Budget to be presented on 16th March    FM issues Advisory to CESTAT to ensure that orders are issued by Benches on conclusion of arguments and in complicated matters orders should be issued within 30 days    Madras High Court stays levy of service tax on lawyers    economic growth slows to 6.9 per cent   Sunil Kumar appointed as Chief Secretary of Chattisgarh    Amarchand Mangaldas to open offices in Chennai Ahmedabad & Pune    US closes its embassy in Syria    Sudha Sharma appointed as Member of CBDT    Rupee hits a high of 48.73 against Dollar   Laxman Das is Officiating Chairman of CBDT    Tariff Value for import of gold is 556 & for silver 1067 & for Brass Scrap 4078 & for poppy seeds 2205-Customs Non-Tariff Notification No. 10   Fused Silica is classifiable under Tariff Item 32074000-Customs Circular No.3    Additional Commisssioner of Income Tax HA Siddiqui sentenced to 4 years imprisonment for accepting bribe of Rs 1 Lakh by CBI Court in Delhi    HC upholds levy of service tax on booking of flats-The explanation which was inserted by the Finance Act of   2010 clearly brings within the fold of taxable service a construction  service provided by the builder to a buyer where there is an intended sale  between the parties whether before, during or after construction    Authority for Advance Ruling rules super concentrates shall be classified as products of the chemical industry under heading 3824 90 90 of Customs Tariff      Anti dumping duty imposed on import of Morpholine from China European Union & USA     Anti dumping duty imposed on import of  Geogrid/Geostrips/ Geostraps made of polyester or Glass fiber in all its forms from      Refund of Anti­-Dumping Duty (Paid in Excess of Actual Margin of Dumping) Rules, 2012 notified-Customs Non-Tariff Notification No.5     Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Amendment Rules, 2012-Customs Non-Tariff Notification No.6     Safeguard duty at the rate of 10% ad  valorem notified on import of Phthalic anhydride, falling under tariff item 2917 35 00-Customs SG Notification No.1     Customs duty on import of Gold, Silver, Cut & Polished Diamonds hiked    Customs duty to be charged at the rate of 2 per cent of Tariff Value on gold and 6 per cent of Tariff Value on silver     Tariff Value for import of gold & silver notified-Customs Non-Tariff Notification No.3     Anti-dumping duty on imports ofSilk fabrics 20-100 gms per metre, falling under heading 5007  originating in, or exported from, China-CustomsTariff Notification No. 2     Anti-dumping duty imposed on imports of Nylon Filament Yarn, falling under Chapter 54 ,originating in, or exported from,  China, Chinese Taipei, Malaysia, Thailand and Korea RP-Customs TariffNotification No.3   Anti-dumping duty imposed on import of Phosphoric Acid of allgrades and all concentrations (excluding Agriculture/Fertilizer Grade) ,falling under tariff item 28092010, originating in, or exported from, Israel and Taiwan-Customs Tariff Notification No.4    Anti-dumping duty on imports of Cellophane Transparent Film , falling under Chapter 39 , originating in, or exported from, China-Customs TariffNotification No.5    Anti-dumping duty onimports of Saccharin, falling under Chapters 29, 30, 33 and 38 ,originating in, or exported from, China-Customs Tariff Notification No.7    Special Bench of ITAT rules the appellant is not entitled to set off carry forward business loss against the long term capital gain arising on sale of land used for the purpose business    ITAT rules Long Term and Short Term gains / losses on sale of equity shares under Portfolio Management Scheme is business income  and not Capital Gains   HC rules the opinion of the AO may have been legally erroneous but this cannot be a ground for initiation of re-assessment proceedings      Anti-dumping duty on ‘Caustic Soda’,  originating in, or exported from, Saudi Arabia, Iran, Japan, USA & France-Customs Tariff Notification No.1    Cost Accountants can issue Certificates for the purpose of refund of 4% CVD-Customs Circular No.1     Customs duty on import from ASEAN nations lowered- Customs Tariff Notification No.127     deeper tariff cut on import from Malaysia notified- Customs Tariff Notification No.128   deeper tariff cuts on import from Korea notified- Customs Tariff Notification No.123  deeper tariff cuts on import from Srilanka & Pakistan under SAFTA notified- Customs Tariff Notification No.125      Schedule of Rates for Service Tax Refund to Exporters notified in supersession of Notification No.17/2009-Service Tax Notification No. 52      Customs duty on import of several products from specified countries lowered-Customs Tariff Notification No.113      Anti-dumping duty on ‘Sodium Hydrosulphite (SHS)’, falling under headings 2831 and 2832 , originating in, or exported from, China PR- Customs Tariff Notification No.111     CBEC specifies documents required for Registration of ServiceTax     Customs duty on import of 532 Products from Singapore lowered-many products exempted from duty-Customs Tariff Notification No. 106     Government allows Rebate of excise duty on export of goods to Nepal under ARE-1 Procedure w.e.f. 1st March 2012-Central Excise Non-Tariff Notification No.24

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New incentives announced for Exporters

AIT News Network

NEW DELHI. Shri Anand Sharma, Union Minister of Commerce and Industry, has announced a series of new incentives for exporters as under:

1. New Products under Focus Product Scheme (FPS):

112 new products have been added under FPS at 8 digit level, eligible for benefits @ 2% of FOB value of exports to all markets.

Major sectors include Engineering, Electronics, Rubber, Chemicals, Plastics, Carton boxes and Egg powder.

113 new products at 8 digit level have been given higher benefits @ 5% of FOB value of exports under Special FPS on exports to all markets.Major sectors include Hand Tools, parts of agriculture & horticulture machinery, sewing machines and parts, liquid pumps, nuts, bolts, washers, screws, staplers, and parts of machinery for soldering, brazing and welding.

2. New Products and New Markets under Market Linked Focus Product Scheme (MLFPS):

1837 new products added under MLFPS at 8 digit level, eligible for benefits @ 2% of FOB value of exports to specified markets. Major sectors include Machine Tools, Earth moving equipments, Transmission towers, Electrical and Power Equipments, Steel Tubes, pipes and galvanized sheets, Compressors, Iron and Steel Structures, Auto components, Three wheelers and cotton woven fabrics. (Chemicals have been included for providing benefit for a limited period of 6 months).

Two new major markets viz. China and Japan added under MLFPS.

3. New products under Vishesh Krishi and Gram Udyog Yojana (VKGUY):

Sesame seeds and minor coconut products added under VKGUY scheme, eligible for benefits @ 5% of FOB value of exports to all markets.

4. New market added under Focus market Scheme (FMS):

Timor Leste added as new FMS country, eligible for benefits @ 3% of FOB value of exports of all products.

5. Support under Market Access Initiative (MAI) scheme, for setting up of Warehouse in Latin America by Export Promotion Council for Handicrafts.

6. Issues taken up with Ministry of Finance ( on which MoF is still to take a final view)

6.1 To allow reduced rate of interest for Dollar credit at LIBOR plus 1% (instead of LIBOR plus 3.5%).

6.2 Continuation of Interest Subvention of 2% provided to labour incentive sectors viz. Textiles (including handlooms), Handicrafts, Carpets, Leather, Gems & Jewellery, Marine products and SMEs.

6.2 Providing interest subvention of 2% to some additional sectors viz. specified Engineering sectors and Chemicals.

6.3 To request RBI to instruct commercial banks for non-crystallization of overdue export proceeds for a period of 6months from due date (instead of 1 month at present) in respect of two sectors viz. Carpets and handicrafts.

DGFT Public Notice No.30 and Public Notice No.31 have been issued in this regard which are effective from 1st January 2010.

 

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