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Now there will be no shortage of containers for export, the tax department has extended the deadline for export by 3 months

Now there will be no shortage of containers for export, the tax department has extended the deadline for export by 3 months

The problem of shortage of containers for export is increasing.

At present duty free import of containers is allowed with the condition of re-export during the next six months. However, keeping containers for more than six months comes under the purview of import.

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  • Updated On – 9:08 am, Sun, 26 September 21Edited By: Shashank Shekhar
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On the one hand, the government is ready to achieve the target of $ 400 billion in exports. At the same time, exporters are currently facing the problem of containers. To overcome the problem of shortage of containers for export, the tax department has decided to extend the deadline for re-export of imported containers lying at domestic ports by another three months. This information was given in an official statement on Saturday.

At present duty free import of containers is allowed with the condition of re-export during the next six months. However, keeping containers for more than six months comes under the purview of import and then import duty is levied. To avoid such import duty, companies export empty containers. However, due to such activities, the problem of shortage of containers for export is increasing.

The importers had also demanded extension of the time limit.

In this series, the Central Board of Indirect Taxes and Customs (CBIC) on Saturday asked its field officers to give three months more time for re-export of imported containers lying at domestic ports. The importers had also demanded an extension of the time limit. Significantly, due to the Kovid-19 epidemic, there has been an increase in shipping freight rates and a decrease in the number of containers globally. The exporting community has repeatedly raised the issue of shortage of containers, as it affects exports.

About 46 percent jump in exports

India’s exports registered a jump of 45.76 percent in the month of August. India’s total exports stood at $ 33.28 billion last month. Engineering, petroleum products, gems and jewelery and chemicals have contributed a lot to this export. However, last month, the trade deficit reached a 4-month high and stood at $13.81 billion due to a pick-up in imports.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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