HIGHLIGHTS OF THE FOREIGN TRADE POLICY 2015-2020

A. SIMPLIFICATION & MERGER OF REWARD SCHEMES 

Export from India Schemes:

1. Merchandise Exports from India Scheme (MEIS)

• Earlier there were 5 different schemes (Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri. Infrastructure Incentive Scrip, VKGUY) for rewarding merchandise exports with different kinds of duty scrips with varying conditions (sector specific or actual user only) attached to their use. 
• Now all these schemes have been merged into a single scheme, namely Merchandise Export from India Scheme (MEIS) and there would be no conditionality attached to the scrips issued under the scheme. 
• The main features of MEIS, including details of various groups of products supported under MEIS and the country groupings are at Annexure-1.
• Rewards for export of notified goods to notified markets under ‘Merchandise Exports from India Scheme (MEIS) shall be payable as percentage of realized FOB value (in free foreign exchange). 
• The debits towards basic customs duty in the transferable reward duty credit scrips would also be allowed adjustment as duty drawback. 
• At present, only the additional duty of customs / excise duty / service tax is allowed adjustment as CENVAT credit or drawback, as per Department of Revenue rules.

2. Service Exports from India Scheme (SEIS) 

•  Served From India Scheme (SFIS) has been replaced with Service Exports from India Scheme (SEIS). SEIS shall apply to ‘Service Providers located in India’ instead of ‘Indian Service Providers’. 
• Thus SEIS provides for rewards to all Service providers of notified services, who are providing services from India, regardless of the constitution or profile of the service provider. 
• The list of services and the rates of rewards under SEIS are at Annexure-2. 
• The rate of reward under SEIS would be based on net foreign exchange earned. 
• The reward issued as duty credit scrip, would no longer be with actual user condition and will no longer be restricted to usage for specified types of goods but be freely transferable and usable for all types of goods and service tax debits on procurement of services / goods. 
• Debits would be eligible for CENVAT credit or drawback.

3. Chapter -3 Incentives -(MEIS & SEIS) to be available for SEZs 

It is now proposed to extend Chapter -3 Incentives (MEIS & SEIS) to units located in SEZs also.

4. Duty credit scrips to be freely transferable and usable for payment of custom duty, excise duty and service tax.

5. Concept of Status Holders

• Approved Exporter Scheme - Self certification by Status Holders
• BOOST TO "MAKE IN INDIA"
• TRADE FACILITATION & EASE OF DOING BUSINESS

6. Online filing of documents/ applications and Paperless trade in 24x7 environment.

7. Online inter-ministerial consultations

8. Simplification of procedures/processes, digitisation and e-governance

9. Forthcoming e-Governance Initiatives

          DGFT is currently working on the following EDI initiatives: 

• (i) Message exchange for transmission of export reward scrips from DGFT to Customs. 
• (ii) Message exchange for transmission of Bills of Entry (import details) from Customs to DGFT. 
• (iii) Online issuance of Export Obligation Discharge Certificate (EODC). (iv) Message exchange with Ministry of Corporate Affairs for CIN & DIN. 
• (v) Message exchange with CBDT for PAN. 
• (vi) Facility to pay application fee using debit card / credit card. 
• (vii) Open API for submission of IEC application. 
• (viii) Mobile applications for FTP 

10. New initiatives for EOUs, EHTPs and STPs

11. Facilitating & Encouraging Export of dual use items (SCOMET).

12. Facilitating & Encouraging Export of Defence Exports

13. e-Commerce Exports

14. Duty Exemption - Imports against Advance Authorization shall also be eligible for exemption from Transitional Product Specific Safeguard Duty.

15. Additional Ports allowed for Export and import

16. Duty Free Tariff Preference (DFTP) Scheme - India has already extended duty free tariff preference to 33 Least Developed Countries (LDCs) across the globe. This is being notified under FTP. 

17. Quality complaints and Trade Disputes

18. Vishakhapatnam and Bhimavaram added as Towns of Export Excellence.

Comment on FTP-2015-20

The new foreign trade policy aims to double India’s exports to $900 billion by 2020. To achieve this target, the exports need to grow at about 14% every year. This growth is a function of global recovery, which seems to be distant at present. However, the policy must be lauded for its recognition that exports cannot be made competitive just by throwing sops for exporters. The government has made the duty free scrips freely transferable as per the global norms. This would be used by exporters to pay indirect taxes and duties and will be available to SEZs too. Further, the Export obligation under the Export Promotion Capital Goods Scheme has also been reduced, ostensibly to give a boost to “Make in India”. All these are efforts towards making exports more competitive. What India needs to do is to raise the share of manufacturing in its economy and promote exports of manufactured goods. Towards this direction, the government needs to slash and rationalize import duties further.

TAXATION- BASIS OF CHARGE

INTRODUCTION

• Section 4 of the Income-Tax Act, 1961 (the Act), is the basic charging section under which income-tax is chargeable on the total income of every person. 
• The word “income” is defined under section 2(24) of the Act. 
• As per section 14, all income, for the purpose of charge of income-tax and computation of total income, is classified under five heads of income. 
• Then section 15 is the charging section in respect of “Income from salaries”, section 22 in respect of “Income from house property”, section 28 in respect of “Profits and gains of business or profession”, section 45 in respect of “Capital gains” and section 56 in respect of “Income from other sources”.

Charge of Income-Tax 

Section 4 of the Income-tax Act, 1961 is the charging section which provides that:
(i) Tax shall be charged at the rates prescribed for the year by the annual Finance Act. 

(ii) The charge is on every person specified under section 2(31); 

(iii) Tax is chargeable on the total income earned during the previous year and not the assessment year. (There are certain exceptions provided by sections 172, 174, 174A, 175 and 176); 

(iv) Tax shall be levied in accordance with and subject to the various provisions contained in the Act. 

This section is the back bone of the law of income-tax in so far as it serves as the most operative provision of the Act. The tax liability of a person springs from this section.

TAXATION- BASICS (for UPSC)

BASICS

Income-tax is levied on an assessee’s total income. Such total income has to be computed as per the provisions contained in the Income-tax Act, 1961. Let us go step by step to understand the procedure of computation of total income for the purpose of levy of income-tax -

Step 1 – Determination of residential status

Step 2 – Classification of income under different heads

Step 3 – Exclusion of income not chargeable to tax

Step 4 – Computation of income under each head

Step 5 – Clubbing of income of spouse, minor child etc

Step 6 – Set-off or carry forward and set-off of losses

Step 7 – Computation of Gross Total Income

Step 8 – Deductions from Gross Total Income

Step 9 – Total income

Step 10 – Application of the rates of tax on the total income

Step 11 - Surcharge / Rebate under section 87A

Step 12 – Education cess and secondary and higher education cess on income-tax

Step 13 – Advance tax and tax deducted at source

IMPORTANT DEFINITIONS IN THE INCOME TAX ACT, 1961

(only few imp. included here for UPSC)

Assessee [Section 2(7)] 

Assessee means a person by whom any tax or any other sum of money is payable under this Act. It includes every person in respect of whom any proceeding has been taken for the assessment of his income or assessment of fringe benefits. Sometimes, a person becomes assessable in respect of the income of some other persons. In such a case also, he may be considered as an assessee. This term also includes every person who is deemed to be an assessee or an assessee in default under any provision of this Act. 

Person [Section 2(31)] 

The definition of ‘assessee’ leads us to the definition of ‘person’ as the former is closely connected with the latter. The term ‘person’ is important from another point of view also viz., the charge of income-tax is on every ‘person’. The definition is inclusive i.e. a person includes, 

(i) an individual, 

(ii) a Hindu Undivided Family (HUF), 

(iii) a company, 

(iv) a firm, 

(v) an AOP or a BOI, whether incorporated or not, 

(vi) a local authority, and 

(vii) every artificial juridical person e.g., an idol or deity. 

We may briefly consider some of the above seven categories of assessees each of which constitutes a separate unit of assessment.

Income [Section 2(24)] 

Section 2(24) of the Act gives a statutory definition of income. This definition is inclusive and not exhaustive. Thus, it gives scope to include more items in the definition of income as circumstances may warrant. At present, the following items of receipts are included in income:—

(1) Profits and gains. 

(2) Dividends. 

(3) Voluntary contributions received by a trust/institution created wholly or partly for charitable or religious purposes or by an association or institution referred to in section 10(21) or section (23C)(iiiad)/(iiiae)/(iv)/(v)/(vi)/(via) or an electoral trust.

(4) The value of any perquisite or profit in lieu of salary taxable under section 17. 

(5) Any special allowance or benefit other than the perquisite included above, specifically granted to the assessee to meet expenses wholly, necessarily and exclusively for the performance of the duties of an office or employment of profit. 

(6) Any allowance granted to the assessee to meet his personal expenses at the place where the duties of his office or employment of profit are ordinarily performed by him or at a place where he ordinarily resides or to compensate him for the increased cost of living.

(7) The value of any benefit or perquisite whether convertible into money or not, obtained from a company either by a director or by a person who has a substantial interest in the company or by a relative of the director or such person and any sum paid by any such company in respect of any obligation which, but for such payment would have been payable by the director or other person aforesaid. 

(8) The value of any benefit or perquisite, whether convertible into money or not, which is obtained by any representative assessee mentioned under section 160(1)(iii) and (iv), or by any beneficiary or any amount paid by the representative assessee for the benefit of the beneficiary which the beneficiary would have ordinarily been required to pay. 

(9) Deemed profits chargeable to tax under section 41 or section 59. 

(10) Profits and gains of business or profession chargeable to tax under section 28. 

(11) Any capital gains chargeable under section 45. 

(12) The profits and gains of any insurance business carried on by Mutual Insurance Company or by a cooperative society, computed in accordance with Section 44 or any surplus taken to be such profits and gains by virtue of the provisions contained in the first Schedule to the Act. 

(13) The profits and gains of any business of banking (including providing credit facilities) carried on by a co-operative society with its members. 

(14) Any winnings from lotteries, cross-word puzzles, races including horse races, card games and other games of any sort or from gambling, or betting of any form or nature whatsoever. For this purpose, (i) “Lottery” includes winnings, from prizes awarded to any person by draw of lots or by chance or in any other manner whatsoever, under any scheme or arrangement by whatever name called; (ii) “Card game and other game of any sort” includes any game show, an entertainment programme on television or electronic mode, in which people compete to win prizes or any other similar game. 

(15) Any sum received by the assessee from his employees as contributions to any provident fund (PF) or superannuation fund or Employees State Insurance Fund (ESI) or any other fund for the welfare of such employees. 

(16) Any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy will constitute income. “Keyman insurance policy” means a life insurance policy taken by a person on the life of another person where the latter is or was an employee or is or was connected in any manner whatsoever with the former’s business. 

(17) Any sum referred to clause (va) of section 28. Thus, any sum, whether received or receivable in cash or kind, under an agreement for not carrying out any activity in relation to any business; or not sharing any know-how, patent, copy right, trade-mark, licence, franchise, or any other business or commercial right of a similar nature, or information or technique likely to assist in the manufacture or processing of goods or provision of services, shall be chargeable to income tax under the head “profits and gains of business or profession”. 

(18) Any sum of money or value of property referred to in section 56(2)(vii) or section 56(2)(viia) [Refer to Unit 5 of Chapter 4 “Income from Other Sources”]. 

(19) Any consideration received for issue of shares as exceeds the fair market value of the shares referred to in section 56(2)(viib) [Refer to Unit 5 of Chapter 4 “Income from Other Sources”]. 

(20) Any sum of money referred to in section 56(2)(ix) [Refer to Unit 5 of Chapter 4 “Income from Other Sources”]. 

(21) Assistance in the form of a subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement, by whatever name called, by the Central Government or a State Government or any authority or body or agency in cash or kind to the assessee is included in the definition of income.

NOTE- Subsidy or Grant which are not included in the definition of income u/s 2(24)

• Subsidy or grant or reimbursement taken into account for determination of actual cost of depreciable asset.
•  Subsidy or grant by the Central Government for the purpose of the corpus of a trust or institution established by a Central Govt. or State Govt., as the case may be.

India [Section 2(25A)] 

The term 'India' means – 

(i) the territory of India as per article 1 of the Constitution, 

(ii) its territorial waters, seabed and subsoil underlying such waters, 

(iii) continental shelf, 

(iv) exclusive economic zone or 

(v) any other specified maritime zone and the air space above its territory and territorial waters. 

Specified maritime zone means the maritime zone as referred to in the Territorial Waters, Continental Shelf, Exclusive Economic Zone and other Maritime Zones Act, 1976. 

Organizational Goals

Definition of Goal

Goals have been defined by organisation theorists like V.H. Vroom in 1960 and A. Etzioni in 1964 as “desired future state of affairs”. Generally speaking, goals are the objectives, aims or purposeswhich are to be achieved by an organisation over varying periods of time. Goals are the result of planning which is related to future as described by Vroom and Etzioni. Planning is required both for choosing the goals and attaining the goals.

The words aim, goal, mission, objective or purposes are used interchangeably in general practice.Bertram M. Gross has tried to draw a line of distinction in the use of these terms. 

According to him Mission is a general term which denotes the fundamental reason for the organization’s existence.It incorporates idealism relating to objectives within its frame. The idealism which forms part of the mission presents a very difficult or an impossible aim. For example, the labour unions have the mission of organizing the unorganized or a political party has the mission of providing the government free from all types of exploitation. Mission, therefore, reflects the long term commitment of the organisation.Mission is generally associated with non-business organisation. A government may announce its mission in terms of eradicating poverty, unemployment, economic and social inequality etc. Purpose according to Gross is an all inclusive term which refers to commitment of desired future. 

An Objective may be defined as a specific category of purpose for which the organisation is committed. The objective may be production of goods or services, efficiency etc.

A Goal is even more specific and fine than the objective. An increase in production may be the objective but when its objective is expressed in relation to particular norms or standard such as increase in production by 10 units per man per week, it becomes a goal. 

These distinctions become imperative when the organisation follows the policy of Management by objectives.

Importance of Organisa­tional Goals:

Organisational goals are essential to regulate and control the functioning of individuals and groups inter se and also individuals and group in relation to organisation.

1. Focus Attention of Individuals and Groups to Specific Activities and Efforts of Organisations

2. Provide a Source of Legitimacy to Action by Members:

3. Serve as a Standard of Performance

4. Affect the Structure of Organisation

5. Provide Clues about the Nature and Character of Organisation

1. Focus Attention of Individuals and Groups to Specific Activities and Efforts of Organisations:

When organisation’s goals are known to individuals and group, it will help them in channelizing their activities towards attaining organisation’s goals. In other words the goals prescribe the course of action to individuals and groups which will be helpful and complementary to the achievement of organisation’s goals.

2. Provide a Source of Legitimacy to Action by Members:

Once this course of action has been decided for the individuals and the groups within the framework of organisational goal, it will promote legitimacy and justification to individual’s or group’s actions and decisions.

3. Serve as a Standard of Performance:

Goals provide a measure of individual’s or group’s performance. They may help the organisation members to evaluate the level of their performance in the perspective of organisation’s goals.

4. Affect the Structure of Organisation:

Goals and structure are intimately related to each other. The relationship among people in the form of authority and responsibility or the positions to be created at different levels has to be decided on the basis of organisational goals. In other words, what the organisation proposes to do will be determined by the organisational setup it will structure. Similarly, it will be the structure also which will influence the goals.

5. Provide Clues about the Nature and Character of Organisation:

The nature and character of an organisation may be known by its goals. For instance, the goal of maintaining the quality of product without much regard to return on investment may help the outsider to hold the organisation and its members in very high esteem.

Peter Drucker emphasises the point that goals are important in every area of enterprise more specially when performance and results are directly related to its survival and prosperity.

In these vital areas, goals will enable managers to:

(i) Organize and explain the whole range of business phenomena in a small number of general statements.

(ii) Test these statements in actual experience

(iii) Predict behaviour

(iv) Apprise the soundness of decisions when they are still being made and

(v) Analyze their own experience and as a result improve their own performance.

Drucker suggests eight specific areas in which goals have to be set in terms of performance and results.

These are:

(1) market standing,

(2) innovation,

(3) productivity,

(4) physical and financial resources,

(5) profitability.

(6) Manager performance and development,

(7) worker performance and

(8) public responsibility.

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Insolvency and Bankruptcy Code, 2016

In India, the legal and institutional machinery for dealing with debt default has not been in line with global standards. The recovery action by creditors, either through the Contract Act or through special laws such as- 

• Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has not had desired outcomes. 
• Sick Industrial Companies (Special Provisions) Act, 1985 and the winding up provisions of the Companies Act, 1956 have neither been able to aid recovery for lenders nor aid restructuring offirms.
• Laws dealing with individual insolvency, the Presidential Towns insolvency Act, 1909 and the Provincial Insolvency Act. 1920, are almost a century old.

This has hampered the confidence of the lender. When lenders are unconfident, debt access for borrowers is diminished. This reflects in the state of the credit markets in India. Secured credit by banks is the largest component of the credit market in India. The corporate bond market is yet to develop. 

Objective of the new law

• to promote entrepreneurship, 
• availability of credit, and 
• balance the interests of all stakeholders by consolidating and amending the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner and 
• for maximization of value of assets of such persons and matters connected therewith or incidental thereto

  Aim of law

• to consolidate the laws relating to insolvency of companies and limited liability entities (including limited liability partnerships and other entities with limited liability), unlimited liability partnerships and individuals, presently contained in a number of legislations, into a single legislation. 
• Such consolidation will provide for a greater clarity in law and facilitate the application of consistent and coherent provisions to different stakeholders affected by business failure or inability to pay debt

The salient features of the law are as follows: 

i- Clear, coherent and speedy process for early identification of financial distress and resolution of companies and limited liability entities if the underlying business is found to be viable. 

ii- Two distinct processes for resolution of individuals, namely- “Fresh Start” and “Insolvency Resolution”. 

iii- Debt Recovery Tribunal and National Company Law Tribunal to act as Adjudicating Authorityand deal with the cases related to insolvency, liquidation and bankruptcy process in respect of individuals and unlimited partnership firms and in respect of companies and limited liabilities entities respectively. 

iv- Establishment of an Insolvency and Bankruptcy Board of India to exercise regulatory oversight over insolvency professionals, insolvency professional agencies and information utilities. 

v- Insolvency professionals would handle the commercial aspects of insolvency resolution process. Insolvency professional agencies will develop professional standards, code of ethics and be first level regulator for insolvency professionals members leading to development of a competitive industry for such professionals. 

vi- Information utilities would collect, collate, authenticate and disseminate financial information to be used in insolvency, liquidation and bankruptcy proceedings. 

vii- Enabling provisions to deal with cross border insolvency.

VISION of law

The vision of the new law is to encourage entrepreneurship and innovation. Some business ventures will always fail, but they will be handled rapidly and swiftly. Entrepreneurs and lenders will be able to move on, instead of being bogged down with decisions taken in the past. 

Pillars

A key innovation of the Insolvency and Bankruptcy Code is four pillars of institutional infrastructure. 

• First pillar is a class of regulated persons, the ‘Insolvency Professionals’. They would play a key role in the efficient working of the bankruptcy process. They would be regulated by ‘Insolvency Professional Agencies’. 
•  Second pillar is a new industry of `Information Utilities'. These would store facts about lenders and terms of lending in electronic databases. This would eliminate delays and disputes about facts when default does take place. 
• Third pillar  is in adjudication. The NCLT will be the forum where firm insolvency will be heard and DRTs will be the forum where individual insolvencies will be heard. These institutions, along with their Appellate bodies, viz., NCLAT and DRATs will be adequately strengthened so as to achieve world class functioning of the bankruptcy process.
• The fourth pillar of institutional infrastructure is a regulator viz., ‘The Insolvency and Bankruptcy Board of India’. This body will have regulatory over-sight over the Insolvency Professional, Insolvency Professional agencies and information utilities.

Challenges in implementation

• The NCLT will face the biggest challenge in the process of transitioning existing cases to the IBC.
• Adjudication capacity need to be enhanced, otherwise NCLT will fail to hear and dispose cases in a timely manner from the start. If it compromised due to capacity constraints, the effectiveness of the IBC will get diluted.
• NCLT concern is regarding the case law that develops under the IBC. Given that it is a new law, the procedures and common practices under it need to develop independently from the case laws under the pre-IBC regime. For this, the IPs, the IUs, the NCLT and the IBBI all need to be properly set up and functioning in a manner envisaged by the IBC.
• IPs form the backbone of the IBC. To ensure that the IPs perform their role without any misfeasance, well-defined entry barriers to the profession must be designed and the IPs must be closely regulated by the IBBI. A qualification examination has been proposed to get registered as IPs. This is modelled after the best practices of other jurisdictions such as Canada and the UK that have a well-functioning industry of IPs.
• The IBBI, however, has now licensed the first batch of IPs only on the basis of their professional experience.  IPs registered in the first round also need to be prepared to handle the complexities of the existing cases. The IBBI needs to have adequate capacity to monitor the IPs and ensure that malpractice and fraud do not seep into the profession in the early days. For this, the IBBI needs to ramp up its human resources and its IT capability and build a far greater level of preparedness than it is at, right now.
• The lack of IU infrastructure is going to be another challenge.
• All information regarding the creditors’ claims needed by an IP to form the committee can be easily collected from the IUs. It is therefore likely that in absence of IUs, initiating a case as well as forming the creditors’ committee will take far longer than envisaged in the IBC design. First, the delay in forming the creditors’ committee will reduce the time available to agree on a resolution plan. Secondly, the NCLT may exercise its judicial discretion and extend the CIRP beyond the time limit specified in the law.

The manner in which the IBC is currently being implemented seems to focus more on expeditiously operationalising the law rather than effectively implementing it. These concerns, if not addressed suitably, will defeat the purpose of enacting a new insolvency law to improve the recovery rate in order to promote the development of credit markets and entrepreneurship.

Suggestions

The IBC is an important reform for India and its successful implementation depends on meticulous transition planning. The first cases coming to the IBC are likely to be the existing corporate insolvency cases. Four steps are needed to ensure that these do not impact the design and effectiveness of the IBC in an adverse manner. 

The capability of the NCLT needs to be developed with adequate project planning. This could mean a special bench designated only for the IBC cases, scaled to the expected IBC case load and trained in dealing with commercial matters including the complexities of the existing cases. The NCLT needs to ensure that for any case coming to the IBC, whatever be its priors, the IBC provisions are followed without any exception. If the NCLT is built like a conventional Indian tribunal, it can develop a multi-year backlog very soon.

It is critical that the winding-up cases that come to NCLT are disposed of separately from the IBC cases and their outcomes in no way impact the IBC case laws. The capacity of the IBBI needs to be brought to scale as quickly as possible so that no malpractices or adverse priors develop in the IP practice and the entry barriers to the profession need to be implemented in accordance with the law. India has a long history of failure in the regulation of professions. The regulatory system for IPs must be designed to avoid creating yet another failed profession.

Finally, the IUs need to be operationalised. In their absence, the IBBI needs to specify clear guidelines that enable the timely admission and disposal of the existing cases. This means a rapid creation of regulatory capacity in terms of people, processes and information technology systems.

Adequate institutional capacity is essential to ensure that the IBC does not suffer from the predicament of earlier reform attempts such as the DRTs. Doing all of these needs time and needs proper planning. Rushing through the implementation of the new law may serve to improve India’s ranking in World Bank’s ‘Doing Business’ report but may not result in a de facto improvement of the insolvency resolution framework, thereby defeating the very purpose of the IBC.

Conclusion

The Insolvency and Bankruptcy Code is thus a comprehensive and systemic reform, which will give a quantum leap to the functioning of the credit market. It would take India from among relatively weak insolvency regimes to becoming one of the world's best insolvency regimes. It lays the foundations for the development of the corporate bond market, which would finance the infrastructure projects of the future. The passing of this Code and implementation of the same will give a big boost to ease of doing business in India.

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