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The Dollar Business Bureau Traders' body Confederation of All India Traders (CAIT) on Tuesday urged the Government for exempting branded as well as non-branded food commodities with registered trade mark, from the Goods and Services Tax (GST).  The traders' body reasoned that the differentiation made by the GST Council for levying 5% tax on branded food items with a registered trademark will promote adulteration and result in lower remunerative prices for farmers even for high quality produce. In a letter to Finance Minister Arun Jaitley, CAIT said, “Under the pretext of 'branded' products, these items have been made taxable at 5% which will prove to be detrimental and in contradiction of the intention of the government.”  CAIT further said that small firms who are manufacturing food grains, pulses and other ...

The Dollar Business Bureau Due to small businesses, which may not have the digital and technological means necessary to adapt to the GST regime, the Confederation of All India Traders (CAIT) has requested for a delay in the nation-wide roll out of GST. The new tax regime is scheduled to commence on July 1, 2017, after its final draft gets ratified in the parliament during the second half of budget session. CAIT argues that this gives only a 60 day bracket for small traders to transition into GST. Requesting for the implementation to be postponed to September 1, 2017, the leading trade association says that this would give enough time for small traders to understand and adopt the new tax mechanism. "Nearly 70% of small businesses in the country are yet to ...

Aamir H Kaki In an unexpected move, Prime Minister Narendra Modi announced the demonetisation of Rs.500 and Rs.1,000 notes from midnight. This move has been welcomed by the industry leaders, who said that it has been a ‘bold step’ and a great attack by government to curb black money. But what would be the impact on corporates, exporters and bankers, on this move by the government. Let us take a look. SMEs: Many SMEs operate on cash for small transactions as well as for employee payments. The sudden demonetistion will hamper trade in the short term, though most see it as a positive for the sector. Viren Bavishi, Director, Trade Association of Information Technology (TAIT), the association of SMEs in IT sector, says, “Now ...

The Dollar Business Bureau Amid the ongoing social media campaigns to boycott Chinese goods in Diwali festival, China on Thursday warned that any such decision will negatively impact the India-bound investments from Chinese enterprises and also the bilateral relations between the two neighbours. China also underlined that while China’s exports will suffer marginally due to any such move, the biggest losers will be the Indian traders and consumers. "The exports to India accounted for only 2% of China's total exports and India's boycott of Chinese goods will not have much impact on China's exports."China is more concerned that the boycott will negatively affect Chinese enterprises investing in India and the bilateral cooperation, which both Chinese and Indian people are not willing to see," the Chinese ...

The Dollar Business Bureau Demand for China-made goods has gone down by 45% this Diwali, with many retailers abstaining from keeping stock following the boycott call in the country, The Confederation of All India Traders said in a statement on Wednesday. The decline is expected in the aftermath of several social media campaigns and several others awareness programmes that emphasised on abandoning goods made in China. "Boycott Chinese goods on Diwali festival campaign on social media has greatly impacted sale of Chinese goods this Diwali festive season as there is about 45% decline in demand by retailers from wholesalers this year," Confederation of All India Traders (CAIT) said. CAIT National President B C Bhartia and Secretary General Praveen Khandelwal said these campaigns have resulted ...

The Dollar Business Bureau Underlining China’s persistence to "anti-India" policies, Gujarat Chamber of Commerce and Industry (GCCI) on Monday unanimously passed a resolution to boycott Chinese products in India. The executive committee of GCCI unanimously passed the resolution to boycott Chinese products, GCCI senior vice president Shailesh Patwari said. The GCCI industry body said China continues to support Pakistan against India's interest, whether by using veto to stall India's bid to UN which calls for banning terrorist Masood Azhar, or becoming a member of NSG. "China has been acting against India's interests by constructing a dam on Brahmaputra river and repeatedly trying to cross the border," it said. With this latest decision, the industry will boycott all types of Chinese products such as ceramic products, tiles, clothes, chemical and pharmaceutical products, electronic ...

 Source: PTI Jewellery industry body AIBJSF on Friday decided to continue their strike for an indefinite period against imposition of 1% excise duty on non-silver jewellery and announced plans to hand over keys of their shops to Finance Minister Arun Jaitley. All India Bullion, Jewellers, Swarankar Federation (AIBJSF), which had organised a big rally at Ramlila maidan in the national capital on March 17, is continuing their strike, though three major associations -- GJF, ABJA and GJEPC -- had called off strike last Saturday after government's assurance that there would be no 'Inspector Raj'. AIBJSF and other local associations, particularly those in Delhi- NCR, Rajasthan, Uttar Pradesh, Chhattisgarh and Madhya Pradesh, were against calling off the strike. "Nothing less than a ...

Deepak Kumar and Himanshu Vatsa | The Dollar Business   With the US economy gaining strength as reflected in the interest rate hike by the US Federal Reserve, several countries including India can expect a revival in global demand of various export products and services. According to experts, the Wednesday’s decision of the US central bank to raise the rate by 25 basis points was quite expected and it will not have any major impact on Indian economy. Though the US dollar gained initially, several emerging markets witnessed controlled movement in their currencies as the Fed indicated that any further hike in the borrowing rates will be gradual. “While employment in the US economy has recovered considerably, the static rate of ...