Monthly Archives: November 2013

  • Submission of Form A-3 by SEZs and its Time Limit

    November 27 2013

    As per notification 12/2013 service provided to the SEZ developer or to the service tax unit shall be exempted from the levy of service tax . The modalities of  providing the said exemption was as follows:

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  • Third Party payments for import/export transactions allowed by RBI

    November 19 2013

    • RBI comes out with a circular allowing third party payments for export/import transactions.
    • Normally payment for exports has to be received from the overseas buyer named in the Export Declaration Form (EDF) by the exporter and the payment shall be received in a currency appropriate to the place of final destination as mentioned in the EDF irrespective of the country of residence of the buyer. Similarly, the payments for the import should be made to the original overseas seller of the goods and the AD should ensure that the importer furnishes evidence of import, such as, Exchange Control copy of the Bill of Entry to satisfy itself that goods equivalent to the value of remittance have been imported.
    • Taking into account the evolving international trade practices the said requirement has been liberalised by RBI and has allowed third party payments for import/export transactions subject to satisfying certain conditions.
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