Export
Exporters to apply NEW GST LUT for FY 2024-25
As per the GST Rules and Procedure, Exporters exporting without payment of tax, needs to apply for Letter of Undertaking (LUT). The LUT is valid for every financial year.
Thus, as we come close to the financial year 2023-24 and the new FY 2024-25 will begin from 01st April 2024.
We wish to draw your attention that exporter must visit the GST portal and submit the new Letter of Undertaking (LUT) for the Financial Year 2024-25.
The Procedure is simple and will take not more than 5 mins online.
So to avoid any last minute hassles and challenges, request exporters, to visit the GST Portal today and submit and get their new LUT ARN No. for FY 2024-25.
Regards
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Amendment of cap under Interest Equalization Scheme
DGFT has issued a Trade Notice to inform that the Interest Equalization Scheme (IES) which is extended upto 30.06.2024 by RBI will have cap of Rs. 2.50 Cr per IEC imposed till 30.06.2024 for the quarter starting from 01.04.2024
Trade Notice No. 40/2023-24 Dated 20.03.2024 can be downloaded from the link below:
https://content.dgft.gov.in/Website/dgftprod/a70c5d16-a6c6-4a04-ae8f-437d73a979c7/Trade%20Notice%20No%2040.pdf
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DGFT enables provision for Import of Inputs without QCOs under AA and EOU
In a move to assist and enable exporters importing inputs without mandatory compliance under various Quality Control Orders (QCO) under AA or by EOU Units, the DGFT issued notification and added a new para 4.18A and amended para 6.07 (k).
The Notification No. 69/2023 Dated 07.03.2024 can be downloaded from the DGFT Website or link here: https://content.dgft.gov.in/Website/dgftprod/4c0e420c-70dd-488f-8b88-5b9a7347bad2/Noti69%20eng.pdf
The Conditions to be fulfilled for the exemption under AA are:
1. Import without compliance to mandatory QCOs will be subject to Pre-Import Condition
2. Exemption from Mandatory QCOs will be specifically endorsed on AA upon request of the AA holder.
3. Inputs imported with mandatory QCOs will not be transferred to DTA event after regularization of export default.
4. If unutilized, required procedure of destruction and duty payment with interest needs to be followed.
5. Exemption from QCO will be available only for Physical Exports and not for Deemed Exports.
6. Facility of Clubbing is not available for these authorisations.
Also, the Notification amends the para 4.24 of FTP not allowing Import of Inputs without mandatory QCOs under DFIA.
For EOUs, amendment is done to para 6.07 to allow import of inputs without mandatory QCOs subject to conditions and undertakings.
DGFT has also issued Public Notice No. 47/2023 dated 07.03.24 which notified Appendix 2Y which provides list of Ministries/Departments who’s notification on Mandatory QCOs are exempted by the above notification.
Currently 2 Ministry / Departments are notified
1. Ministry of Steel (Mos)
2. Department of Promotion and Industry and Internal Trade (DPITT)
Public Notice can be downloaded from the link here:
https://content.dgft.gov.in/Website/dgftprod/e345325b-70a9-4796-ba24-183fc0bcb8be/PN47%20eng.pdf
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DGFT Notified Indian Trade Classification (ITC) HS of Exports for Chapter 01-39
DGFT has recently notified the updated Schedule 2 of the ITC(HS) 2023 for
Chapter 01 – 39 along with its current export policy on the said items.
The new Export Policy along with the Schedule is effective immediately i.e 13.02.2024
The Notification and the new Schedule is available on the DGFT website and on the link below:
https://content.dgft.gov.in/Website/Final%20-%20DGFT%20Notification%20No.%2060-2023-English.pdf
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DGFT grants extension for mandatory e-filing of Non-Preferential Certificate of Origin (CoO)
In continuation to the earlier Trade Notice, DGFT has now further extended the transition period for mandatory filing of applications for Non – Preferential Certificate of Origin (e-CoO) via Common Digital Platform (coo.dgft.gov.in) until
31st December 2024
The Exporters will have option to apply the CoO with the respective Agencies as notified under Appendix 2E of FTP in manual /paper mode as well.
However, exporters are encouraged to apply online eCoO and all the required Manual and FAQs are made available on the portal.
Exporters may refer to the Trade Notice No. 36/2023-24 for further details
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Exporters to submit data to RoDTEP Committee for review of RoDTEP Rates.
The RoDTEP Committee which has been constituted to review RoDTEP (Remission of Duties and Taxes on Exported Product) Rates are seeking data from exporters to review the exsisting rates of RoDTEP.
Exporters can refer to the online orders and data form available on CBIC website
cbic.gov.in —–>Taxpayer and Stakeholder Assitance —–> Public Information —–> RoDTEP Committee —–> 2023
or via can via the link below:
https://old.cbic.gov.in/htdocs-cbec/home_links/RoDTEP-Committee-2023
The Last date to submit the inforation to the RoDTEP Committee in the designated formats is 30th November 2023.
Exporters who are of the view that their RoDTEP Rates are to be revised must used the opportnuity and submit the details and data at the earliest.
DGFT Trade Notice on the above can be downloaded from link here
https://content.dgft.gov.in/Website/dgftprod/e008c2ad-f142-4972-9dbd-5720a7492e81/Trade%20Notice%20No%2030-2023-24.pdf
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