Rice exporters face Rs 2,000 crore tax bill

India imposed a 20% export duty on white rice in September 2022 and subsequently on parboiled rice in August 2023 to control rising domestic prices. There is no ban currently on basmati rice exports but a minimum export price of Rs 1,200/ million tonnes (mt) was prescribed, which was later reduced to Rs 950/ MT.

Indian exporters seek legal advice after attacks by Houthi rebels and Somali pirates. They revise contracts, opting for DAP and FOB terms, amid disruptions in container shipping lines due to Red Sea crisis.

India has simplified the payment mechanism for traders importing pulses from Myanmar, requiring them to use the Rupee/Kyat direct payment system through the Special Rupee Vostro Account (SRVA) through the Punjab National Bank. The Indian Mission informed the ministry that the Rupee/Kyat Settlement Mechanism was operationalised from January 25 to simplify trade transactions and make […]

The department said that the Protocol pertaining to the amendment is yet to be ratified and notified under Section 90 of the Income-tax Act, 1961. Until this Protocol comes into force, any queries or concerns regarding the amendments will be addressed as and when necessary, said the I-T department.

The clarification follows concerns by tax experts over the agreement opening past investments to scrutiny from tax authorities at the time of exit following the protocol, which was inked on March 7. A key concern expressed by experts is about reopening of past cases in view of the amended provision.

Maldives explores paying imports in Maldivian Rufiyaa with India, China. Saeed aims for non-dollar payments, stronger Rufiyaa, bilateral trade. Currency swap plans with China in progress for Yuan or Rufiyaa payments.

India is reviewing its trade pact with Asean to address anomalies like the inverted duty structure disadvantaging local manufacturers. Measures such as production-linked incentive schemes, import tariffs, and import monitoring are in place to tackle the trade deficit.

Substantial convergence in India-Peru Trade Agreement negotiations during the seventh round, covering various topics like trade in goods and services. Peru emerged as India’s third-largest trading partner, setting the stage for future collaboration.

India’s exports to China have seen a positive growth in 90 principal commodities, including iron ore, telecom instruments, and electronic components, in 2023, accounting for 66.7 per cent of the country’s export basket. Four commodities, iron ore, cotton yarn, spices, and processed minerals, saw improvements of over $100 million in exports.

Global Trade Research Initiative (GTRI) predicts a 1.2% decline in the value of global merchandise trade due to geopolitical uncertainties. The US dollar value of world merchandise trade fell 5% in 2023 to USD 24.01 trillion, but this was mostly offset by a strong increase in commercial services trade, which rose 9% to USD 7.54 […]