SME Times is powered by   
Search News
Just in:   • Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia  • Europe facing earlier, stronger heatwaves: Climate scientist  • India and Namibia sign two MOUs in fields of health and entrepreneurship  • PM Modi arrives in Delhi after concluding 'productive and successful' 5-nation tour  • ASEAN to keep on consensus, inclusivity: Malaysian official 
Last updated: 25 Sep, 2021  

Exports.9.Thmb.jpg Import duty norm relaxed to improve containers availability

exports-new012010.jpg
   Top Stories
» Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia
» Piyush Goyal holds talks with Malaysian minister on review of ASEAN trade pact
» India and OPEC have a unique and symbiotic relationship: Hardeep Puri
» SIP inflows hit all-time high in June, total AUM for equity MF at Rs 74.41 lakh crore
» India set to explore over 2.5 lakh sq kms area in one of largest offshore energy efforts
SME Times News Bureau | 25 Sep, 2021
The Centre has relaxed import duty norm on empty export cargo containers to improve their availability.

At present, keeping containers beyond a period of six months attracts an import duty.

The policy was designed to discourage long dwell time of containers and to promote faster turnaround.

However, an official communique, cited that the policy has been reported to "sometimes create perverse incentive among shipping lines to export empty containers to evade duty payment on containers which are lying empty".

As per the communique, the problem was brought out in stakeholder consultations held by the Ministry of Commerce and Industry.

"Working on one of the action tracks identified by the government to ease the problem, the CBIC has issued a guidance to field offices to extend this period by three months where the container is being taken out of the country in laden condition provided the 6 month period falls before the end of FY22."

"Extension is to be sought by the concerned importer."

Accordingly, the move is expected to reduce the export of empty containers from the country on ground of imposition of import duty, thus, "increasing the availability of containers for the trade".

Lately, disruptions due to the Covid-19 pandemic has resulted in high shipping freight rates and container shortages globally.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter