MM TAX CLUB

Union Minister of State for Commerce & Industry Smt. Anupriya Patel launched the Indian Business Portal - An International Trade Hub for Indian Exporters and Foreign Buyers here today. FIEO in partnership with GlobalLinker, has designed and developed the “Indian Business Portal”, an International Trade Hub for Indian Exporters and Foreign Buyers. This is a B2B digital marketplace to empower SME exporters, artisans and farmers to identify new markets for their products and grow their sales globally.

Launching the portal Smt. Anupriya Patel said, “Indian Business Portal addresses a number of elements which are part of the vision of the Hon’ble Prime Minister and a commitment of this government like digitizing exporters, supporting MSME and encouraging greater exports of products Made in India”. The Minister mentioned that during the pandemic online platforms such as e-commerce have shown immense potential in supporting millions of businesses to sustain themselves.

She further mentioned that this initiative has come at very appropriate time as currently Indian exports are witnessing robust growth. India’s overall exports (i.e. Services and Merchandise) touched USD 676.2 Billion in financial year 2021-2022 as both Services and Merchandise hit record high exports in financial year 2021-2022. India’s overall exports were USD 526.6 Billion and USD 497.9 Billion in 2019-20 and 2020-21 respectively. The Minister  further informed that India’s Merchandise exports had crossed USD 400 Billion milestone in Financial Year 2021-2022 and stood at USD 421.8 Billion which is a phenomenal increase of 44.6 percent and 34.6 percent over 2020-21 and 2019-20 respectively.

Lauding the initiative of FIEO, Smt. Patel said  that Indian Business Portal will be a big encouragement to Indian Startups, SMEs, Artisans & Farmers (GI Products), and Service providers to take their first step toward the exports. She expressed hope that more exporters will engage on the Indian Business Portal and would provide their valued feedback to FIEO. Smt  Patel  also mentioned that this is the most opportune time for the young entrepreneurs to get into business and exports.

Shri Santosh Kumar Sarangi, Director General of Foreign Trade, Govt. of India said tech-enabled governance will play a key role in determining India’s growth and competitiveness. The government is focused on paperless, automated processing systems, simple procedures for trade players, online data exchange between departments, digital payments & acknowledgements. Lauding the efforts of FIEO, he said that Progress in technology helps develop the economy and strengthen Indian firms in the competitive global market.

In his address, Dr. A Sakthivel, President FIEO said that  FIEO has been championing the cause of Indian exporters and in a digital era.  He further stated that FIEO could do much more for the exporters and help boost India’s export opportunities through a digital platform solution. Our SMEs are blessed with vast skills, unique product portfolios and diversity, he added.

Dr. Ajay Sahai, Director General & CEO, FIEO stated that FIEO’s vision is to focus on innovation to provide new and value-added services to exporters.  He said, “Over a period of time, we will seek to build trade corridors with a number of countries for small businesses to trade efficiently through this partnership. The platform will facilitate the enhancement of India's trade linkages for the International markets”.  The portal has a diverse product mix i.e Consumer & Lifestyle Products, Industrial Products, Business Services and Geographical Indication (GI) products. This portal holds special value for artisans and farmers’ products dealing in Indian GI and handicraft products. India has about 370 GI-certified products across various categories, he added.

Shri  Sameer Vakil, Co-founder & CEO, GlobalLinker, said "FIEO is helping businesses navigate international market opportunities through its wide range of progressive initiatives.  He said  that FIEO’s domain expertise, combined with its partnership with GlobalLinker has led to the creation of the Indian Business Portal, where businesses ranging from artisans to women entrepreneurs and from farmers producing GI products to leading star export houses can create digital catalogues for the world to discover. 

Proposing the vote of thanks Mr Khalid Khan, Vice President, FIEO requested the participants to give feedback/suggestion to continually enhance the portal with new features and make it more valuable for the industry.

About the Portal:

Indian Business Portal is the only such marketplace that is exclusive for exporters registered in India and is custom-built to support exporters with a range of bespoke features and relevant partners integrated to build this ecosystem.

  Strategic objectives of Indian Business Portal:

·         Digitizing Indian Exporters and help them become discoverable online

·         Promoting exports from all Indian States

·         Showcasing India’s strength in wide range of Products & Services

·         Encouraging virtual meetings between buyers and sellers

·         Providing a trusted network of Indian Exporters to Foreign Buyers

  14000+ SMEs are registered on the FIEO GlobalLinker platform and of those 2000+ have already joined with over 40,000+products and services listed on Indian Business Portal for the pilot before launch.

 Global Visibility – FIEO will promote the marketplace worldwide to help Indian exporters, SMEs, artisans promote their products and services globally.

 Business Meetings - Facility to create buyer & seller meetings has been provided, and also the option for overseas consumers to directly buy from artisans and exporters who offer smaller quantities of their products.

Geographical Indication (GI) products - A special focus has been dedicated to empowering Indian artisans, farmers, and producers dealing in over 370 Indian Geographical Indication (GI) Categories by helping them digitize their catalogues and showcase their unique offerings globally through Indian Business Portal.

The Institute of Chartered Accountants of India ("ICAI") has issued Handbook on Statement of Donations Received.

Full hand book can be accessed from the below link

The GST rates on certain goods have under gone changes since the introduction of GST. The rate changes are given effect through amending notifications issued from time to time. Requests have been received for publishing a consolidated rate schedule incorporating all the changes. According, this document has been prepared indicating updated rate schedules prescribed vide notification No. 1/2017- Central Tax (Rate) dated 28th June, 2017, notification No.2/2017-Central Tax (Rate) dated 28th June, 2017 and notification No.1/2017-Compensation Cess (Rate) dated 28th June, 2017 as on 01.05.2022.

This document is only for ease of reference and relevant notification will only have legal authority.

Full updated schedule can be downloaded from below link;

MCA vide General Circular No. 04/2022 dated 27^th May 2022 extended due date for filing Form 11 as under;

Relaxation in paying additional fees in case of delay in filing Form 11 (Annual Return) by Limited Liability Partnerships upto 30^th June, 2022.

                This Ministry has received representation seeking extension on timelines for filing the Annual Return (Form 11) by LLPs without paying additional fees. In view of transition from version-2  of MCA-21 to version-3and to promote compliance on part of LLPs, it has been decided to allow LLPs to file e-Form 11 (Annual Return of Limited Liability Partnership) for the Financial Year 2021-22 without paying addition fees up to 30^th June, 2022.

Move addresses dumping concerns of domestic paper industry and also checks re-routing of goods through other countries in lieu of trade agreements

The import policy of major paper products has been amended from ‘Free’ to ‘Free subject to compulsory registration under Paper Import Monitoring System’. A notification to this effect has been issued by DGFT yesterday.

This order shall be applicable on a range of paper products, such as newsprint, handmade paper, wallpaper base, duplicating paper, coated paper, uncoated paper, Litho and offset paper, tissue paper, parchment paper, carbon paper, wall paper, envelops, toilet paper, cartons, account books, labels, bobbins, etc. All imports arriving on or after 1.10.2022 shall be governed by this policy.

Paper products like currency paper, bank bond and cheque paper, security printing paper, etc. have been excluded from this policy change.

Domestic paper industry has been raising issues of dumping of paper products in the domestic market by way of under-invoicing, entry of prohibited goods by mis-declaration, re-routing goods through other countries in lieu of trade agreements.  A large proportion of paper products are imported under “Others” category Tariff Lines. The move will also go a long way in promoting Make In India and Atmanirbhar in this category.

A user friendly interface has been created for the implementation of Paper Import Monitoring System (PIMS). Any importer will be able to obtain an automatic registration number online by paying a registration fee of Rs. 500/- . The importer can apply for registration not earlier than 75th day and not later than 5th day before the expected date of arrival of import consignment. The automatic registration Number thus granted shall remain valid for a period of 75 days. Multiple Bill of Entries shall be allowed in same registration number within the validity period of registration for the permitted quantity. Online facility of registration will be available from 15.07.2022.