Rs. 56,418 cr forgone in SEZ-tax-sops in 9 months
The Dollar Business Bureau According to a written reply by Nirmala Sitharaman, Minister for Commerce and Trade, the government has “foregone” Rs. 56,418 crore in tax collections for special economic zones. The letter addressed to Lok Sabha, points that the amount was foregone in nine months (April-December) of FY 2016-17. These special economic zones contributed exports of Rs. 3.58 lakh crore during the specified period. The letter further mentions that SEZ zones had received duty exemptions worth Rs 52,216 crore between the year 2015-16 and contributed exports worth Rs 4,67,337 crore. While the introduction of SEZ’s was suggested to improve manufacturing index in the country, in recent times the concept has only led to a debate on the unviable tax-sops and operational efficiencies. ...
Govt allows duty-free import of raw sugar up to 5 lakh tonnes
The Dollar Business BureauWith an objective of stabilising domestic supply of sugar, the government has permitted duty-free imports of raw sugar up to 5 lakh tonnes till June 12 under a tariff rate quota. Imports of sugar beyond the announced quantity and the deadline will attract a 40% import duty, imposed since April 2015. The Directorate General of Foreign Trade (DGFT) has announced it will soon notify the modalities of such imports. The decision has been taken to keep in check the demand in consumption before the new sugar season. The government has maintained that there is no scarcity of sugar in the domestic market due to massive stocks carried forward from 2015-16. This is the first such instance since 2015 that the ...
Union cabinet gives its nod for hike in import duty on sugar to 40%
The Dollar Business Bureau The Union Cabinet, chaired by the Prime Minister of India, on Wednesday, gave its nod for import duty hike on sugar from the current 25% to 40%. This move by the government comes a day after the government’s decision to ease norms for the export of sugar to the United States and the European Union. According to an official release, the government’s move to increase import duty on sugar is in view that it would prevent any imports in case of depreciation in the international prices of sugar. The government has further decided for the withdrawal of the ‘Duty Free Import Authorization (DFIA)’ scheme for sugar. A scheme under which the exporters would import duty-free, permissible ...
