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Import and Export data gives you an insight into the present state of business in the country in a particular industry and also the future prospect in the country. The market is unlimited that ranges from sporting goods, clocks, electronic games, radio, garments, tools, house wares. Absolutely anything can be exported or imported depending on the need of the target segment. All of this requires an export data if product needs to be sent to a particular country or import data if goods need to be imported to Indian market.

The Role Of The Hs Code In Global Importing And Exporting

The HS code system is one key to global trade, which is used by governments to assess customs duties, enforce domestic regulations, perform risk assessment and collect trade statistics. Companies also use the code to determine the landed cost of imported goods and materials so they can identify selling and sourcing opportunities abroad and bring elements of procurement and compliance together in the supply chain.

The HS, or Harmonized Commodity Description and Coding System of tariff nomenclature, is an internationally standardized system of names and numbers that is used to classify traded products. It was developed by the World Customs Organization, also known as the WCO for short, which is still responsible for maintaining the code. The organization has been integral to global trade management for many years, and was formerly called the Customs Co-operation Council. It is an independent intergovernmental organization based in Brussels, Belgium with more than 170 countries as members.

Companies can determine the landed cost of raw materials, semi-finished and finished goods, consisting of the total cost of purchasing, transporting, warehousing and distributing, using this code. Government organizations can determine customs duties, enforce domestic regulations, perform risk assessments and collect statistics using this trade-related numbering system. The digits in the code consist of a four-digit heading, which is part of a six-digit subheading, which cannot be changed. Individual countries may extend the HS number to eight or ten digits for customs or export purposes, however.

Author: Groshan Fabiola

Strategies For Reaching Global Markets

With increase in technology, companies today must be more willing to evolve than ever before. Although business is evolving much faster than much of the government and private sectors, today's businesses have to stay ahead of the curve by being knowledgeable about changes in technology as well as continuing to find new ways to be competitive and meet customer demands. Often, this involves learning to compete on a global level, and exporting is often one of the ways that many of today's corporations and small businesses can increase profits while boosting the local economy.

Unlike offshore outsourcing, exporting is a way of increasing revenues while still creating local jobs. In the US, the Department of Commerce has created local Export Assistance Centers in nearly every state that can help many small businesses export their products and become more competitive. With over 85 percent of US businesses being small to medium sized businesses, these kinds of businesses often do not have the resources, technology, or know how to implement exporting strategies, and these centers help teach these kinds of skills to small business owners and allow for increased technology among today's smaller organizations.

While the majority of US export in all states continue to be primarily to Canada and Mexico as a result of the North American Free Trade Agreement, exports to other countries are continuing to increase as well, with emerging markets centered around parts of Europe, Australia, and even some sectors of the Middle East. In contrast, imports from Southeast Asia continue to rapidly increase, fueling greater demand for more US exports in an effort to further boost the economy. Between 1994 and 2004, it was estimated that small to medium sized businesses accounted for nearly 98 percent of all US exports, and it is expected that within the next five to ten years, these kinds of exports will increase substantially through the result of greater technology and educational efforts.

Many of these EACs are essential to promoting this kind of much-needed growth in the export sector. Many small business owners continue to be reluctant to engage in any kind of foreign trade, and the fact that these EACs often deal directly with foreign customs offices and can match buyers with sellers as well as provide needed documentation greatly eases the burden for many of these organizations. Other helpful organizations that can help small businesses get started in exporting are export trading companies, which specialize in mediation and assuring that US companies get paid for their exports. Often, these kinds of companies will also provide a great deal of training and education about exporting as well.

Ezine Author: Dave Vower

Excise Duty Rates: Chapter 1 to 23

EXPLANATORY NOTES (EXCISE)

Note: All changes come into effect immediately unless otherwise specified.

GENERAL
Enhancement of Standard Rate: - The standard rate of excise duty, which was reduced to 8% in
February 2009 as a part of the Stimulus package on non-petroleum products is now being enhanced from 8% to 10% with a few exceptions. Consequent to the increase in the standard rate, rates of excise duty on certain products like Cement, Large Cars etc. are also being suitably enhanced. Chapter wise changes in excise duty rates, other than enhancement of standard rate from 8% to 10%, are given below:

Chapters 1 to 10

No change.

Chapter 11
11.1 Excise duty exemption on Tapioca Starch & Maize Starch is being withdrawn and these products will now attract excise duty at 4%. (S.No. 3 of Notification 3/2006-CE as amended by the notification 9/2010-CE dated 27.02.2010 refers) 11.2 Excise duty on potato starch is being reduced from 8% to 4 %.( S.No. 3 of Notification 3/2006-CE as amended by the notification 9/2010-CE dated 27.02.2010 refers)

Chapters 12 to 20
No change.

Chapter 21
21.1 Excise duty on Betel nut product known as „Supari. is being fully exempted from excise duty. However, Scented Supari will continue to attract duty at applicable rates. (S.No. 27Aof Notification 3/2006-CE as amended by the notification 9/2010-CE dated 27.02.2010 refers)
21.2 Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Amendment Rules, 2010 have been issued to amend Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008 to effect certain technical changes in the said rules (Notification No. 8/2010-Central Excise (N.T.), dated 27.02.2010 refers).

Chapter 22 & 23
No change.

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Exporters hail budget, thank for Rs 200 cr grant

Tirupur Exporters' Association (TEA) today hailed the one time grant of Rs 200 crore provided in the Union budget towards cost of installation of a Zero Liquid Discharge System to textile cluster in Tirupur.

In a statement here, TEA president A Sakthivel welcomed the Budget 2010-11 and thanked Prime Minister Manmohan Singh, Finance Minister Pranab Mukherjee and Textiles Minister Dayanidhi Maran for conceding the request of Tirupur industry.

Exressing happiness for launching an exclusive skill development programme in textile and garment sector, he said the initiative would help to enhance labour productivity.

He also thanked allocation of Rs 2400 crore to Technology Upgradation Fund Scheme and said this would help for reimbursement of interest under the scheme at time to borrowers who opted for it.

He appreciated the keeping of Customs Duty and Service Tax at same level.

However, Shaktivel expressed concern on discontinuation of 2 per cent Interest Subvention Scheme in pre and post shipment credit available for textile industry and expected that it would be given to knitwear garment sector to have more competitiveness in the global market. Complete coverage

Sources: ndtv profit


Union budget highlights 2010

Union budget 2010 highlights & India budget 2010 highlights: This is going to be death knell for poor. Pranab Mukherjee seems to have failed the poor people of the country. The new budget that is more on promises than anything else is going to be better for the people whole live in the shining India.

But for the poor who make ninety five percent of the billion plus population the budget has dashed hopes for any change in their fortune.

By not raising the minimum tax slab the finance minister has told the people in clearest terms that he and his government don’t give a damn to these people.

During the last more than five years of continued rule of the United Progressive Alliance (UPA) government in New Delhi, inflation has gone through the roof. The price of everything have multiplied from anywhere between four to six times.

When this government first came to power the sugar was being sold for rupees 17, now the sugar is being sold for at least 45-50 rupee per kilo.

Pulses that were being sold for rupees thirty to thirty five are now available in the market for no less than ninety to hundred rupees. Edible oil, petrol, flour and everything that a poor man uses in a daily life have become so much expensive that he thinks twice before buying even essentials.

This has broken the back of the general people.

So the poor thought that with inflation so high and food grains inflation still higher they would be given a break from paying the taxes or at least the burden will be reduced, but here there is no promise for him.

Yes the government has reduced tax for higher slab.

This will further push the poor to poverty and will force him to withdraw his kids from schools. Kids are going to be more malnourished and parents will be forced to take their kids out of schools.

  • To waive excise duty on solar panels
  • Opposition walks out of Parliament over petrol price hike
  • Petrol prices to go up
  • Fresh services to be brought under service tax
  • Service tax to GDP ratio 1%
  • Service tax to result in net revenue gain of Rs 3000 cr
  • Customs duty on silver at Rs 1500/kg
  • Custom duty on gold to be reduced
  • Mobile phones to be cheaper
  • No capital gains tax on conversion of a business entity into Limited Liability Partnership
  • To encourage manufacture of accessories such as battery chargers and hands-free sets, the concessions will be extended the mobile phone sector
  • 5% customs duty on crude petroleum back
  • Peak customs duty unchanged at 10%
  • FM raises central excise duty on all non-petroleum products from 8 to 10 per cent
  • Revenue loss of Rs 26,000 crore on direct tax proposals
  • Stimulus-led excise duty rollback partially reversed
  • FM allows housing projects to complete projects in 5 years instead of 4 years to avail tax break
  • One-time interim relief to housing and real estate sector
  • Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations of their accounts
  • Uproar in Parliament over petrol price rise
  • To levy excise duty of Re 1/litre on petrol
  • New tax rates would offer relief to 60 per cent of tax-payers
  • CET on petroproducts hiked by Re 1
  • Uniform Direct tax receipts to fall by Rs 56,000 cr
  • Standard excise rate up from 8 to 10%
  • Large cars, SUVs excise up to 22% from 20%
  • Sops for real estate, housing projects extended by a year
  • Partial roll back the rate reduction in central excise
  • Direct tax scheme to result in revenue loss of Rs 26,000 cr
  • Compliance burden reduced on professionals and entrepreneurs
  • Corporate tax surcharge down from 10 to 7.5%
  • New income tax slabs will bring relief to the middle class
  • Rs 20,000 additional tax break for infra bonds
  • Minimum Alternate Tax hiked to 18%
  • R&D allocation increased 200%
  • To unveil new Saral 2 form for salaried individuals in two pages
  • Deduction of additional 10% for investment on infrastructure bonds
  • Tax slabs: Broadening 1.6 lakh - Nil above 1.6 lakh-up to 5 lakh 10%
  • 5-8 lakh- 20% above 8 lakh- 30%
  • Tax paying interface to be de-cluttered
  • States to be offered assistance to computerise commercial taxes
  • Greater transparency in tax administration targeted
  • Centralized Tax Centre at Bengaluru fully functional
  • Fiscal deficit at 5.5% for FY'11
  • Rolling target for fiscal deficit 4.2%
  • Gross tax receipts at Rs 7.46 lakh cr
  • New symbol for Indian Rupee
  • Tech advisor group under Nandan Nilekani
  • Allocation for development of micro and small scale sector raised from Rs 1,794 cr to Rs 2,400 cr
  • Rs 2,600 cr for Minority Affairs Ministry
  • To create 50 cr skilled workers by 2022
  • Rs 1,900 cr to UID authority allocated
  • First set of UID to be issued by this year
  • Rs 19,484 cr allocated for road development, to build 20 km of highway every day
  • Subsidy for affordable housing extended
  • Skill development programme for textile and garment sector
  • Pvt sector to meet deficit in grain storage
  • 50% increase in women & child development allocation
  • Development of rural infra remains high priority area
  • Power sector allocation doubled to Rs 5130 cr
  • Rs 400 cr corpus for micro-finance scheme
  • National pension scheme allocation increased
  • States to get Rs 3,675 crore for primary education at rural level
  • Rs 400 cr corpus for micro-finance scheme
  • NREGA allocation to Rs 40,100 crore
  • National Social Security fund to be set up for unorganized sector
  • Urban Development allocation to be raised by 75 per cent
  • 20,000 mw of solar power by 2022
  • Rural development allocation to Rs 61,000 cr
  • Indira Awaas Yojana allocation raised in proportion to plain and hill area housing
  • Development of rural infra remains high priority area
  • Social sector spending at Rs 1.38 lakh cr for FY11
  • Rs 500 cr for Clean Ganga Mission
  • Rs 66, 100 cr for rural development in FY10-11
  • Allocation for school education up from Rs 26, 800 crore to Rs 31, 036 cr
  • Rs 22, 300 crore allocated for Health Ministry
  • Coal regulatory authority proposed
  • Rs 300 cr for Rashtriya Krishi Vikas Yojana
  • Bank farm loan target: Rs 3.75 lakh crore
  • Rs 200 cr To Tamil Nadu for textiles
  • Need to take firm view on opening up of the retail sector
  • National clean Energy Fund to be set up
  • Rs 200 crore to Goa as a special golden jubilee package to restore beaches and increase green cover
  • To provide 2% loan subsidy to farmers
  • Extend loan payment by calamity hit farmers
  • Rs 400cr for four-part strategy for agriculture
  • 2% interest subvention for exports extended
  • Additional banking licenses for pvt players
  • 4 pronged strategy for agriculture
  • Rs 16,500 cr capital support for PSU banks
  • Will consider Parikh report on fuel pricing
  • Goods and services tax to be introduced in 2011
  • Fertiliser subsidy to be reduced
  • GDP growth for FY'10 is seen at 7.2 pc
  • Rs 25,000 cr disinvestment target this year
  • India weathered economic crisis well
  • Direct tax code to be implemented from April 1, 2011
  • Gradual phasing out of economic stimulus
  • Pvt investment can sustain 9 pc growth
  • First challenge: Return to GDP growth
  • Manufacturing growth highest in the past 2 years
  • Indian economy is in a far better position today
  • FM is expected to simplify tax laws in 2010
  • Biggest challenge is to make the growth all inclusive
  • Need to strengthen food security
  • Pranab: Indian economy has stood through the test of time
  • Economic growth slows down to 6 pc in Q3
  • Finance Minister presents Budget 2010
  • Pranab Mukherjee presents his 5th Union Budget
  • Finance Minister Pranab Mukherjee reaches Parliament
  • Inflation is forecast to reach 10 percent in coming weeks
  • Government borrowing was forecast to rise by another 2.2 percent
  • Economists forecast India may cut its fiscal deposit to 5.6% of GDP

Consumers to pay more for petrol, diesel, cars, cigarettes


Consumers will have to pay more for petrol, diesel, cars, TVs, cigarettes, tobacco, air-conditioner, gold and silver as the government today announced hike in excise duty as part of a partial roll back of stimulus measures announced for reviving the economy.

On the other hand, mobile accessories, medical equipment energy efficient CFL lamps, set top boxes, compact disc, toys and books will be cheaper on account of some tax concessions offered on these items by Finance Minister Pranab Mukherjee in the Union Budget for 2010-11.

"Symptoms of economic recovery are widespread and more clear now," he said.

Before announcing the tax measures, Mukherjee substantially cut income tax rates along with other direct tax concessions that would result in a net loss of Rs 26,000 crore to the exchequer.

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