Increase in duty will discourage cheap import of textile products: Irani
The Dollar Business Bureau Textiles Minister Smriti Zubin Irani said on Tuesday that the hike in customs duty on silk and manmade fibre, announced in the Budget, will discourage cheap imports of textile products from China and benefit the local manufacturers. “Increase in customs duty on silk and manmade fibre will discourage cheap Chinese textile products from flooding the market and benefit domestic manufacturers in the power loom sector,” Irani said while addressing media in New Delhi on Budget allocation for the Ministry. On reduction of corporate tax to 25% from 30% announced in the Budget, the Minister said that reclassification of micro, medium and small enterprises (MSMEs) and reduction in tax by 5% of enterprises having turnover up to Rs.250 crore will ...
NITI to merge 15-yr vision document, 7-yr strategy paper
The Dollar Business Bureau NITI Aayog, the Government think-tank, has decided to combine the 15-year vision document with 7-year medium-term strategy paper to bring out a comprehensive roadmap to accelerate the economic growth. “We are thinking of having a brief chapter regarding the vision in the 7-year strategy paper which will be a bulky document outlining the action plan for expediting growth. The vision document will be aspirational, about the kind of country we want to build...The kind of society we want to be in. It will be a kind of vision for the future,” Arvind Panagariya, Vice-Chairman, NITI Aayog told the media. Panagariya said that the Aayog has got reactions from around 10 states on the 3-year action agenda draft and will conclude it within 2 weeks. Earlier, the Government think thank had ...
Duty drawback under GST to undergo sweeping changes
Sneha Gilada The Central Board of Excise and Customs (CBEC) has called for inputs on duty drawback rates from Export Promotion Councils and other top-tier industry bodies. Just like every other year, major stakeholders are to send across their views on the crucial refund mechanism for exporters. But unlike every other year, this exercise must consider the disruptive effects of the new GST regime on exporters. The interested parties are expected to submit their opinions and suggestions to the revenue department by March 15, 2017. The duty drawback scheme currently helps exporters obtain a refund of the customs and excise duty paid on input materials used in manufacturing finished goods for export. GST has subsumed all the indirect taxes including service tax, excise and VAT. Only the basic customs duty remains out ...
Indian & Lebanon Ministries discuss bilateral trade and agri-sector
Sai Nikesh | The Dollar Business Agricultural Ministries of India and Lebanon called on each other on Friday for improving bilateral trade and cooperation in agricultural sector between the two countries. Indian Union Agricultural Minister Radha Mohan Singh met the Lebanese delegation led by Lebanon Agriculture Minister Akram Chehayeb, in New Delhi and urged them to avail investment opportunities in India. Singh asked the delegation to set up Mega Food parks and Cold chains in India to ensure better supply chain. He also urged the delegation to consider imports from India on certain items like potatoes, tomatoes, durum wheat and sugar, which Lebanon has been already importing from other countries. Stressing on farm sector, Singh also pitched upon sharing of research ...
