Government of India
Ministry of Commerce and Industry
Directorate General of Foreign Trade
Udyog Bhawan, New Delhi.
New Delhi, dated:15/01/2016
Trade Notice No.13/2015-20
1. All Regional Authorities
2. Central Board of Excise & Customs
3. FIEO, CII, ASSOCHEM, Electronic & Computer Software EPC, EEPC India, Export Promotion Council for EOUs/SEZs, Project Export Promotion Council of India, Services Export Promotion Council.
Subject: Reporting of trade statistics relating to export/import of services-reg.
As of now, the data on services trade is managed by RBI; but the present reporting system is inadequate in many respects. Since there is little voluntary compliance of reporting of trade statistics relating to export/import of services, data reporting system needs a major improvement. Therefore, the Department of Commerce through DGCI&S is undertaking an exercise of collection of data/ statistics relating to import and export of services.
2. As per the Section 7 (as amended in 2010) of FTDR Act, no person can export/import merchandise without getting an Importer Exporter Code (IEC). But such a requirement is not mandatory for an exporter/importer of services under the same Section of the FTDR Act unless an exporter wants to take any benefit under FTP.
3. All data on import/export of merchandise are IEC based. Similarly, the Department of Commerce would like to capture Services trade data on the same line. In the absence of IEC for most service exporters, the services trade data as of now in not comprehensive. We must appreciate that any policy intervention by the Government of the day requires authentic data and its analysis. Accordingly, it is felt that all services exporters should have IEC at least for the purpose of comprehensive data collection.
4. In view of the above, all those exporters of services who do not possess IEC are urged to voluntarily obtain IEC from Regional Authorities of (RAs) of DGFT. All trade and industry chambers are requested to impress upon their members (exporters of services) to voluntarily obtain IEC and use it while effecting export /import of services so that trade statistics relating to export/import of services can be captured effectively.
Do you think #GST Council should provide option to Revise Form GSTR-3B?— Tax Guru (@taxguru_in) November 13, 2017
Please Comment, Like, Vote and Retweet the Poll.