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FAQ

Why can't India manufacture cheaper products as compared to the Chinese?
A few months ago I was in the Liaoning province in northeastern China. We met the CEO of a smart city there who was offering us rent-free premises for 3 years, a low interest loan [2%] and cheap electricity if we choose to build our robots there.Chinese governments really believe that industrialization is crucial to mass employment and need to woo not just large companies but SMEs too.In contrast, Indian general public attitude towards industrialization is often poisonous. The bureaucrats are too slow to move, the politicians often careless and the common public think “industrialists” make a lot of profits, who just needs to be taxed high.It is far harder to start a factory in India and the interest rates are substantially high. Land prices near major cities are through the roof and the infrastructure abysmal. Thus, industrialists are not able to fully tap into India’s lower wages.Indians often moan about the low rate of innovation in India. We moan that very few things are made in India. To really make in India, the society has to put industrialization at the highest priority. It cannot be seen as lower priority compared to agriculture and other sectors.
Is duty drawback applicable on exports to Afghanistan from India?
Software for exporter companies
What is Bank of Baroda scam?
Bank of Baroda, India’s second largest state-owned lender is embroiled in a Rs. 6000 crores foreign exchange (FOREX) scam. Though, the racket was first unearthed at the Ashok Vihar branch of Bank of Baroda, it has turned out to be a much bigger scam involving other branches and banks too.Bank of Baroda noticed unusual transaction from its Ashok Vihar branch in Delhi. The branch had received permission to do FOREX transactions only in 2021. Within a year, it had received FOREX business of around Rs. 21529 crores. Therefore, the bank alerted Government agencies in July 2021. The CBI and the Enforcement Directorate (ED) started investigating the case.The scam involves illegal remittance of around 6172 crores to Hong Kong and Dubai between August 2021 and August 2021. The amount of each transaction was kept less than Rs. 1,00,000 to avoid attracting attention (if remittance is more than 1 lakh, it is detected by the bank’s software and it has to intimate it to RBI).There were mainly two ways in which the alleged money-laundering took place. The account holders used either or both to commit fraud.Advance payments of importsThe accused opened 59 current accounts in Ashok Vihar branch under the names of various dummy/ non-existent companies. They deposited money in these accounts to be transferred to companies in Hong Kong and Dubai (also fake). This money was transferred ostensibly for the purpose of ‘advance payments of imports‡ to the companies in Hong Kong and Dubai. But, these imports never took place.This channel was allegedly used to send the black money earned in India abroad through formal banking channel.It has to be noted that Bank of Baroda contended that only 6.7% of the 6000 crores remitted abroad was deposited directly in cash in these 59 accounts. The remaining amount was transferred through accounts in other banks. This points towards a possible involvement of different banks.Exploiting duty drawback schemeIn the second method, dummy companies were opened in Hong Kong. The Indian exporters exported the goods to their own dummy company in Hong Kong and inflated their export bills.The rationale behind the whole transaction was that the exporter wanted to exploit the duty drawback scheme of the Government. This scheme was started by the Government to incentivise exports. So, if a company or individual exports goods, he gets refund of the following taxes paid on the raw materials used in the production:Customs duty paid on imported raw material.Excise duty paid on raw material manufactured in Indiaand Services tax on input servicesAs the exports were overvalued, the exporter got duty drawback from the Government which were higher than the customs, excise, service tax etc. actually paid on inputs. This led to a loss to our national exchequer.This transaction served another purpose too. It enabled exporters to bring back foreign money stashed abroad disguised as payments for exports.For instance: If a good worth Rs. 100 is actually invoiced at Rs. 150, then the dummy company in Hongkong will sell the goods at Rs. 100, but pay Rs 150 to the exporter in India. In this way, via dummy company, the exporter can bring back extra Rs. 50 worth of black money stashed abroad to India.Also, the company will get duty drawback on these inflated export bills.The scam has engulfed other banks too. About 20 of the 59 current account holders in Bank of Baroda had accounts in HDFC bank also. In fact according to the investigators these account holders could have accounts with 30 other banks also.This fraud raises concerns about the lax governance in public sector banks of India. There is no internal fraud detection mechanism in most banks. Banks rely on traditional channels, such as audits and internal whistle-blowers to detect fraud. Sophisticated tools such as computer analytics and fraud detection algorithms are practically non-existent. The banks neglected to follow proper KYC norms. They failed to verify whether the companies actually existed or not.Another issue of concern is that it is not just negligence on the part of banks. The scam of such a large magnitude cannot take place without active connivance by some bank officials. In fact, Bank of Baroda has dismissed 2 senior officials and ED has arrested at least 6 people as of now in connection with the scam.The Central Vigilance Committee (CVC) has stepped in and has sought a report from CBI and Bank of Baroda on the scam. It wants to take steps for the systematic overhaul in the banking system to enable early detection of such frauds in the future.Source: Economyria.com
Don't you think the Government of India should make all the exams conducted by it, including the 10th and 12th boards, completely online, to avoid serious scandals like paper leaks?
A couple of years ago, a drawback scandal worth several crores rupees took place in Customs House Delhi.Let me first explain drawback.When you export some consignment, you are given refund of the customs, central excise/GST duties/taxes levied on the exported goods.Suppose you export a consignment of Rs 100 and the drawback rate is Rs 10%, you get Rs 10 as drawback. This amount is directly credited to your account as soon as the goods are exported.If suppose, you have entered lesser value of drawback by mistake or for any other reason, there is a provision to revise the export value and hence get higher refund. When you upward revise the value, the differential drawback gets credited into your account.In the drawback fraud case mentioned, it was found that the amount was revised by adding a few zeros. So if instead of Rs 1 lakh, if you add two zeros, you get Rs 10 lakh drawback, instead of Rs 10,000.CBI arrested two software engineers appointed by the department during investigation, who were alleged to have actually done all the manipulations at the server level itself and thus defrauding government of several crore rupees.There is no online system that can’t be broken or can’t be hacked.If you conduct all examination online, manipulations can still take place. However, it would be done even more efficiently and silently, and most people would not even know about it.You would perhaps never know such scandals, because it would be done by manipulating the database of the system itself by the people who have designed it or in-charge of managing it.We are already hearing of many banking frauds taking place despite computerization.Online tests are no guarantee of a cleaner examination, unless the people taking the examination and those conducting the examination are clean too.Cheating can take place in online mode as well just as it takes place in physical mode.In addition, there is a good possibility of system manipulation as well.
What kind of benefits (exemptions) would be available for a software (export) startup in India?
Practically none. Probably one that may be available ( even I have to check as it has lost its commercial relevance) , is in case you decide to import some machinery to be used in business it can be imported without payment of customs.Based on my experience in business consulting, my advice would be not to start any business in India based on expectations from Government, up till now Government might have announced 1000s of schemes but very few of business could enjoy benefits out of these schemes.The latest is Start up India, if you are fond of reading, search on this subject.Be at at your own, if you have faith in yourself and your idea nothing else ,only then jump in business.All the Best.
We are a web development company in Delhi. Do we have to charge GST in the invoice to our client in Canada for the software development services that we have provided?
Software development services provided outside India is export of service.The export of goods or services is considered as a zero-rated supply. GST will not be levied on export of any kind of goods or services. So you may show CGST & SGST @ NIL rate. (As it is not an exempted supply)A duty drawback was provided under the previous laws for the tax paid on inputs(purchase) for the export of ZERO Rated/Exempted goods. Claiming the duty drawback was a cumbersome process.Under GST, the duty drawback would only be available for the customs duty paid on imported inputs intended to be exported.Assuming that the your service was fully generated in India, you would not have paid any Input Tax Credit, so it is irrelevant to talk about claiming the tax paid on input.Hope it helps?#Althz
What are the five export promotion policies?
Government of India runs several export promotion schemes to help Indian exporters to increase their competitiveness of products in international market. Here are few export promotion schemes launched by Indian Government for exporters:1. Duty Drawback:Duty Drawback claimed by the exporters are mostly in the range of 1.5%–3% and are given as percentage of FOB value. Its a cash benefit. Exporters can claim a refund of duties at the drawback rates prescribed for the good exported after the shipment is made. The amount of drawback is directly credited with exporter’s bank by customs authorities in about two-three months.The drawback neutralises customs duty and excise duty component on the inputs used for products exported. This is offered at fixed rates independent of tax levied on inputs2. Merchandise Exports from India Scheme (MEIS):MEIS objective is to offset infrastructural inefficiencies and associated costs with export of goods. It varies from 2–5% of FOB value based on what products you are exporting and which group country. MEIS is transferred to exporters in the form of Duty Credit Scrips. Scrips are usually used to set off import duty against inputs or can be sold through agents at discount. The MEIS benefits must be claimed within 3 years from the LEO date. There is provision of late cut if claimed after 1 year but within 3 years.3. Services Exports from India Scheme (SEIS):SEIS objective is to encourage export of notified services (Appendix 3 D of FTP 2015–20) from India. It varies from 3%–5% of NFE earnings (Net Foreign Exchange) of exports of services. The time limit for SEIS is same as MEIS and late cut provisions as well.4. Advance Authorization Scheme (AA):Under AA, exporters can import duty free inputs to be incorporated in the export product (making normal allowance for wastage). In addition, fuel, oil, energy, catalysts which are consumed/ utilized to obtain export product, may also be allowed. It is available for Manufacturer Exporter or Merchant exporter tied up with a supporting manufacturer. Minimum value addition should be 15% (governed by SION - Standard Input Outpot Norms). AA is valid for a period of 12 months from the ‘Date of issue‡ and Export Obligation (EO) must be fulfilled within 18 months from the date of issue of AA certificate.5. Export Promotion of Capital Goods Scheme (EPCG):EPCG scheme allows exporters Duty free procurement of capital goods for Pre?production, Production & Post?production. It is available for Manufacturer Exporter, Merchant exporter tied up with a Supporting manufacturer and Service Provider. The authorization is valid for a period of 18 months from the ‘date of issue’. The mandatory condition is that relationship must be established between capital goods and exports. Procurement of goods under EPCG scheme is subject to fulfillment of - Export Obligation and Average Export Obligation. EPCG scheme does not allow procurement of second hand capital goods.There are various other schemes such as MDAS (Market Development Assistance Scheme), EOU (Export Oriented Unit), MAI (Market Access Initiative), STP (Software Technology Park) etc. wherein exporters get assistance in various forms.