Apart from GST, prompt and personalized time-bound consultancy, compliance, advisory, audit and training in Customs and Exim Policy is required for those taxpayers involved in foreign trade. The fields are broadly classified as under:
Customs:
Customs Duty is a type of indirect tax levied on goods imported into India as well as on goods exported from India. Taxable event is import into or export from India. Import of goods means bringing of goods into India from a place outside India. India includes the territorial waters of India which extend up to 12 nautical miles into the sea to the coast of India. Export of goods means taking goods out of India to a place outside India. This Customs duty would be in addition to GST in lieu of CVD and SAD.
Foreign Trade:
The Foreign Trade Policy or the Exim Policy is a set of guidelines and instructions established by the Director General of Foreign Trade (DGFT) in matters related to the import and export of goods in/from India. It is regulated by the Foreign Trade Development and Regulation Act, 1992 and the DGFT is the main governing body in matters related to Exim Policy. The main objective of the FTDR Act is to provide the development and regulation of foreign trade by facilitating imports into, and augmenting exports from India. The Exim Policy contains various policy related decisions taken by the government in the sphere of Foreign Trade, i.e., with respect to imports and exports to/from the country and more especially export promotion measures, policies and procedures related thereto.
Services provided in Customs & Foreign Trade:
Besides, litigation would also arise from issues relating to the erstwhile laws of Central Excise, Service Tax, etc. which would require:
Drafting of
- replies to notices,
- appeals,
- reply to appeal,
- cross objections, and
- revision applications
Appearances before Adjudicating/Appellate Authorities, Tribunal and High Court.