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Exports contribute to the creation of jobs, the expansion of foreign exchange reserves, and the reduction of the current account deficit. These are the primary motivations for the Indian government to implement export incentive programs. Here's a comprehensive overview of the numerous export incentives offered by the Indian government to promote exports. Export Incentives Scheme in India: For Products 1. Merchandise Export from India Scheme (MEIS) The MEIS scheme, which issued duty credit scrips as export benefits, was launched by the Indian government to reimburse exporters for tariffs paid. The export incentive was calculated as a fixed percentage of the FOB value of the notified items and ranged between 2%, 3%, 5%, and 7% of the FOB value, based on three market segments as listed in Appendix 3B. With effect from January 1, 2021, the MEIS program has been replaced with the RoDTEP system, which is WTO-compatible. 2. Remission of Duties and Taxes on Exported Products (RoDTEP) Sche...

Under the AEO Status programme, a company involved in international trade must be compliant with supply chain security standards and granted AEO status & certain benefits.  The AEO Programme is in reference to the obligations made under Article 7.7 of WTO TFA. Though AEO Registration is not a mandatory scheme, it is a voluntary compliance programme. It ensures the development and rationalization of cargo security via. close cooperation with the entity associated with international trade including importers, exporters, custodians, logistics providers, warehouse operators or customs brokers. AEO-Eligibility Criteria for a company The company must have managed a minimum of 25 documents (Bills of Entry or Shipping Bills) in the previous Financial Year. The company should have experience in Customs work. The company must be a part of the international supply chain. The company must have had company activity in the last 3 Financial Years. Benefits of obtaining AEO Registration Self-...

Import or manufacturing license is received after the model approval under Section 20. Importer and Manufacturer need to submit an application along with the required fee one month of importing from the Legal Metrology Department.   The license is granted by the state government where the goods will be imported. The next step is to obtain a license from the Legal Metrology department by every importer, manufacturer, or packer who pre-packs or imports any commodity for sale, distribution, or delivery in the Indian market.    For manufacturer license, submit an Application in  Form LM-1  attached with the mandatory documents before the Controller/Director within 90 days from the date on which pre-packing/importing commenced. Details required in the application: The name of the applicant;  The complete address of the premises The commodity name is pre-packed or imported by the applicant. In case of application to register as an importer, particulars of ...

Section 247 of the Companies Act, 2013 states that any property, stocks, shares, debentures, securities, goodwill, or any other assets or net worth of a company or its liabilities, shall be valued by a person having such qualifications and experience, registered as a valuer, and being a member of an organization recognized, in such manner, on such terms and conditions. According to the 2013 Act, all valuations must be performed by a Registered Valuer, and the Registered Valuer for a company's valuation needs must be selected by the Audit Committee or, in its absence, by the Board of Directors. What is the definition of valuation? Valuation is the process of determining the market value of a firm or the worth of an asset. Business Valuations   consultants analyze a company's growth rate, predicted future earnings, the value of its tangible and intangible assets, and the company's management when determining its worth. The value of shares and other securities, as well...

The US Congress enacted the Sarbanes-Oxley Act of 2002 (SOX) to protect the public from corporations and other business organizations engaging in fraudulent or erroneous practices. "To safeguard investors by increasing the accuracy and reliability of company disclosures," says SOX. The SOX compliance data security framework can be stated as follows:  Ensure financial data security Prevent harmful financial data manipulation Keep track of attempted data breaches and repair actions. Make event logs easily accessible to auditors. Demonstrate compliance over 90 days. Who Must Comply With SOX? SOX applies to all publicly traded firms with wholly-owned subsidiaries, including overseas publicly traded companies that do business in the United States. Accounting firms that audit public corporations are likewise subject to SOX. SOX creates a firewall between accounting companies and the auditing function. Private corporations, charities, and non-profits are often exempt from SOX's ...

Advance Pricing Agreement was introduced in India by the Central Board of Direct Taxes in 2012 to minimise the dispute in the transfer pricing structure in India which required the Arm’s Length Price (ALP) for every international transaction. It was instituted by Finance Act, 2012 by adding section 92CC and 92CD that shall be read with rules 10F to 10G and rule 44GA. What is an Advance Pricing agreement (APA)? Advance Pricing Agreement is an agreement between CBDT and taxpayer to fix the transfer pricing policy to resolve the future international pricing transaction of the taxpayer. After the Advance Pricing Agreement is fixed, the policy is applied for a definite period with certain terms and conditions. The purpose of APA is to promote transparency for taxpayers with regards to tax risks, to have a check on tax evasion by big MNCs working on international level. What is the Objective of the Advance Pricing Agreement?   APAs is applied for different international transactions: In...

BIS Certification stands for Bureau of India Standards, under the BIS Act, 1986. BIS is the prominent Indian certification body and has a significant role in regulating and managing the quality standards of consumer products listed under the Act. BIS is responsible for various activities like formulating the standards, schemes for registration, hallmark, certification of the system, certifying the products, laboratory services, and more. What is BIS CRS Registration? Chapter IVA of BIS Rules 1987 deals with the Compulsory Registration Schemes. MeitY introduced the Compulsory Registration Scheme (CRS) in 2012 for the electronic and IT electronic goods. Presently, there are 49 goods that are categorized under this scheme that comprises electronic products like mobile phones, IT, audio and video equipments, LED Flood Lights, smart card readers, CCTV cameras, and other listed gadgets. All the manufacturers importing, selling or distributing goods has been notified by the authority to manda...