India's new Foreign Trade Policy, under formulation, will come into effect from April 1, 2021 for five years and will strive to make the country a leader in international trade, the government said on Tuesday.
Read more about New Foreign Trade Policy will be rolled out from April 1, says govt on Business Standard. The Parliamentary Consultative Committee of the Ministry of Commerce and Industry held a meeting on Tuesday on the subject New Foreign Trade Policy 2021-26
Tour operators’ body urges govt to end cascading impact of multiple taxes
January 11, 2021
Wants govt to treat tourism sector on par with IT industry
The Indian Association of Tour Operators (IATO) has urged the Centre to take measures to solve the challenges of multiple taxation faced by tour operators.
It demanded to either lower the GST charged from tour operators or allow input tax credit and end the cascading impact of multiple taxes.
“The tour operators suffer from multiple taxation at different levels as they offer multitude of services ….for which they have to pay GST at about 18-23 per cent. Further, on their total billing, they pay GST at the rate 5 per cent (without input tax credit). This compares unfavourably with neighbouring countries where GST rates of about 6-8 per cent are charged from tour operators,” IATO said in a statement.
The sign board on India’s export gates reads as ‘beware of rule 96(10)’ January 10, 2021, 3:38 PM IST
Ratan Jain, Partner & Saurabh Malpani, Principal Associate, Lakshmikumaran & Sridharan Attorneys.
Enquiry notices are being issued by investigation authorities to various exporters on ensuring compliance with Rule 96(10) of Central Goods and Services Tax Rules 2017 (CGST Rules). This article intends to discuss the issues under Rule 96(10).
IGST Exemption Introduced Under Export Promotion Schemes
There are various export promotion schemes implemented by the Government of India. For example, Advance Authorization (“AA”) scheme implemented through Chapter 4 of the Foreign Trade Policy (“FTP”) 2015-20 read with applicable Customs Notification. The said scheme allows import of inputs, without payment of Basic Custom Duty (BCD) and Integrated Goods and Service Tax (IGST), subject to fulfilment of certain conditions and obligation