Sponsored
    Follow Us:
Sponsored

On account of COVID 19, Indian Government is trying to provide relieves / measures to address the confusion / unrest in the industry. In continuation of our earlier email for extension of validity of policy and other parameters addressed by Commerce Ministry, we would also like to provide a brief of some of the important announcement / clarifications by Director General of Foreign Trade (DGFT) as mentioned in captioned subject.

Trade Notice No. 03/2020-21 dated 15 April 2020: Manner of continuation of MEIS for shipments after 1 April 2020:

As we all are aware  Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme was announced by Cabinet on 13th March 2020, to replace the ongoing MEIS scheme as publicized vide Press Note. At the same time, a new notification has been issued to extend Foreign Trade Policy 2015-20 till 31 March 2021. Considering both the announcements, there are confusions in industry with respect to applicability of scheme for exports made after 1 April 2020. Considering the same, below clarification has been provided by DGFT:

  • Benefits under MEIS for any item/tariff line /HS Code currently listed in Appendix 3B, Table 2 (MEIS Schedule) will be available only up to 31 Dec 2020;
  • Prior to 31 Dec 2020, as and when an item/tariff line/HS code is notified to be covered under RoDTEP Scheme, it would at the same time be removed from coverage under MEIS;
  • Detailed operational framework for the Scheme for RoDTEP will be notified separately

Public Notice No. 02/2015-20 dated 13 April 2020: Relaxation of time for submission of Physical Copy of TMA Application:

On account of country wide lockdown and hardship found in preparation and submission of Physical Documents for applications of Transport and Marketing Assistance Scheme (TMA), It has been notified that For the applications filed electronically on or after 01 Feb 2020 upto 30 Sept 2020, physical PDF copy of the print out of ANF-7(A)A alongwith prescribed documents can be filed manually with RA concerned upto 30 October 2020.

Trade Notice No. 01/2020-21 dated 7 April 2020: Electronic filling and Issuance of Preferential Certificate of Origin for India’s Exports:

In continuation with earlier communication from DGFT officials, online platform for issuance of Certificate of Origin was made available for exports from India to Chile under India-Chile PTA, exports to Nepal under SAFTA & SAPTA and exports to Republic of Korea under India-Korea Comprehensive Economic Partnership Agreement (IKCEPA). This facility has now been extended for of FTAs (Foreign Trade Agreements) / PTAs (Preferential Trade Agreements) with effect from 7 April 2020 (List given at the end of article).

The application for certificate has to be made by Exporters using Digital Signatures which will be approved / Digitally signed certificate shall be issued by the Authorised signatory of designated authority. As and when the functioning of the issuing agency offices resumes, the Certificate of Origin, so issued on the electronic platform, will also be made available in hard copy with ink-signature of the issuing officer to the applicant exporter besides the e-certificate. The certificate issuance process will continue to remain online. Over and above, detailed guidelines / points to be noted for online application by an Exporter / Applicant provided in the given trade notice.

Trade Notice No. 62/2019-20 dated 6 April 2020: Retrospective issuance of Certificate of Origin (COO) under India’s Trade Agreement:

This is in continuation to our update in relation to issuance of COO with retrospective impact dated 31 March 2020, it has been clarified that such retrospective applications would be processed digitally by authorised agencies and physical copies of certificate signed by the agencies would be issued once the offices of these agencies open. Also, it has been instructed to authorities to levy the prescribed uniform fees of Rs. 600 for all preferential agreement whether they are retrospective or not.

Additionally, India has made request to concerned trading partners to accept such digitally signed certificate and also, shown its readiness to accept such digitally signed physical certificates. However, such Imported shipments at Indian Customs would be cleared provisionally at preferential duty with other conditions of submission such as a bond / undertaking and appropriate securities where required by Customs.

List of FTAs (Foreign Trade Agreements) / PTAs (Preferential Trade Agreements)

FTAs / PTAs Partner Countries
AIFTA ASEAN-India Free Trade Agreement Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam
IJCEPA India Japan Comprehensive Economic Partnership Agreement Japan
SAPTA SAARC Preferential Trading Agreement Afghanistan, Bangladesh, Bhutan, Maldives, Pakistan, Sri Lanka. (already Live for Nepal)
SAFTA South Asian Free Trade Area Bangladesh, Bhutan, Maldives, Pakistan, Sri Lanka (already Live for Nepal)
APTA Asia Pacific Trade Agreement Bangladesh, China, Lao, Republic of Korea, Sri Lanka
ISLFTA India Sri Lanka Free Trade Agreement Sri Lanka

​Relevant ​Trade Notice and Public Notice has been linked in its subject line.

Happy to serve!!

Team, A Alwani & Co

Sponsored

Author Bio

Amrin has 10+ years experience in the field of Indirect Tax advisory and compliance including working with KPMG before she commenced her journey as an entrepreneur. In her new role from May 2017, she has been providing Business and Tax Advisory Services to various organisations. Her skill sets to View Full Profile

My Published Posts

Electronic Cash Ledger (ECL) mandatory with effect from 01 April 2023 RODTEP Benefit Extended to Chemicals, Pharma and Steel Sector Gujarat VAT Amnesty Scheme 2022 Re-operationalisation of the Scrip Transfer Recording Module on DGFT Know all about Customs Cash Ledger Applicable from 1st June 2022 View More Published Posts

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Search Post by Date
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031