Import Export

Extension of wheat export ban continues

Extension of wheat export ban continues

The ban on exporting wheat and wheat products will continue this year. It was put in place last May because there was less wheat grown. Let’s understand this latest update from the government’s side. India to Continue Wheat Export Ban Subodh K Singh, an Additional Secretary in the Department of Food, stated that the export … Read more

Govt detected Importers evading GST of ₹11,000 Crores

Govt detected Importers evading GST of ₹11,000 Crores

Advanced Analytics in Indirect Taxation (ADVAIT) data has revealed that 24 large importers have evaded ₹11,000 crore in Integrated Goods and Services Tax (IGST). ADVAIT is a data analytics tool that is used by the Indian government to track and monitor indirect taxes. The tool uses artificial intelligence and machine learning to identify patterns and … Read more

India’s service exports rise record 27% in FY23

India's service exports rise record 27% in FY23

India’s Reserve Bank (RBI) has reported that the country’s service exports have experienced an unprecedented surge of 26.6% in 2022-23, reaching US$ 322 billion. This has brought India’s services exports almost on par with merchandise exports. Let’s read this interesting milestone achieved by businesses in India.. India’s Diverse Services Exports Experience Strong Growth India’s services … Read more

Export duty refund scheme further extended

Export duty refund scheme further extended

Indian officials have announced that the government will extend the expanded duty remission scheme for exporters beyond the September deadline. This move will provide relief to the pharmaceuticals, steel, and chemicals sectors, which have been facing various challenges recently. Let’s know about the latest updates on the export duty refund scheme further extended. Government Extends … Read more

How to Renew an IEC Certificate Online?

How to Renew an IEC Certificate Online

Beginning with a brief explanation of what IEC is and who is required to register under it, we will discuss why it is essential that you renew your registration. Understand the complete process and essential details to renew your IEC Certificate through this article. What exactly is IEC? Any business person or trader who plans … Read more

Sugar Exports banned for one more year

Sugar Exports banned for one more year

According to a notification sent by the Indian government late on Friday, the export restrictions for sugar have been extended by one year, until October 2023. Due to a spike in local prices caused by record exports, the world’s largest sugar producer, India, imposed export restrictions in May that lasted until October 22, 2022. This … Read more

Scomet list related to the export of services

Scomet list related to the export of services

Special Chemicals, Organisms, Materials, Equipment, and Technologies, or SCOMET goods, are dual-use items that have both defense and commercial usage. Exports of commodities on the SCOMET list are subject to India’s Foreign Trade Policy. To export SCOMET, the exporter must first get an IEC Code and license from the Ministry of Commerce’s Directorate General of … Read more

MEIS applications for export of services under GST

MEIS applications for export of services under GST

Foreign Trade Policy (FTP) for 2015–2020 comprises the Merchandise Export from India Scheme (MEIS). To encourage more exports, the MEIS was established. Foreign merchants are compensated with duty credit scrips. The DGFT (Directorate General of Foreign Trade) notifies, and the Ministry of Commerce and Industry implements, the MEIS. What is MEIS? The government provides support … Read more

Steps taken for increasing exports through e-Commerce

Steps taken for increasing exports through e-Commerce

The act of purchasing and selling through the Internet is referred to as e-commerce (also known as digital commerce). This concept covers transactions where online activity is not the only component. A website may be useful in educating a customer about a good or deal that they may purchase offline. There is no disputing the … Read more