Director-General of Foreign Trade (DGFT) is the main governing
body in matters related to EXIM Policy of India. The main
objectives of the Foreign Trade Development and Regulation Act
is to provide the facilitating of imports and augmenting of
exports from India.
The Foreign Trade Policy (FTP) 2015-20 was unveiled by Ms
Nirmala Sitharaman, Minister of State for Commerce & Industry
(Independent Charge), Government of India on April 1, 2015.
F.T.P 2015-20 provides a framework for increasing exports of
goods and services as well as generation of employment and
increasing value addition in the country, in line with the ‘Make
in India’ programme.
They policy aims to enable India to respond to the challenges of
the external environment, keeping in step with a rapidly
evolving international trading architecture and make trade a
major contributor to the country’s economic growth and
development.
Availability of Duty Drawback on export of goods or services. Assistance in availing various export incentives like Advance Authorization, EPCG Authorization, Merchandise Exports from India Scheme, Service Exports from India Scheme, and various other schemes notified under Foreign Trade.
Indian Customs Act, 1962, levy and regulate the Customs Duties. Indian government levies duties on both import and export of goods along with their procedures, prohibitions, penalties etc. Matters pertaining to this duty fall under the CBEC (Central Board of Excise and Customs), a division of the Department of Revenue of the Ministry of Finance.
Goods and Services Tax (hereinafter referred to GST) is an Indirect Tax that was introduced in India w.e.f. 1st July, 2017 and was applicable throughout India which subsumed multiple Indirect Taxes levied by the central and state governments at various levels.The objective of GST is to remove the multiplicity of Tax levies thereby reducing the complexity and removal.
In business restructuring deals, tax due diligence of buyer side is required. This may be required to be done voluntarily by the seller or based on the specific direction of buyer. The review is intended to highlight the tax exposure which may carry to new entity. This becomes more critical in cases where entity is exposed to multiple indirect tax laws. We at Taxpert Professionals having in-depth knowledge in due diligence review to support the parties to deal or other professional advisors.
In order to make exports of services or goods from India internationally competitive, the Government of India has zero rated such exports. Consequently, the services or goods exporting community is entitled to obtain refunds of input tax credits or utilise such credits to offset domestic output taxes (i.e. CGST or SGST, IGST). The IT & the ITES industry is a key part of the service exporting community and is expected to be a major beneficiary of such refunds in terms of being competitive in the global.
Director-General of Foreign Trade (DGFT) is the main governing body in matters related to EXIM Policy of India. The main objectives of the Foreign Trade Development and Regulation Act is to provide the facilitating of imports and augmenting of exports from India.