Anti-dumping duty on Chinese chemical for 5 years

Source: The Economic Times, Dec 16, 2018

The revenue department has imposed anti-dumping duty for five years on a Chinese chemical used in making detergents to guard domestic players from cheap imports from the neighbouring country.

The levy on ‘Zeolite 4A’ [Detergent grade] has been imposed on recommendations of Directorate General of Trade Remedies (DGTR) after conducting a probe in this regard.

The duty in the range of USD 163.90-207.72 per tonne of the chemical will remain in force for five years (unless revoked, superseded or amended earlier), said the Central Board of Indirect Taxes and Customs (CBIC) in a notification.  Read the rest of this entry »

Advertisements

Duty drawback rate increase to boost textile exports from India

Source: Business Standard, Dec 12, 2018

Mumbai: The government’s decision to raise the duty drawback rates will boost textile and apparel exports, experts said.

Despite several incentives offered by the government to boost textile and apparel exports, their shipment from India stagnated between $32 billion and $37 billion for over seven years.

For the financial year 2017-18, India witnessed textile and apparel exports to the tune of $36.05 billion as against the target of $45 billion. Now, the government has set yet another challenging target of $82 billion by 2021.

Read the rest of this entry »

Government permits export of gold idols with certain conditions

Source: The Economic Times, Dec 03, 2018

NEW DELHI: The government has allowed export of gold idols of eight carats and up to 24 carats with certain conditions, according to a notification of the commerce ministry.

However, these exports are allowed only from domestic tariff area.

Foreign trade policy has been amended “to allow export of gold idols (only gods and goddess) of 8 carats and above (up to 24 carats) from domestic tariff area,” Directorate General of Foreign Trade (DGFT) has said in a notification.

The conditions for overseas shipments of the idols include 100 per cent examination of these exports by the approved government valuer, foreign remittance has to be realised within a period of three months from the date of exports, and mandatory submission of export order by exporters.

Exporters would also have to make clear distinction between a religious idol and simply moulded gold article/idol.

Besides, the exports would be allowed only by actual manufacturers of such idols, the notification said.

Modi government to change customs duty architecture to boost trade, ease of doing business

Source: The Economic Times, Dec 03, 2018

NEW DELHI: After rolling out the most comprehensive indirect tax reform – the goods and services tax – the Narendra Modi-led NDA government is set to unleash the next generation of changes to the customs duty architecture to speed up India’s trade and improve the ease of doing business.

The proposed changes seek to do away with face-to-face contact with tax officials, automate the release of goods and ensure e-traceability of shipments, measures that can substantially reduce corruption and allow faster movement of merchandise.

“We want to go in for something which will be radically different from what we have been doing. We are going to venture into a new territory called faceless assessment… We could start a pilot in a month’s time,” Central Board of Indirect Taxes and Customs chairman S Ramesh told ET in an exclusive interview. Read the rest of this entry »

India seeks to ease biggest hurdle for factories with new policy

Source: The Economic Times, Nov 30, 2018

Prime Minister Narendra Modi plans to unveil a long-awaited industrial policy soon to boost domestic manufacturing and accelerate economic growth before federal polls next year.

Under the new plan, a company need not purchase land or equipment but could lease them on long-contract basis helping lower costs and cut down time on setting up operations, secretary to the Department of Industrial Policy and Promotion Ramesh Abhishek said in an interview. Units located in industrial clusters may be able to share infrastructure. Read the rest of this entry »

RBI eases liquidity squeeze for NBFCs, small businesses; relaxes ECB hedging guidelines

Source: Financial Express, Nov 27, 2018

Amid persisting concerns in the government over a liquidity squeeze in the non-bank lenders (NBFC) segment and its adverse effect on the financing of small businesses, the Reserve Bank of India on Monday announced further easing of the hedging norms for external commercial borrowings (ECBs).

According to a circular issued by the central bank, for ECBs of maturity period between three-five years, the mandatory hedging requirement will now be 70%, instead of 100%. Also, for such ECBs already raised, the existing hedges would be required to be rolled over only to the extent of 70% of the outstanding amount. Read the rest of this entry »

Government to implement social security code in three phases

Source: The Economic Times, Nov 26, 2018

The labour ministry has decided to implement the much-awaited social security code in phases after fears emerged that some of the controversial proposals in the comprehensive draft legislation could delay the entire reform process.

The proposal includes vesting all powers of EPFO and ESIC in state social security boards while converting the two central organizations into fund managers, which the ministry feels, could ignite controversy.

Instead, the ministry will now go ahead with the launch of a nationwide mandatory social security scheme while putting on hold the other debatable proposals, a senior government official told ET. Read the rest of this entry »