Tuesday, June 27

How GST will Impact the Import Export Business

Amid chaos among importers, exporters, traders and manufacturers on how tax will be charged & collected under new tax system; GST (Goods and Services Tax) is just few days away to kick off. From 1st July 2017, the existing taxes on trading of goods and services will be subsumed under new law of tax collection.



Let’s take a look on impact of GST through some important Questions and  Answers on GST for exports and imports.


What is Goods and Services Tax (GST)?


GST is a destination based tax, levied on the consumption of goods and services. The tax will be collected at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In short, only value addition will be taxed and its burden will be borne by the final consumer.


What Destination based Tax on Consumption Exactly Means?


According to Indian Government notification, “the tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply.”


What are CGST, SGST and IGST?


CGST or Central GST covers the areas where Central Government has the powers to impose and collect the tax, while SGST or State GST covers the areas where State Government has the powers to impose and collect the tax.


IGST or Integrated GST is for movement of goods within the states of the Indian union. The tax will be levied and collected by the Union, but it will be transferred over to the states.


Which Existing Taxes are proposed to be subsumed under GST?

The GST would replace the following taxes:

Taxes currently levied and collected by the Centre:

  • Central Excise Duty
  • Excise Duties on Medicinal and Toilet Preparations
  • Additional Excise Duties on Goods of Special Importance
  • Additional Excise Duties on Textiles and Textile Products
  • Additional Customs Duties (commonly known as CVD)
  • Special Additional Duty of Customs (SAD)
  • Service Tax
  • Central Surcharges and Cesses so far as they relate to supply of goods & services

State taxes would be subsumed under GST:
  • State VAT
  • Central Sales Tax
  • Luxury Tax
  • Entry Tax (all forms)
  • Entertainment and Amusement Tax (except when levied by the local bodies)
  • Advertisement Tax
  • Purchase Tax
  • Taxes on Lotteries, Betting & Gambling


How would the Import Export of Goods/Services be treated under GST?


In the course of import and export, supply of goods and services would be taken as Inter-State trade or commerce under GST. It comes under Integrated Goods and Services Tax (IGST) under which tax would be levied on the supply of goods and services in the course of inter-state trade or commerce.


What are the Tax Structure and ITC in the case of Imports?


Import of goods and services would be considered as the inter-state supply of goods and subjected to charge tax under IGST. In addition to IGST, Basic Customs Duty (BCD) would be levied as usual on the import of goods. That means manufacturer, trader and service provider who imports goods and services shall be eligible to offset IGST paid on import of goods and services against output liability. But, the credit of BCD would not be available under proposed law of GST.


What are the Tax Structure and ITC in the case of Exports?

Under GST, no tax would be charged on goods and services exported from India. That means exports would be treated as zero rated supplies. However, credit of input tax will be available as refund to the exporters of India.


Tuesday, April 4

Data of Russia Imports and Exports 2016

Russia relished trade surplus in 2016 as the volume of total exports was higher than volume of total imports. The country recorded USD 103229396000 of trade balance in last year. According to the data of Russia imports and exports 2016, machinery stood as the largest imported and mineral fuel stood as the largest exported product. Let’s have a wider outlook of Russia trade.


Trade Balance Data of Russia 2016




Data of Russia Imports 2016

Russia ranked 24 in total imports during 2016, stood on top in the Commonwealth of Independent States (CIS) countries. As per a report on data of Russia imports, the county has been recording a sharp decline in import value of total commodities since 2012.


Top 5 Import Commodities: Russia imported products of chapter 84 the most in 2016. Plant or laboratory equipment was the largest importing product. Here is the chapter-wise Russia import data of top 5 commodities.


5 Largest Import Partners: Who was the largest import partner of Russia in 2016? Well, it was China, from whom Russia imported products the most in last year. If we look at the data of Russia imports 2016, we understand the following facts and figures.


  • China (20.9%)
  • Germany (10.7%)
  • United States of America (6.1%)
  • Belarus (5.2%)
  • France (4.7%)

Sample: As information is one of the effective tools for business growth, so getting import data of Russia from a reliable intelligence source is required to understand the market and export products into this CIS country. Here is a sample for you to understand which columns are covered in import customs data of Russia. 

Date of Registration
01-03-2016
Declaration Number
10404080/010316/0001898
Russian Importer Name
OOO “DSM Nutrishnl Products, RUS”
Importer Address
423888, Republic of Tatarstan, S. Shilnebash, Ul. Production 16
Name of Exporter
DSM Nutritional Products Ltd
Exporter Address
4303, Kaiseraugst, Wurmisweg 576

Name of the Manufacturer
Brother Enterprises Group
HS Code
2914700000
Product Description
Rovimiks K3 Mnb / Rovimix K3 Mnb – Contents Menadione (Vitamin K3) At Least 43% Nicotinamide Not Less Than 30.5%, 26.5% - Impurities


Recipient Region
Republic of Tatarstan
Currency Code
RUB
Origin Country
China
Destination Country
Russia
Point of Delivery of Goods
Shilnebash
Cargo Release Date
03-03-2016
Gross Weight (KG)
1090
Net Weight (KG)
1000
Customs Value (RUB)
828500
Statistical Value of the Goods (USD)
10915.76
Customs Payments (USD)
2905.32
Customs Payments (RUR)
220511.5

Data of Russia Exports 2016

Russia ranked 15 in total exports during 2016, left other CIS countries behind. The data of Russia exports shows that the country has been recording a decrease in the export value of total products, but enjoying trade surplus.

Top 5 Export Commodities: Russia supplied mineral fuels the most in 2016. According to the data of Russia exports 2016, the country’s largest export commodity in the last year was crude petroleum oil. Here is the chapter-wise Russia export data of 5 top commodities.



5 Largest Export Partners: Netherlands stood as the largest export partner of Russia in 2016. According to a report on data of Russia exports 2016, following information is revealed.


  • Netherlands (10.2%)
  • China (9.8%)
  • Germany (7.4%)
  • Belarus (4.9%)
  • Turkey (4.8%)

Sample: If you want to import any of the commodities from Russia, do keep yourself updated with the market first. Export data of Russia will provide you details of potential Russian exporters from whom you can buy the commodities. Here is a sample for you to understand which columns are covered in the export customs data of Russia. 

Date of Registration
01-04-2016
Declaration Number
10408040/010416/0009224
Russian Exporter Name
OJSC "Volga"
Exporter Address
606407, Nizhny Novgorod region., Balakhna district, G.BALAHNA, Gorkogo, E.1
Name of Importer
JSC "Poligrafsnab"
Importer Address
1113 Sofia, Ul.Tintyava, 100
Name of the Manufacturer
OJSC "Volga"
HS Code
4801000000
Product Description
Newsprint, uncoated paper with a content of 100% wood fibres obtained by mechanical means, not glued, Ground 1kv.m 45G, 52 rolls, the FT 84 CM Sheroh Memory Bendtsen ml / min 90; BM 8; GOST6445- 74 (STSEV1685-79)
Currency Code
EUR
Destination Country
Bulgaria
Point of Delivery of Goods
Balakhnev
Shipping Data of Issue
01-04-2016
Gross Weight (KG)
22018
Net Weight (KG)
21706
Statistical Value of the Goods (USD)
9793.52
Customs Payments (USD)
11.05
Customs Payments (RUR)
750

So, stay informed about Russian market to know various aspects of importing and exporting activities of this CIS country. Remember information is the real tool for business growth. Get the data of Russia imports and exports and take progressive decisions to beat the competition.

For Russia import export data reference, visit @ http://www.russiaexim.com/contact or send an email to info@exportgenius.in.

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Thursday, March 9

I-pad, Tablet and Laptop Import Data of Russia - Foreign Country-wise Analysis

Russia’s biggest import partner of I-pads, tablets and laptops during 1st Jan to 31st Mar 2016 was China. It shared whopping 91.4% value to Russia total imports of these electronic items. As per import data released by Export Genius, the country imported 1619199 pieces of laptop, I-pad and tablet from China in this period. Let’s have a foreign country-wise analysis of i-pad, tablet and laptop import data of Russia.





3 Largest Russia Import Partners of Laptops, I-pads & Tablets Recorded in Q1 of 2016

As we know China is the world’s largest producer of electronic products, Russia imported laptops, I-pads and tablets the most from China. Its share in value stood at 91.4% between 1st Jan to 31st Mar 2016. The country was followed by Vietnam and Taiwan (China). Check out the chart and table below to get complete Russia import statistics of these exporter countries of electronic items.




Foreign Country
Statistical Value in USD %
Quantity in Pieces
Statistical Value in USD
China
91.40%
1619199
282609055
Vietnam
5.42%
115610
16749045
Taiwan (China)
1.78%
15043
5504183


Russia import data of laptops, I-pads and tablets is must for business people who are into electronic industry and want to expand their trade into Russian market. Our report is authentic and helps buyers, suppliers and corporates in decision making process. In which format, we provide import data of Russia? See sample below.

Declaration Number
10005023/030116/0000160
Date of Registration GTD
01-03-16
The Direction of Movement
Them
Russian Importer Name
PJSC "Aeroflot-Russian Airlines"
Address of Importer
119002, Moscow, ul. Arbat 10
Foreign Supplier Name
Aeroflot Russian Airlines
Address of Supplier
10001, NY, New York, 358 Fifth Avenue Suite 1103
Contract Holder Name
PJSC "Aeroflot-Russian Airlines"
Address of Contract Holder
119002, Moscow, ul. Arbat 10
Declarant Name
PJSC "Aeroflot-Russian Airlines"
Address of Declarant
119002, Moscow, ul. Arbat 10
General Customs st-Th
27162693.12
Origin Country
United States
Code of Origin Country
USD
Destination Country
Russia
Code of Destination Country
RU
Point of Delivery of Goods
New York
Currency Contract Code
USD
Type of Transport
Air
Gross Weight (KG)
45
Net Weight (KG)
20.34
Customs Value RUB
27162693.12
The Statistical Value of the Goods USD
372449.34
Customs Payments USD
67349.4
Customs Payments RUR
4911784.76


These are only few important data fields for your reference. Import customs data of Russia is packed with wide-ranging details of every shipment, which enters into Russian ports via sea, air or road. For complete import picture of Russia, you need to buy the data from a trustworthy market research company.

Anything you want to know about this report on i-pad, tablet and laptop import data of Russia, simply fill up an enquiry form at www.russiaexim.com. Or reach us through e-mail at info@exportgenius.in. Remember we are the largest and trusted intelligence source of import export data, providing accurate trade picture of 50+ countries.

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