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| Name | Union Budget 2021-22 | 09 Major Announcements for the Export-Import Industry |
| Video Uploader | Video From Afleo |
| Upload Date | This Video Uploaded At 16-02-2021 04:30:05 |
| Video Discription | There were 09 major announcements in the Export-Import domain, so let’s discuss them each one by one. 1. First major change was proposed in the Finance Bill 2021, where the Govt. is planning to withdraw the IGST Refund facility for exporters. Currently exporters had two options for carrying out export activities: • Export under LUT and claim refund of Input Tax credit (ITC) from the GST Department. • Export on payment of IGST from the accumulated credit and get IGST refund from Customs department. Majority of exporters were using the second option as it was comparatively easy and with less documentation. However due to increasing cases of GST fraud, the Govt. is planning to scrap the IGST refund facility and give only one refund option to exporters. So If the Finance Bill, 2021 gets passed in the Parliament, the exporter will have to compulsory export under LUT and claim refund of Input Tax credit (ITC) from the GST Department. And only specific class of exporters or goods as notified will be allowed IGST refund. 2. A sub-section is proposed to be inserted in section 113 of the Customs act, which states that export goods are liable for confiscation if a wrongful claim is filed under any of the schemes like remission or refund of any tax/duty/levy. So exporters need to be more careful about the filing of their claim and must ensure proper classification of goods. 3. The government has decided to allocate only Rs 13,390 crores towards RoDTEP scheme for the fiscal year which in the previous budget was given an allocation of 50,000 crores. This is a major blow to the exporters. 4. There was no update regarding the stuck/pending claims of both Merchandise Exports India Scheme (MEIS) and Services Exports India Scheme (SEIS) for FY 2019-20 & 20-21. 5. The government looks to spend Rs 1.97 lakh crore on various PLI (Production Linked Incentive) schemes over the next 5 years for about 13 different sectors. 6. A scheme of Mega Investments Textile Park will be launched in addition to the PLI Schemes which will create world-class infrastructure with plug and play facilities to enable global champions in exports, creates jobs etc. It is proposed to build 7 Textile parks over a period of 3 years. 7. Seven major ports to be privatised under Public-Private partnership (PPP mode). Some of these ports will include Kandla, JNPT, Chennai, Visakhapatnam, Kolkata etc. 8. The Budget reduced the Import duties on many iron & steel products, including steel scrap/ copper scrap. On the other side it increased custom duties on various Auto parts. Import duties on Gold/Silver were cut from 12.5% to 7.5%. 9. Union Finance Minister Nirmala Sitharaman announced that from 01st Oct 2021, they will put in place a revised Customs Duty structure which will be free from distortions and proposed to review more than 400 old exemptions this year. She remarked that “Our Custom Duty policy should have the twin objective of promoting domestic manufacturing and helping India get on to global value chain. The thrust now has to be on easy access to raw materials and export of value added products.” Who are we & why us? We at Afleo Consultants are India’s leading Export Import Consultants, having rich experience of 10+ Years in the domain. We specialise in all the DGFT related matters, Export promotion schemes such as RoDTEP, MEIS, SEIS, Advance License, EPCG, GST Refunds, Duty Drawback etc. Get in touch with us for any of your requirements and our team would be happy to help you. Thank You. For more information you can visit our website - https://afleo.com/ Also follow us on Social Media pages; Facebook: https://www.facebook.com/afleoindia/ Twitter: https://twitter.com/Afleoindia Linkedin: https://www.linkedin.com/company/afleo/ |
| Category | People & Blogs |
| Tags | union budget | export | import | customs | foreign trade | rodtep | meis | seis | epcg | export import | budget | finance bill | gst refund | igst refund |
