| Topic : Regulations |
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Export & Import Merchandise
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Source : http://www.infodriveindia.com
Activity:
3 comments
3211 views
last activity : 07 06 2010 20:18:04 +0000
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Four years ago India’s first ever integrated Foreign Trade Policy for the period 2004-09. At that time it had indicated two major objectives, namely
- to double our percentage of global merchandise trade within 5 years, and
- to use trade expansion as an effective instrument of economic growth and employment generation.
It is pleasing to say that the results have exceeded the targets. Not only have we fulfilled our performance in full measure, but we have gone beyond – and done it in just four years, instead of five.
In 2004 our exports stood at a little over US $ 63 billion. In 2007-08, they have exceeded US $ 155 billion; our exports are not just double what they were 4 years ago, but 2½ times that. We have managed an average cumulative annual growth rate (CAGR) of 23%, year on year, way ahead of the average growth rate of international trade. Our total merchandise trade – exports and imports together – will be almost US $ 400 billion this past year, accounting for 1.2% of world trade. If the trade in services is added to this, our commercial engagement with the world would be in the region of US $ 525 billion.
The second objective has also been delivered: that of fashioning trade into an instrument of economic growth and employment generation. Our total trade in goods and services is now equivalent to almost 50% of our GDP. This is unprecedented in India’s modern economic history.
Now for the year 2008-2009, some changes have been introduced in the policy. Lets see what they are:
- DEPB scheme has been extended till May 2009.
- Refund of service tax on almost all the services.
- Income tax benefit to 100% EOUs has been extended by Government.
- Coverage of FMS has been increased and additional 10 countries have been included. These are Mongolia, Bosnia-Herzegovina, Albania, Macedonia, Croatia, Honduras, Djibouti, Sudan, Ghana and Colombia.
- Split-up facility under DFIA Scheme introduced.
- Duty free import of samples has been increased from Rs.75, 000 to Rs.1, 00,000.
- Value of jeweler parcels, through Foreign Post Office is raised to US$ 75,000. Earlier it was from US$ 50,000.
- EOUs shall be allowed to pay excise duty on monthly basis, instead of the present system of paying duty on consignment basis.
- Customs duty payable under EPCG Scheme has been reduced from 5% to 3%.
- Setting up a new Export Promotion Council for Telecom Sector.
I hope that this summarized version would help you in taking some important decisions this year.
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