Govt imposes ADD on the imports of castings for wind-operated electricity generators from China
The Dollar Business Bureau In order to safeguard the domestic industry, the Government has imposed anti-dumping duty on imports of castings for wind operated electricity generators from China. “In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act, read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government, after considering the aforesaid final findings of the designated authority, hereby imposes definitive anti-dumping duty on the subject goods,” Finance Ministry said in a notification (no.42/2017-customs - ADD) on Wednesday. “The Authority has come to the conclusion that the subject goods have been exported to India from the ...
Reviewed FTP to be released in September to factor in GST
The Dollar Business Bureau Ministry of Commerce and Industry said on Thursday that it has decided to release the reviewed foreign trade policy (FTP) in the month of September and not prior to the rollout of Goods and Services Tax (GST) as was earlier planned. Earlier, the Government had announced that it will release the FTP’s mid-term review in line with the rollout of GST before July 1. “A number of representations have been received from exporters regarding GST. Accordingly, it has been decided to release the reviewed FTP in September. This will allow the government to factor in the exporters' feedback on relevant issues post-GST,” according to a statement from the Commerce Ministry. As it is not possible to stay ...
ASSOCHAM asks FM to raise CVD on gold dore to 9%
The Dollar Business Bureau Associated Chambers of Commerce and Industry of India (ASSOCHAM) has advised the Union government to increase the countervailing duty (CVD) on gold dore from 8.75% to 9% and bring down the excise duty levied on refined gold bars from 9.5% to 9.25%. These measures were suggested to bring a balance between refineries in excise-paying areas and excise exempt areas, as they were almost equally levied in both the segments. On an average, India imports over 800 tonnes of gold every year. However, domestic gold refining has improved by in the past three years and grew from 5% in FY2013 to 25% in FY2016. In a letter that was addressed to Finance Minister Arun Jaitley from ASSOCHAM, it stated, ...
Union Budget largely met the expectations of ESDM sector'
The Union Budget has largely met the expectations of the Electronics Systems Design and Manufacturing (ESDM) sector with number of changes in Indirect tax structure to strengthen manufacturing of IT hardware and mobile phones, says ELCINA Sai Nikesh | The Dollar Business Introduction of Special Additional Duty (SAD) on populated PCBs for a variety of equipment is another key step that would boost Electronic Manufacturing Services (EMS) activity and drive up the demand for components Aimed at improving electronics and related manufacturing activity in the country, the Government in its Budget 2016-17 has eased Basic Customs Duty (BCD) on majority of hardware equipment through incentivization of domestic value addition under the Make in India move. These include equipment related to manufacture of ...
Hike in import duty on LED products must to boost Make in India
The Dollar Business Bureau To encourage domestic manufacturing and boost ‘make in India’ initiative, the government must increase import duty on LED (Light Emitting Diode) bulbs and other products, a parliamentary panel has suggested. A report on energy conservation presented by the Parliamentary Standing Committee on power said that the government should take immediate steps to disincentivize the import of finished LED products. “Customs duty and countervailing duty (CVD) on LED lamps and its components should be levied in such a manner that it encourages local production,” the panel said in its report tabled in parliament on Tuesday. At present, the duty on finished LED products is less than that on the import of raw components. And this affects the ...
Excise duty relief for textile industry to continue
The Dollar Business Bureau The government has allayed the apprehension about any change in the central value added tax (CENVAT) rule, saying that the exemption from excise duty meant for textile industry will continue. In a fresh notification issued on Wednesday, the Central Board of Excise and Customs (CBEC) said that there will be no change in CENVAT Rules, 2004 under which textile manufacturers are exempted from paying up to 12.5% excise duty on the sale of finished goods within the country. The clarification came after representatives of the industry met Finance Ministry officials, expressing concern over an earlier notification of CBEC issued on July 17. The July 17-notification had said that the excise duty rebate can be claimed by the ...
