GST Council to meet on Oct 6, may dole out sops to exporters

Source: Times of India, Sept 20, 2017

NEW DELHI: The 22nd meeting of the GST Council, chaired by Union Finance Minister Arun Jaitley, will be held on October 6 to deliberate on GSTN glitches and ironing out issues faced by exporters, a ministry official has said.

The meeting was scheduled to be held on October 24 but was preponed in view of the engagements following Diwali festival.

The next meeting of the Council will be held through video conferencing on October 6, the official said.

This will be the second time that the Council meeting would be held through video conferencing. The last such meeting was held on July 17 — the first meeting after the roll out of Goods and Services Tax (GST) from July 1.

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No GST on packaged food products if rights foregone on brand

Source: LiveMint.com, Sept 21, 2017

NEW DELHI: Packaged food products will not face goods and services tax at the rate of 5% if the manufacturer declares to voluntarily forego any actionable claim or enforceable right on the brand name.

“5% GST will, however, not apply if the person concerned voluntarily foregoes any actionable claim or enforceable right on such brand name, subject to the conditions,” a finance ministry statement said on Wednesday. The entity will have to file an affidavit to the effect that it is voluntarily foregoing actionable claim or enforceable right on such brand name with the jurisdictional Commissioner of Central Tax or State Tax, or the jurisdictional officer of Union Territory Tax, it said. Read the rest of this entry »

France’s Engie SA, Dubai’s Abraaj to set up wind power platform in India

Source: LiveMint.com, Sept 21, 2017

New Delhi: French energy firm Engie SA and Dubai’s private equity firm Abraaj Group on Wednesday announced a partnership to build a wind power platform in India.

“Together, Abraaj and Engie have identified a robust pipeline of wind power projects representing over 1 GW (gigawatt) in several key states,” the companies said in a joint statement.

Foreign investments are crucial for India’s renewable energy industry as the lower cost of foreign capital and the size of the market has helped bring down tariffs.

“Energy demand is growing tremendously in India, and Engie is investing in green energy sources as part of supporting the country with its sustainable development plans,” said Sébastien Arbola, chief executive of Engie Middle East, South and Central Asia and Turkey in the note. Read the rest of this entry »

South Korea to broaden FTA scope with India to boost trade, investment

Source: Business Standard, Sept 20, 2017

New Delhi: South Korea on Wednesday called for broadening the scope of free trade agreement (FTA) with India for boosting two-way commerce and investments.

South Korean Deputy Minister for trade, industry and energy Young Sam Kim said that there is a need to enhance cooperation in manufacturing and infrastructure sectors.

The world-class technology of Korea in the manufacturing sector can help India achieving the objectives of Make in India initiative besides in smart city development, he said.

Read the rest of this entry »

M&M to acquire tractor manufacturing, foundry firms in Turkey for Rs 735 cr

Source: Business Standard, Sept 20, 2017

New Delhi: Mahindra & Mahindra (M&M) on Wednesday said it has signed pacts with Turkey-based Erkunt group to acquire its tractor manufacturing and foundry businesses for about Rs 735 crore.

M&M said it will acquire Erkunt Traktor Sanayii for Rs 478 crore, a move which is aimed at entering the fourth largest tractor market in the world.

Besides, it has inked a share purchase agreement to acquire 80 per cent stake in Erkunt Sanayi AS for Rs 257 crore. The entity is engaged in production of engine blocks, cylinder heads and transmission cases. Read the rest of this entry »

Reliance Industries plans major expansion at world’s largest oil refinery complex

Source: The Economic Times, Sept 21, 2017

NEW DELHI: Reliance Industries (RIL) is keeping its options open to significantly expand its giant Jamnagar refinery in the long run depending on fuel demand, but it has not taken any investment decision for such a project, according to industry sources and an agency report.

Jamnagar already has a capacity to process 60 million tonne of crude oil a year, making it the biggest refining complex in the world.

The company can expand this capacity to 100 million tonne a year by 2030 at an estimated cost of $10 billion, Reuters reported, citing two sources that the news agency did not identify. Read the rest of this entry »

India to hit 20 Gw of installed solar capacity by FY18-end: Report

Source: Business Standard, Sept 20, 2017

New Delhi: India will reach the level of 20 Gw of installed solar capacity by the end of this financial year, consultancy firm Bridge to India said on Tuesday.

India installed 7.5 gigawatts (Gw) in the last four quarters and the total utility-scale solar capacity hit 16.2 gw by September 2017, the firm said in its latest report.

According to the study, an additional 10-Gw capacity has been allocated to developers and is in various stages of development. Read the rest of this entry »