Import/Export Industry Notifications

In exercise of the powers conferred by section 92 of the said Act, the Food Safety and Standards Authority of India makes the following regulations further to amend the Food Safety and Standards. These regulations may be called the Food Safety and Standards (Prohibition and Restrictions on Sales) Third Amendment Regulations, 2021. They shall come into force on 8th June 2021.

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China expressed 'deep concern' over the restrictions on an opportunistic takeover of Indian companies after the covid pandemic outbreak, terming them to be inconsistent with multilateral trade rules and cautioning that they may affect business interests on both sides.

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On Monday, the Finance Ministry further decreased the threshold for mandatory e-invoicing to ₹50 crores, from ₹100 crores. The new rule will come into effect from April 1, according to a Central Board of Indirect Taxes and Customs (CBIC) notification.

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Requirement of HSN Code for Goods and Services Tax is mandatory w.e.f April 01, 2021.

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Seamless transport connectivity between India and Bangladesh has the potential to increase national income by as much as 17 percent in Bangladesh and 8 percent in India, according to a new World Bank report.

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India in April 2017 imposed the anti-dumping duty ranging from $19 to $351.72 a tonne on the import of jute products, including jute yarn, twine, hessian fabric, and jute sacking bags from Bangladesh for five years. India has assured Bangladesh that it would review the imposition of anti-dumping duty on Bangladesh jute goods.

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The Budget sprang a surprise by imposing on imported cotton a five per cent basic customs duty plus a five per cent Agriculture Infrastructure Development Cess. Social Welfare Cess's pre-existing 10 percentage point continues, taking the aggregate duty burden to 11% ad valorem on cotton. The sudden impost of customs duty on imported cotton has left the stakeholders in the cotton industry shocked.

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In October of 2020, the Directorate General of Foreign Trade (DGFT) issued a notification under which import of Air conditioners with refrigerants was prohibited. In a development that bore wells for the Indian government's Atmanirbhar Bharat policy that aims at self-sufficiency, the country has seen a reduction of 65% split AC or air conditioners being imported. The policy that has been put in place calls for ACs that use local refrigerants.

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India will impose a customs duty of 40% on solar modules and 25% on solar cells from April 2022, as per a government document and two industry sources familiar with it. It looks to cut imports and boost local manufacturing. India wants to ramp up its renewable capacity to 175 gigawatts by 2022 and 450 GW by 2030, from about 93 GW currently, as part of its commitment under the Paris climate accords.

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