sale of which is being recorded. However, this provision is optional for B2C transactions. For domestic transactions beyond Rs 5 crore, mentioning HSN codes up to six digits is mandatory for all invoices.

DGFT extends deadline for exporters to submit applications for pending dues to Jan 31

https://economictimes.indiatimes.com/news/economy/foreign-trade/commerce-ministry-extends-deadline-for-exporters-to-submit-applications-for-pending-dues/articleshow/88621313.cms
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