Central Board of Indirect Taxes and Customs (CBIC) has started capturing district-wise data on origin of export goods that will feed into national level trade policy making. The move is aimed at turning districts into export hubs. The additional information from the export declarations will provide a key statistical input to policy makers on the importance of each district for exports and will help in aligning the policies to enhance local capacity, the board said in a statement Monday. Additionally, the export declarations would also capture declarations by exporters intending to avail free trade agreements or preferential trade agreements for exports to partner countries. “This would provide critical data on the gains being made by Indian exporters under FTAs/PTAs and help the government align India’s foreign trade policy in nation’s best interests,” the board said. Further, CBIC has now made it mandatory that every goods and services tax (GST) registered … [Read more...] about CBIC starts capturing district-wise data on origin of export goods
Canadian trade minister
NEW DELHI: Commerce and Industry Minister Piyush Goyal on Monday proposed to discontinue export incentives under a scheme to the services sector as it has not helped India "increase shipments positively". The foreign trade policy provides tax incentives under the Service Exports from India Scheme (SEIS) to several services industries. Depending on the nature of services, the government gives duty credit scrips or certificates. The scheme offers reward at 5 per cent or 7 per cent of net foreign exchange earned and covers service providers located in India. "So, I am proposing that from the earliest opportunity, (we should) discontinue this SEIS in its current form. It has not helped us to increase our exports positively," he said here at a function. He said that industry has to get out of the mind set of subsidies as they are detrimental to India's long-term interests. "For example, we now give subsidies on services exports. I have gone through the list in great details, barely … [Read more...] about Piyush Goyal proposes to discontinue export incentives for services exports under SEIS
In a month-long stare-down game, New Delhi has blinked before Dalal Street — even if for a fleeting moment. Finance minister Nirmala Sitharaman’s hurried ‘Mini Budget’ on Friday has tried to dispel the shadow cast by her disheartening maiden Budget in July. Sitharaman’s choice of words, body language and seemingly ardent promises to do more in order to keep alive the hope of businessmen and traders in dealing rooms is a testimony of a government that is slowly beginning to sense that the road to the making of ‘New India’ will have twists, turns & occasional bumps. It’s somewhat even reassuring to see that the Narendra Modi government is willing to accept that the slowdown is not just another story spun by social media spin-meisters and vocal lobbies — and that the gathering cloud over the job market would simply blow over with the advent of the festival season. Now, we are left to ponder over the weekend the single-most … [Read more...] about Are Nirmala Sitharaman’s announcements good enough to reverse a slowing growth?
In Hubei, the epicentre of the outbreak, health officials reported 1933 new cases and 100 new deaths on February 16, the lowest daily death count since February 11. The number of new cases rose nearly 5 per cent from the previous day, but the number of deaths fell from 139. … [Read more...] about Virus cases rise again in China
GlaxoSmithKline (GSK) Plc is exploring its exit from Hindustan Unilever Limited (HUL), the Indian unit of Unilever Plc, early in the New Year, said people with knowledge of the matter. This comes about a year after the former’s publicly traded nutrition business, GSK Consumer Healthcare, agreed to merge with the country’s largest pure play consumer goods company, said multiple people aware of the matter. GSK Plc said it would sell the stake once the merger was completed in early 2020. It didn’t say when it would do so and that the sale would occur in “tranches”. The company is hoping to cash out what will be a near 6 per cent stake in HUL after a pending merger approval comes through, possibly by the end of this month. The groundwork has already been initiated with feelers going out to some marquee institutional investors keen to buy into the India consumption story. On completion of the merger, GSK’s stake, based on the Friday close of Rs … [Read more...] about GSK weighs multi-billion New Year bonanza by cashing out HUL stake