EXIM

Besides, since importers are not able to clear their goods at the ports, the CBIC has urged shipping lines to waive detention and demurrage charges till April 10

Amid system glitches faced by EXIM traders, the CBIC on Thursday waived interest on Customs duty payable through the Electronic Cash Ledger (ECL) between April 1-10. An upgraded Customs duty payments system was launched by the Central Board of Indirect Taxes and Customs (CBIC) on April 1. However, members of trade complained of difficulties in making duty payments over the customs automated system. "In order to alleviate burden of EXIM Trade, owing to pending resolution of duty payment issues on customs portal, CBIC has waived interest on duty payable in respect of goods where payment is to be made from ECL from April 1 to April 10," CBIC said. Through the Customs (Waiver of Interest) Order, 2023, the CBIC said in respect of the Bills of Entry for which import duty payment has already occurred and integrated in ICES during the said period, traders can claim refund of interest. KPMG Tax Partner Abhishek Jain said importers have been facing challenges for the last couple of days owin

AfCFTA brings together the 55 countries of the African Union and eight regional economic communities to create a single market for the continent

The trade between India and African countries has been balanced with exports of trade and services of about $40 billion and imports of $49 billion, Goyal said

The most notable was to charge interest for delay in payment of GST on net cash tax liability, with effect from July 1, 2017

EXIM Bank confirmed that it is in the market but did not divulge specific details about the issues

The outlook was revised down for EXIM India, HDFC Bank, Hero FinCorp, HUDCO, IRFC, and SBI

According to the Exim policy existing at the relevant time, exporters were entitled to a 20 per cent premium on the exports

Proposed amendments in Section 104 of the said Act would allow arrest of any person fraudulently obtaining duty credit scrips for more than Rs 5 million

The bank has received about Rs 500 cr as equity from govt so far