Just a moment...

⚠✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
>
Keyword Search :
AI Tools : New
Ask tax questions in natural language. Powered by AI trained on the TaxTMI legal database. Use AI Tools ➞
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search ❯
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ---- ❯
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----❯
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----❯
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
RelevanceDefaultDate
❮
❯
❯❯
MaximizeMaximizeMaximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

    +

    Are you sure you want to delete "My most important" ?

    NOTE:

    Open Link
    News
    All› Customs, DGFT & SEZ › Customs, DGFT & SEZ - 2017
    Showing Results for :
    Reset Filters
    Results Found:
    Show All SummariesHide All Summaries
    December 29, 2017
    EEPC India’s e-catalogue launched by Secretary Department of Commerce
    Show AI Summary
    Digital export promotion: an e-catalogue aggregates engineering suppliers and enables searchable, downloadable company profiles for global buyers.
    The Department of Commerce-backed e-catalogue promotes Indian engineering exports under the Brand India digital drive by aggregating supplier information across four sectors and offering device compatibility, advanced search by city/end-use/certificates/product category, downloadable company profiles, dedicated kiosks at international exhibitions, back-end support for sourcing queries, and media and digital promotion to broaden market reach.
    December 27, 2017
    Stimulus to boost growth
    Show AI Summary
    Trade policy stimulus boosts export incentives, prioritising labour intensive manufacturing and value added services under FTP mid term review
    Mid term revisions to the Foreign Trade Policy raise incentives under the MEIS for labour intensive MSME sectors and priority textile, garment, leather and footwear segments, and increase support for value added goods such as telecom and electronics components and medical equipment. Enhanced rates under the SEIS apply to major service categories, while complementary measures focus on market diversification, sectoral branding and export quality to improve access to target markets.
    December 27, 2017
    Steps to overcome trade deficit
    Show AI Summary
    Export incentives expanded: duty exemptions, deemed exports status and increased MEIS/SEIS rates to support exporters.
    To support exporters and address the trade deficit, the Government extended Advance Authorization, EPCG and 100% EOU schemes to allow sourcing from abroad and domestic suppliers, waived Integrated Goods and Services Tax and cess on imports for holders, and treated domestic supplies to them as deemed exports; additionally, MEIS and SEIS incentive rates were increased by two percentage points for specified sectors to enhance exporter competitiveness.
    December 27, 2017
    Promotion of exports by MSMEs
    Show AI Summary
    Export incentive schemes for MSMEs expanded, boosting MEIS and SEIS rates and introducing duty-free input procurement.
    The Foreign Trade Policy provides targeted support to MSME exporters through a 3% Interest Equalization subvention on Rupee export credit, duty credit scrips under the Merchandise Exports from India scheme for India-manufactured goods (including MSME output), Status Recognition with double weightage for MSME export performance, and cluster training under the Niryat Bandhu Scheme. The mid-term FTP review increased MEIS and SEIS incentives for labour-intensive sectors, introduced self-assessment duty-free input procurement for exports, and created a Logistics Division to coordinate logistics reforms.
    December 25, 2017
    Economic growth may touch 7 pc in 2018: Report
    Show AI Summary
    Economic growth projection prompting policy tilt toward rural support and employment-focused measures ahead.
    Government policy is expected to prioritise the rural and agricultural sectors with a budget tilt to farmers and job-creating industrial measures; growth recovery is projected on assumptions of policy stability, good monsoon, industrial and credit pick-up, and stable foreign exchange. The note identifies regulatory constraints-lack of APMC reforms and restrictive agricultural marketing rules-and calls for revisiting import-export policy to improve farm incomes. Investment revival is likely delayed until later quarters after capacity absorption and debt reduction, while external accounts should remain manageable.
    December 22, 2017
    Combined Methanol Task Force Meeting takes stock of efforts to explore and give a push to Methanol economy
    Show AI Summary
    Methanol economy expansion could diversify energy supply and reduce dependence on crude oil imports through domestic feedstocks.
    The coordinated initiative recommends producing methanol from high-ash coal, stranded gas, biomass and solid waste by upscaling and retrofitting existing facilities using indigenous technology and industry participation, positioning methanol as a cleaner fuel for transportation and cooking that can supplement energy solutions and help reduce crude oil import dependence through interagency, academic and industry collaboration.
    December 21, 2017
    Increase in import duty on Chana (Chickpeas) and Masoor (Lentils)
    Show AI Summary
    Import duty increase on chickpeas and lentils to protect farmers by restricting cheap imports and supporting domestic prices.
    Imposition of a 30% import duty on Chana (chickpeas) and Masoor (lentils) has been announced with immediate effect to protect domestic producers from cheap international imports that could suppress domestic prices and harm farmers' interests; the measure is implemented by a Customs notification and reflects a policy decision to use tariffs as a market intervention supporting agricultural incomes.
    December 21, 2017
    Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
    Show AI Summary
    Exchange rate determination for import and export goods set by customs notification, superseding the prior exchange-rate notice.
    The Central Board of Excise and Customs prescribes official rupee-equivalent exchange rates for specified foreign currencies, with distinct rates for imported goods and for export goods, effective from 22nd December, 2017, and superseding the immediately prior customs exchange-rate notification; rates are set out in two annexed schedules for use in customs valuation and related statutory compliance.
    December 21, 2017
    Minutes of the Monetary Policy Committee Meeting December 5-6, 2017 [Under Section 45ZL of the Reserve Bank of India Act, 1934]
    Show AI Summary
    Monetary Policy Committee keeps repo rate at 6.0% and maintains neutral stance amid rising oil and input cost risks.
    Under Section 45ZL of the Reserve Bank of India Act, 1934, the MPC published minutes of its December 5-6, 2017 meeting recording that it kept the policy repo rate unchanged at 6.0% and maintained a neutral stance. The decision was based on an assessment of global and domestic developments-rising crude and commodity prices, mixed domestic growth signals with an industrial pickup, volatile food and housing inflation, firming inflation expectations, and declining surplus liquidity managed through market operations. The MPC retained the 2017-18 GVA projection at 6.7% with risks evenly balanced.
    December 21, 2017
    Flagging off of First Trial Shipment of Green Chillies by Air from Varanasi
    Show AI Summary
    Export facilitation enabling trial air shipment from Varanasi to Dubai with customs and phytosanitary support for fresh produce.
    APEDA facilitated a trial air export of green chillies and green peas from Varanasi to Dubai by arranging an exporter, importer tie-ups, airline logistics via Delhi, and initiating establishment of on-site customs clearance and phytosanitary certificate issuance at Lal Bahadur Shastri International Airport to streamline exports from eastern Uttar Pradesh.
    December 21, 2017
    India Shining: Chair for Ad-hoc Committee on Review & Reforms for Kimberly Process Certification Scheme Gearing up to take responsibilities as KP Chair in 2019
    Show AI Summary
    Kimberley Process reform: India to chair ad hoc committee to revise certification, expand scope and strengthen controls.
    India will chair an Ad Hoc Committee on Review & Reforms of the Kimberley Process Certification Scheme to propose revisions to the core document, consider scope expansion, evaluate a permanent secretariat and multi donor funding, and strengthen operational safeguards against forged certificates through statistical reconciliation, information sharing frameworks, professional peer reviews, financial transparency measures and accessible detection technology for differentiating natural and lab grown diamonds.
    December 21, 2017
    Shift in Manufacturing and Export Strategy
    Show AI Summary
    Trade policy reform focusing on export expansion and manufacturing competitiveness to boost employment and MSME participation.
    The revised Foreign Trade Policy and Make in India initiative refocus government measures on expanding manufacturing and exports through policy incentives, infrastructure development, ease of doing business reforms, data driven export monitoring, and targeted promotion of MSMEs and labour intensive sectors to increase employment, value addition, and agricultural export realisations.
    December 20, 2017
    Decline in Trade
    Show AI Summary
    Decline in trade: select export and import sectors show contraction driven by market, currency, and cost factors.
    Comparative merchandise export and import statistics show that only three of the major twenty sectors have declining exports and three have declining imports in the current year compared with the corresponding prior-year period. Export declines are recorded in Project Goods, Office Equipments, and Gems & Jewellery; import declines are recorded in Office Equipments, Transport Equipments, and Marine Products. The report attributes these sectoral contractions to demand and supply shifts in domestic and international markets, currency fluctuations, cost of credit, and logistics costs, citing DGCI&S, Kolkata (provisional) as the source.
    December 18, 2017
    iPhone prices rise by up to 4.3% after Customs duty hike
    Show AI Summary
    Customs duty increase raises smartphone retail prices, leading manufacturers to adjust MRPs for imported models while excluding locally assembled units.
    The government's increase in import duties on smartphones caused a major manufacturer to raise MRPs for its imported models, passing higher import taxation to consumers, while leaving prices unchanged for a domestically assembled model, underscoring the pricing impact of policies promoting local manufacturing.
    December 15, 2017
    India’s Foreign Trade: November 2017
    Show AI Summary
    Trade Balance shows widening overall deficit as exports and imports rise, driven by oil and core commodities.
    Merchandise exports rose strongly in November 2017 with major gains in engineering goods, petroleum products, gems & jewellery, chemicals and pharmaceuticals; imports increased markedly, led by petroleum, electronics, precious stones, machinery and coal, with oil imports influenced by higher Brent prices. Services recorded a surplus in October 2017. Combined merchandise and services trade produced a substantially wider overall deficit for April-November 2017-18 compared to the prior year.
    December 12, 2017
    Apprehensions about the negative effects of certain tax demands on the Software Industry are without basis
    Show AI Summary
    Place of supply rules: tax demands on exported IT services addressed, appellate review set aside disallowances and sustained refunds.
    Place of supply rules were applied to IT/IT enabled services to treat exports as supplied in India and taxed, but appellate review set aside orders disallowing refunds and sustained orders granting refunds, removing the basis for reported apprehensions.
    December 8, 2017
    Recommendations of the Advisory Group of the Law Review Committee referred to the Law Review Committee which, in turn, will examine these recommendations and take a final view
    Show AI Summary
    Law Review Committee recommendations referred for final examination and decision by senior government officers after advisory group submission
    The Advisory Group submitted recommendations on 5th December 2017 which have been referred to the Law Review Committee-composed of senior Central and State Government officers-for examination and final decision; the Advisory Group is chaired by a retired government officer and includes representatives of Laghu Udyog Bharti, FIEO, CAIT and private law and tax practitioners, and the Law Review Committee will meet to consider these recommendations on 13th and 14th December 2017.
    December 6, 2017
    Fifth Bi-monthly Monetary Policy Statement for 2017-18
    Show AI Summary
    Monetary policy: repo rate held at 6.0%, neutral stance to target 4% CPI while supporting growth.
    The MPC maintained the policy repo rate at 6.0 per cent and a neutral stance to achieve the medium term CPI inflation target of 4 per cent ( 2%) while supporting growth; it highlighted upside inflation risks from food, fuel, input cost pass through and fiscal pressures, noted declining surplus liquidity and recent durable liquidity absorption, and retained projections for near term CPI inflation and real GVA growth with risks evenly balanced.
    December 6, 2017
    Commerce Ministry imposes Minimum Import Price on pepper
    Show AI Summary
    Minimum import price for pepper announced to curb cheap imports and protect domestic growers' prices.
    Minimum Import Price set for pepper by fixing a CIF-based floor on imports to protect domestic growers from cheaper imports, address a significant domestic price decline, and prevent trade diversion that exploits preferential duty arrangements; the measure aims to stabilise farm incomes and improve domestic prices as the harvest season approaches.
    November 25, 2017
    Enhancement of Merchandise Exports from India Scheme (MEIS) for two subsectors of Textiles Industry
    Show AI Summary
    MEIS rate enhancement doubles export incentives for readymade garments and made ups, incentivising textile exports and employment.
    Enhancement of export incentives under the Merchandise Exports from India Scheme (MEIS) raises the incentive rate for two labour intensive textile subsectors - readymade garments and made ups - from two percent to four percent of export value, effective from 1 November 2017 through 30 June 2018, as a targeted, time limited export promotion measure to incentivise shipments and support employment, with estimated budgetary allocations for the stated years.

    News

    All› Customs, DGFT & SEZ › Customs, DGFT & SEZ - 2017
    Back

    All News

    Showing Results for :
    Reset Filters
      No Records Found

      News

      Home› news › Customs, DGFT & SEZ › 2017 › December, 2017 › This
      Back

      All News

      whatsappJoin Channel
      Showing Results for : Reset Filters
      Customs, DGFT & SEZ

      Steps to overcome trade deficit

      December 27, 2017

      Contents
      Summary
      Note

      Note

      -

      Bookmark

      Print

      Print

      Print Options

      India’s merchandise export registered a positive growth of 11.27% during the last six months in 2017-18 (June-Nov) as compared to the corresponding period of the previous year. The trade deficit has increased from 57.18 US$ billions in 2016-17 (June-Nov) to 74.27 US$ billions in 2017-18 (June-Nov). Trade deficit depends upon relative fluctuations in the import and export of different commodities due to the global and domestic factors such as demand and supply in domestic and international markets, currency fluctuations, cost of credit, logistics costs, etc.

      The names of the top 25 countries/SAR with which India has registered favourable merchandise trade balance during the last three years and the current year are as follows:

      S. No.

      2014-15

      2015-16

      2016-17

      2017-18 (Apr-Oct)*

      1

      U S A

      U S A

      U S A

      U S A

      2

      Hong Kong

      U Arab Emts

      U Arab Emts

      U Arab Emts

      3

      U Arab Emts

      Hong Kong

      Bangladesh PR

      Bangladesh PR

      4

      Sri Lanka DSR

      Bangladesh PR

      Hong Kong

      Nepal

      5

      Bangladesh PR

      Sri Lanka DSR

      Nepal

      U K

      6

      U K

      U K

      U K

      Hong Kong

      7

      Kenya

      Nepal

      Vietnam Soc Rep

      Turkey

      8

      Nepal

      Turkey

      Turkey

      Singapore

      9

      Turkey

      Kenya

      Sri Lanka DSR

      Sri Lanka DSR

      10

      Netherland

      Netherland

      Netherland

      Netherland

      11

      Vietnam Soc Rep

      Vietnam Soc Rep

      Singapore

      Vietnam Soc Rep

      12

      Singapore

      Pakistan IR

      Kenya

      Spain

      13

      Mauritius

      Spain

      Spain

      Kenya

      14

      Mozambique

      Gibraltar

      Oman

      Egypt A RP

      15

      Tanzania Rep

      Egypt A RP

      Pakistan IR

      Mexico

      16

      Pakistan IR

      France

      Gibraltar

      Italy

      17

      Egypt A RP

      Mozambique

      Israel

      Pakistan IR

      18

      Spain

      Mauritius

      Italy

      Israel

      19

      Philippines

      Philippines

      Philippines

      Mauritius

      20

      Israel

      Ethiopia

      Egypt A RP

      Poland

      21

      Italy

      Tanzania Rep

      Mauritius

      Ethiopia

      22

      Ethiopia

      Israel

      Tanzania Rep

      Philippines

      23

      Gibraltar

      Sudan

      Ethiopia

      Tanzania Rep

      24

      Oman

      Mexico

      Portugal

      Somalia

      25

      Jordan

      Uganda

      Mexico

      Portugal

        Source: DGCI&S, Kolkata (*Provisional)

                  The names of the sectors in which India has favourable merchandise trade balance during the last three years and the current year are as follows:

      S. No.

      2014-15

      2015-16

      2016-17

      2017-18 (Apr-Oct)*

      1.

      Textile & Allied Products

      Textile & Allied Products

      Textile & Allied Products

      Textile & Allied Products

      2.

      Transport Equipments

      Transport Equipments

      Marine Products

      Transport Equipments

      3.

      Agricultural & Allied Products

      Marine Products

      Leather & Leather Manufactures

      Marine Products

      4.

      Marine Products

      Leather & Leather Manufactures

      Transport Equipments

      Leather & Leather Manufactures

      5.

      Leather & Leather Manufactures

      Agricultural & Allied Products

      Articles of stone, plaster, cement, asbestos, mica or similar materials; ceramic products; glass and glassware

      Agricultural & Allied Products

      6.

      Articles of stone, plaster, cement, asbestos, mica or similar materials; ceramic products; glass and glassware

      Articles of stone, plaster, cement, asbestos, mica or similar materials; ceramic products; glass and glassware

      Agricultural & Allied Products

      Articles of stone, plaster, cement, asbestos, mica or similar materials; ceramic products; glass and glassware

      7.

      Plantation

      Plantation

      Plantation

      Plantation

      8.

      Sports Goods

      Sports Goods

      Base Metals

      Office Equipments

      9.

      --

      --

      Office Equipments

      --

      10.

      --

      --

      Sports Goods

      --

      Source: DGCI&S, Kolkata (*Provisional)

                  The names of the top 25 countries/SAR with which India has registered merchandise trade deficit during the last three years and the current year are as follows:

      S.No.

      2014-15

      2015-16

      2016-17

      2017-18 (Apr-Oct)*

      1

      China P RP

      China P RP

      China P RP

      China P RP

      2

      Switzerland

      Switzerland

      Switzerland

      Switzerland

      3

      Saudi Arab

      Saudi Arab

      Saudi Arab

      Saudi Arab

      4

      Qatar

      Indonesia

      Iraq

      Korea RP

      5

      Iraq

      Iraq

      Indonesia

      Iraq

      6

      Kuwait

      Korea RP

      Korea RP

      Indonesia

      7

      Venezuela

      Qatar

      Australia

      Australia

      8

      Nigeria

      Nigeria

      Iran

      Unspecified

      9

      Indonesia

      Unspecified

      Qatar

      Iran

      10

      Korea RP

      Australia

      Japan

      Qatar

      S.No.

      2014-15

      2015-16

      2016-17

      2017-18 (Apr-Oct)*

      11

      Australia

      Venezuela

      Nigeria

      Russia

      12

      Malaysia

      Malaysia

      Venezuela

      Nigeria

      13

      Belgium

      Japan

      Unspecified

      Venezuela

      14

      Germany

      Germany

      Germany

      Japan

      15

      Iran

      Kuwait

      Malaysia

      Germany

      16

      Japan

      Iran

      Russia

      Malaysia

      17

      Angola

      Belgium

      Kuwait

      Kuwait

      18

      Unspecified

      Russia

      Angola

      Thailand

      19

      Chile

      Angola

      South Africa

      Angola

      20

      Thailand

      Thailand

      Thailand

      Canada

      21

      Russia

      South Africa

      Ukraine

      South Africa

      22

      Ukraine

      Ghana

      Canada

      Argentina

      23

      Taiwan

      Canada

      Argentina

      Brazil

      24

      Canada

      Argentina

      Brazil

      Taiwan

      25

      Argentina

      Taiwan

      Ghana

      Ukraine

      Source: DGCI&S, Kolkata (*Provisional)

                  The names of the sectors in which India has merchandise trade deficit during the last three years and the current year are as follows:

      S. No.

      2014-15

      2015-16

      2016-17

      2017-18 (Apr-Oct)*

      1.

      Petroleum Crude and Products

      Petroleum Crude and Products

      Petroleum Crude and Products

      Petroleum Crude and Products

      2.

      Electronics Items

      Electronics Items

      Electronics Items

      Electronics Items

      3.

      Ores & Minerals

      Ores & Minerals

      Ores & Minerals

      Gems & Jewellery

      4.

      Gems & Jewellery

      Gems & Jewellery

      Machinery

      Ores & Minerals

      5.

      Machinery

      Machinery

      Gems & Jewellery

      Machinery

      6.

      Plastic and Rubber Articles

      Plastic and Rubber Articles

      Plastic and Rubber Articles

      Plastic and Rubber Articles

      7.

      Chemicals & Related Products

      Base Metals

      Paper & related Products

      Paper & related Products

      8.

      Paper & related Products

      Paper & related Products

      Optical, Medical & Surgical instruments

      Chemicals & Related Products

      9.

      Project Goods

      Chemicals & Related Products

      Project Goods

      Optical, Medical & Surgical instruments

      10.

      Optical, Medical & Surgical instrument

      Project Goods

      Chemicals & Related Products

      Project Goods

      11.

      Base Metals

      Optical, Medical & Surgical instrument

      --

      Base Metals

      12.

      Office Equipments

      Office Equipments

      --

      Sports Goods

      Source: DGCI&S, Kolkata (*Provisional)

                  The Government announced a major relief package for exporters in October 2017 by extending the Advance Authorization (AA) / Export Promotion Capital Goods (EPCG) / 100% EOU schemes to sourcing inputs etc. from abroad as well as domestic suppliers. Holders of AA / EPCG and EOUs would not have to pay Integrated Goods and Services Tax (IGST), Cess etc. on imports. Also, domestic supplies to holders of AA / EPCG and EOUs would be treated as deemed exports. During the mid-term review of Foreign Trade Policy, export incentives under Merchandise Exports from India (MEIS) have been increased by 2% across the board for labour intensive MSME sectors leading to additional annual incentive of ₹ 4,567 cr. This was in addition to already announced  increase in MEIS incentives from 2% to 4% for Ready-made Garments and Made Ups in the labour intensive Textiles Sector with an additional annual incentive of ₹ 2,743 cr. Further, incentives under Services Exports from India Scheme (SEIS) have also been increased by 2% leading to additional annual incentive of ₹ 1,140 cr.

      The Minister of State for Commerce and Industry Shri C.R.Chaudhary gave this information in a written reply to a question in Rajya Sabha today.

      Topics

      ActsIncome Tax
      Next ➔