International trade data has suffered at a voluminous range due to the widespread of CoronaVirus from 2019 to current. However, 2021 has given hopes to countries like India and the United States as the respective countries have successfully launched their individual COVID-19 Vaccines after years of suffering. India Export data is also on the line to boost the manufacturers and exporters of Indian COVID-19 Vaccine named COVAXIN. The United States's CoronaVirus vaccine is also out.
Simultaneously, the United Kingdom has also launched its true and tested Oxford-AstraZeneca. It has been given to the Queen of England and Prince Philip. For now, these three countries are enjoying the advantage of 'request for vaccine export' from other countries. Hence, CBIC (The Central Board of Indirect Taxes and Custom) has decided to permit no added value tax policy on import-export COVID-19 vaccines via courier service.
CBIC, which operates under the Indian Finance Ministry, has revised the Courier Imports and Exports Amendment Regulations. According to the latest announcements by the CBIC, Indian COVID-19 Vaccine exporters will not be obligated to pay any additional taxes or import-export custom duty to proceed with the export of vaccinations successfully.
However, some strict terms and conditions are on the line for exporters to think over. According to the latest amendment regulation, the export will be made in durable containers. The reason being, it requires storage at an uncompromising temperature. Furthermore, during the export, the shipment will be monitored at a keen level, and tracking devices will protect against possible threats from enemy countries. Apart from this, CBIC also constructed a few provisions to process temporary imports of durable containers. And re-use these containers for re-export of the vaccine to the countries in need.
What else does the CBIC say?
For now, the exporters in India are beyond happy as they will get to enjoy the benefit of COVID-19 Vaccine export at a large scale. Not only this, but the
vaccine's export rate will be non-negotiable. Without a doubt, India is going well on the lines of the self-reliant India movement produced by Mr. Narendra Modi, India's prime minister. CBIC has dived deep to recast the relaxations for the import-export of vaccines. It says:
- Proper declarations shall be made during the export, re-import, and re-export of durable containers and additional accessories.
- Stakeholders will be required to coordinate at a close level.
On the one hand, where Indian Exporters are preparing to boost
India export data and obtain profit. On the other hand, India is expecting a voluminous supply of COVID-19 vaccines from domestic manufacturers. But, is the vaccine enough to serve in domestic as well as native countries?