Sme CHATROOM

Section 16 of the CGST Act, 2017 allows you to take input tax credit of the input tax charged on any supply of goods or services, or both, subject to certain conditions

'As long as you expect to realise the CIF/CFR value of the goods and declare it correctly in your shipping bill/EDF, there is no violation under FEMA'

Practically, it is difficult to escape payment of customs duty and interest even when the goods are destroyed or re-exported

After initiation of CIRP, the liquidator can secure the imported goods from the Customs to be dealt with appropriately in terms of the IBC

There is a specific box in the bill of entry for Free of Charge (FOC) imports

the duty concessions are available under exemption notifications and some of them mandate the procedures prescribed under the said IGCR Rules.

Duty credit allowed under the RoDTEP scheme is subject to realisation of sale proceeds within the period allowed by the RBI

RBI rules allow AD Category-1 banks to close BoE for such import transactions where write-off is due to short shipment or destruction of goods by port/Customs/health authorities

In a freely negotiable LC, any bank can negotiate the LC compliant documents, pay the party and claim reimbursement in accordance with the instructions of the LC issuing bank.

What a firm seeking supplies from abroad on credit should do in case there is an error in the contractual documents

So, the norms approved in 2017 will be valid till 31.03.2022 and the norms approved in 2020 will be valid for three years from the date of approval

Most countries have aligned their tariffs at the six-digit level.

Here's how to claim a refund of the excess duty paid

However, it would help all persons concerned if the CBIC issues a clarification in this regard

Para 9.60 of FTP says that "third-party exports" means exports made by an exporter or manufacturer on behalf of another exporter

Notification No. 66/2017 exempts all suppliers of goods who have not opted for composition scheme, from payment of GST on advances received

The notification no.28/2021-Cus dated April 24, 2021 does not exempt IGST leviable on medical goods

Expert answers readers' SME queries related to excise, VAT and exim policy

Appendix-5C of the HBP also requires the Chartered Accountant to clearly certify that the exporter has submitted e-BRC and the same have been verified

Weekly advice on managing small businesses. This time SME chatroom talks about a RBI directive on import of goods and services.