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Important Changes Impacting Exports & Imports to/from India

Important Changes Impacting Exports & Imports to/from India

Posted in CBEC Central Excise, DGFT, E-Services, LMPC, Publication, Trade Agreements

BORN IN INDIA I SERVED FROM INDIA I TO THE GLOBE

Dated: 03.04.2021

Important Regulatory Changes that will affect Import/Export to/from India

The Government of India has brought in major changes in the EXIM business regulatory landscape that has a direct impact on your Export Import operations. Let’s see some of those important changes that has come in effect through different announcements done in recent past-

Important Changes notified by Customs Authority-

Govt of India, Min of Finance Body

Notification No 25/2021 dtd 31.03.2021– Seeks to notify implementation of India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA), which will have a direct bearing on the Indian entities who are importing from Mauritius. The applicable tariffs can be availed only if compliance to the CAROTAR Rules 2020 is adhered to by the Indian Importers.

Notification No 23/2021 dtd 31.03.2021– Seeks to extend the exemption from Integrated Tax and Compensation Cess upto 31.03.2022 on goods imported against AA/EPCG authorizations, which means there shall be NO IGST or Cess applicable on imports against Advance Authorization/EPCG License holders against respective authorizations

Notification No 20/2021 dtd 30.03.2021Amend notification No. 69/2011-Customs dated 29.07.2011 to extend deeper tariff concessions to imports of specified goods from Japan under India-Japan CEPA (IJCEPA) with effect from 1st April 2021, which means Indian entities importing from Japan can avail far reduced import tariff benefits on notified goods. The applicable tariffs can be availed only if compliance to the CAROTAR Rules 2020 is adhered to by the Indian Importers.

Notification No 19/2021 dtd 30.03.2021Amendment to Notification No.52/2003-Customs dated 31.03.2003 for extending exemption from IGST and compensation cess to EOUs on imports till 31.03.2022, which means even EOUs don’t have to pay IGST or compensation cess while importing till 31.03.2022

Important Changes notified by DGFT Authority-

Govt of India Body under Min of Commerce

DGFT Notification No 61/2015-20 dtd 31.03.2021Amendment in Import Policy of Copper and Aluminium under Chapter – 74 and Chapter – 76 of ITC (HS), 2017, Schedule-I (Import Policy) – reg., which enshrines the new policy is ‘Free’ subject to compulsory registration under Non-Ferrous Metal Import Monitoring system. KEY HIGHLIGHTS OF THIS NOTIFICATION ARE AS FOLLOWS-

  1. Advance import information to be given by the importer for Copper (in Annexure-I) & Aluminium (in Annexure-II)
  2. Regn Fee is INR 500 per application
  3. Apply between 60-55 days in advance from the date of tentative arrival of the goods at Indian port
  4. Implementation to happen for Bill of Entries filed from 12.04.2021
  5. Online filing to start from 05.04.2021 at http://imports.gov.in
  6. HS codes to be covered under this system as per the attached Notification at the end of this publication
  7. We are here to support you in obtaining the subject approval on priority. We also facilitate importers in obtaining the NOC for Steel exempted from the Steel Quality Control Order (SQC) for PAN India locations
Import Monitoring System-Govt of India

DGFT Notification No 61/2015-20 dtd 31.03.2021– Extension of FTP 2015-20 till 30/09/2021

Contact us for anything related to-

  1. Steel Import NOC
  2. Non-Ferrous Metals (Copper/Aluminium) Import NOC
  3. Medical Device & Cosmetics Import Registration
  4. Legal Metrology & Packaged Commodity (LMPC) Import registration
  5. Bureau of Indian Standards (BIS) Import registration
  6. DGFT committee cases
  7. Customs matter- AEO approval, Bonded warehouse permits, SVB evaluation
  8. Implementing the Process Management for documentation to comply with the CAROTAR Rules 2020
CAROTAR RULES 2020

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