Import/Export Industry Notifications

Given that 22 firms, both Indian and local, have applied to produce under its production-linked-incentive (PLI) scheme. They will produce goods worth Rs 11.5 lakh crore over five years, of which Rs. 7 lakh crore will be exported. It is not surprising the government is looking to see if this can be replicated across sectors. Indeed, one such scheme has already been notified to boost domestic production of Active Pharmaceutical Ingredients (API)

Click Here To See The Official Notification

The Directorate of Cashew Research (DCR) at Puttur in Dakshina Kannada district of Karnataka has developed the ‘Cashew India’ app for farmers and other stakeholders of cashew in India. Available in 11 languages, the app can be downloaded from Google Play Store.

Click Here To See The Official Notification

The export of indigenously manufactured ventilators was approved by a group of ministers (GoM) on the coronavirus disease (Covid-19) at their 19th meeting. The Union health ministry made a statement. This decision has been communicated to the Director-General of Foreign Trade (DGFT) for further needed action to facilitate the export of indigenously manufactured ventilators. India now has the capacity to manufacture ventilators indigenously, allowing it to export the machines.

Click Here To See The Official Notification

Workers at the strategic Colombo Port have stopped work in protest against the privatisation of its Eastern Container Terminal, demanding a written pledge from Sri Lankan President Gotabaya Rajapaksa that it would not be privatised by giving it to India. The move comes after the workers last month threatened to go on an indefinite strike to protest against what they called "Indian pressure" to prevent Sri Lanka from developing a deep-sea container terminal of the country's largest and busiest port.

Click Here To See The Official Notification

The Central Board of Indirect Taxes and Customs (CBIC) notified the e-invoicing system for businesses with turnover above Rs 500 crore. This will come as a relief to small businesses as earlier the turnover threshold for mandatory issuing of electronic was Rs 100 crore. In its notification, the indirect tax department said that units in Special Economic Zones (SEZs) are not required to follow e-invoicing rules.

Click Here To See The Official Notification

It has been over three years since the introduction of GST, and it’s been a roller coaster ride for all the stakeholders. There continue to be several areas of inconsistency between the GST law and the GST portal. To name a few, GSTN portal does not have a functionality to link multiple invoices with a single credit note, non-availability of date of filing of the GST returns by the vendor and more. However, GST policymakers have been very proactive in taking cognizance of the hardships faced by the industry and are committed to bringing about requisite amendments from time to time.

Click Here To See The Official Notification

Post-COVID, a sharp drop in imports resulted in less number of vessels which in turn offered reduced space for the exporters who were finding situation challenging to meet up with export orders. HICT under Haldia Dock Complex (SMTP) proved to be a natural choice for Durgapur exporters who were looking for enhanced space available from bigger size feeder vessels as well as new service linkages even post COVID. Allied ICD, Durgapur, Concor, Shipping lines (MSC & Goodrich) & Freight forwarder (Vivek Freight & Logistics) came forward to commence first export containerized rail shipment movements connecting with Haldia Dock.

Click Here To See The Official Notification

Given the economic distress caused by the COVID-19 pandemic, the Finance Ministry unveiled an Rs. 20 Lakh Crore comprehensive package, known as the Emergency Credit Line Guarantee Scheme (ECLGS). This package is in aid of Micro, Small and Medium Enterprises (MSMEs) sector, addressing working capital needs, operational liabilities and restart business impacted due to the COVID-19 crisis. This scheme is available up to October 31st, 2020, or on reaching the threshold stipulated by the Government of India under the Emergency Credit Line Guarantee Scheme (ECLGS).

Click Here To See The Official Notification

Uncertainty looms over the export of basmati rice and tea to Iran as the Central Bank of Iran has slowed down the allocation of a currency against which Iranian traders were buying these commodities from India. Indian basmati rice exporters said they are not entering into a new contract with Iranian importers to avoid any payment-related problems.

Click Here To See The Official Notification