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
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Considering the fact that Chinese have long prized gold for its financial and symbolic value, analysts believe that traditions and increasing prosperity will continue boosting demand for gold and hence further facilitate China's gold trade with regions and countries participating in the Belt and Road Initiative. … [Read more...] about Bullion sector banks on B&R Initiative
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?
A similar programme, "Kem Chho Trump" (Gujarati expression for how are you Trump), has been now organised (in Ahmedabad) ahead of the US elections, chiefly because of a sizable number of Gujarati people living in America, the Shiv Sena claimed. "But this visit of President Trump is neither going to stop further fall of rupee in the forex market nor offer betterment to those behind the wall (being built in front of slums in Ahmedabad)," it said. … [Read more...] about Donald Trump’s India visit preparations show ‘slave mentality’: Shiv Sena