High demand from developed nations benefits engineering exports

Source: The Economic Times, Nov 06, 2017

India’s engineering exports to its top 25 destinations registered a rise of 53.3% in September 2017 and 25.6% during April- September 2017.

Indian engineering exports are benefiting from an impressive turnaround in the demand in most of the developed economies, including the US which accounted for an annual growth of 91% in shipments in September this fiscal, along with several other key markets of the Europe, UAE and China, an EEPC India analysis has shown.

The US continued to be the top most exporting destination for India’s engineering products in September 2017, registering a huge expansion both on monthly as well as in cumulative basis during Apr-September 2017-18 over the same period last fiscal.

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With Iran’s Chabahar port, India opens a diplomatic shortcut to Afghanistan

Source: Business Standard, Nov 07, 2017

India is in talks with Iran to begin interim operations at a port in southeast Iran, officials say, proceeding cautiously on developing the facility at a time when the Trump administration has laid an aggressive new approach toward Tehran.

India has committed $500 million to the Chabahar port that it is building as a way to bypass rival Pakistan and crack open a trade and transport route to landlocked Afghanistan, as well as the resource-rich countries of central Asia.New Delhi plans to send seven shipments of wheat to Afghanistan through Chabahar by the end of January. A first shipment arrived last week from India’s western Kandla port, after years of political wrangling with Pakistan, government officials in New Delhi and Kabul said. The wheat will be trucked from Chabahar to western Afghanistan.

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GSTN eases process for exporters to claim refunds under Form GSTR1

index.jpgSource: Business Standard, Nov 06, 2017

New Delhi: GST Network on Sunday said it has introduced a utility Table 6A in Form GSTR1 for exporters to claim refunds.

An exporter can claim refund of Integrated GST tax paid at the time of export by filling the details of shipping bill and tax paid GST invoice in his Form GSTR1 in the relevant month.”Table 6A of Form GSTR1 has been introduced on the GST portal,” GSTN said in a statement.

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Customs duty on polyester fabric raised to 20%

Source: Business Standard, Oct 31, 2017

Chennai: The central government has decided to increase the basic customs duty on polyester fabric to 20 per cent, from 10 per cent, with effect from last Friday.

In the Goods and Services Tax regime, countervailing duty has been replaced with Integrated GST and Special Additional Duty (SAD) has been scrapped. Polyester fabric attracted 10 per cent basic customs duty, 12.5 per cent countervailing duty and four per cent SAD in the pre-GST regime.

After scrapping of the SAD and levy of five per cent GST on the fabric, the imported variety attracted 10 per cent basic customs duty and five per cent IGST. This was a significant drop and the domestic manufacturing industry had petitioned in alarm, to stop cheaper import, especially from China. The industry had represented to the government and the GST Council to increase the basic customs duty.

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Non-major ports pip major ports in cargo growth in 5 years

index.jpgSource: Business Standard, Oct 30, 2017

Bhubaneshwar:Non-major ports in the country have edged past major ports in cargo volumes growth over the past five years.

Between 2012-13 and 2016-17, cargo at non-major ports witnessed a spike of 25 per cent compared with 18 per cent registered by major ports. Total cargo handled by major ports rose from 545.60 million tonnes (mt) in FY13 to 647.40 mt in FY17. Non-major ports in the same period logged higher growth as cargo volume expanded from 387.9 mt to 484.8 mt.

In 1981, the share of non-major ports to overall traffic volumes was less than 10 per cent but by the end of FY16, their share had ramped up to 43 per cent.

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Antwerp Port ‘ready’ to make India call, again

Source: LiveMint.com, Oct 10, 2017

Mumbai: Antwerp Port Authority, the entity that runs Europe’s second largest port on the river Scheldt, will consider lending its expertise in strategic planning, development and management to a greenfield port in India, where it could even make a small equity investment when the right opportunity arises.

“What we are doing in other parts of the world, we can do that, whenever asked, in India,” Marc Van Peel, President, Antwerp Port Authority, told BusinessLine during a meeting at the imposing new port house, Zaha Hadidplein, named after the late Iraqi-British architect and designer, Zaha Mohammad Hadid.

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A much-needed relief for exporters

Source: Business Standard, Oct 09, 2017

After the Goods and Services Tax (GST) Council meeting on Friday, exporters must be feeling relieved, happy and thankful. They have to now recover quickly from the blows and compete hard to take advantage of the opportunities that have opened up due to the smart recovery of global economy and trade this year.

Exporters will start getting refund of the Integrated GST (IGST) paid on the products exported in July and August from October 10 and October 18, respectively. It appears the refund of input tax credit on account of exports without payment of IGST may be delayed. We have to wait for the notifications. However, any refunds will certainly help exporters get over their problems of working capital shortage.

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