Import/Export Industry Notifications

Ministry of Finance has issued a statement where it has been mentioned that taxpayers are free to utilise Input Tax Credit (ITC) available in their credit ledger as permissible by law to discharge their GST due for March.

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India Ratings and Research (Ind-Ra) reports that India’s logistics sector looks stable in the financial year 2021-22 as a recovering economy builds demand. Ind-Ra estimates an 8% year-on-year improvement in volumes for Indian ports in FY22, compared to an estimated 4% year-on-year decline in FY21.

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Trading sources said that due to quality issues, the CCI had lowered its offer prices for export last week, though one source put the cut due to a drop in New York price, which serves as the benchmark.

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According to India Ratings and Research (Ind-Ra), the government’s decision to levy basic customs duty (BCD) on solar cells and modules from April 1 will increase solar power tariff rates and create additional risk for domestic manufacturers in incurring significant Capex Ratings and Research (Ind-Ra).

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State-owned Jawaharlal Nehru Port Trust (JNPT) has signed a memorandum of understanding with CNB Logitech to monitor, track and optimise the movement of 5 million containers through the port located near Mumbai.

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The O/o Directorate General of Foreign Trade, New Delhi, has issued Trade Notice No. 46/2020-2021 dated 16th March 2021 regarding necessary documents to be submitted while applying for import authorization for import of Denatured Ethyl Alcohol (DEA). For import of restricted item Denatured Ethyl Alcohol (DEA), applicants are filing an online application (ANF- 2M form) along with information in Pro-forma as circulated by Trade Notice No. 27/2019-20 dated 29th  July 2019.

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With New Delhi imposing import restraints, it has become unprofitable for overseas tyre brands to operate in India, industry sources told ET. Businesses of foreign companies that make tyres in India are relatively less affected.

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After an antagonistic face-off since the Pulwama attacks, the easing of relations between India and Pakistan could set the ball rolling on the trade front. Sources familiar with the development said that initial talks have begun.

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The US, Brazil, Russia, and Japan, among other countries, had raised disapproval of the regulation, disputing that it would create a trade barrier and add to exporters' costs. Several countries have started issuing genetically modified (GM)-free certificates for imported food crop consignments after initial resistance to India's regulation seeking such certificates that became effective on 1 March.

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