18% GST on international freight to make air-cargo non-competitive: PHDCCI
The Dollar Business Bureau Imposing Goods and Services Tax (GST) on international freight is going to make India’s air cargo services "non-competitive", said industry body PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday. Earlier, under service tax regime, freighters were exempted to pay any tax, whereas now they have been levied with 18% GST. “Putting 18% GST on international freight is totally unfair as this will impact the air cargo growth, said PHDCCI in a statement issued after an Air Cargo Summit, which is organised by the industry body on Wednesday in New Delhi. “Why would the Government of India want Indian exporters to pay extra 18% GST on freight and make our goods non-competitive in international market,” the statement said. Vipin Vohra, Co-Chairman, ...
DGFT could be merged with CBEC for ease of doing business
The Dollar Business Bureau In order to promote ease of doing business, the government is considering a proposal to merge two departments under the Ministry of Commerce, DGFT (Directorate General of Foreign Trade) and the CBEC (Central Board for Excise and Customs). These departments are common to the ministries of finance and commerce, respectively. The proposal assumes importance as a major part of the present work profile of DGFT - the foreign trade policy regulator is going to be online with digitisation and implementation of goods and services tax (GST). The role of the DGFT is facilitation of exports, formulation of foreign trade policy and governs programmes like Merchandise Exports from India Scheme (MEIS), Export Promotion for Capital Goods (EPCG) and Advance Authorisation Scheme. The DGFT ...
Protectionism in US, Europe a bit worrisome: ADB
PTI The Asian Development Bank (ADB) on Wednesday said the emerging orientation in the US and Europe for protectionism on trade is "worrisome" but not realistic enough to break the global economy. A day before finance ministers and central bank governors meet for the ADB's 50th annual meeting, the multilateral agency's Chief Economist Yasuyuki Sawada said it was "difficult" to say if protectionism was "good or bad" and he did not want to make any judgement. "I think ADB's position is, more open trade and more open investment climate will be beneficial for all the countries and economies. In that respect, I think we should support more open trade regime," he told a media briefing here. Citing the example of China ...
BRICS resents delay in implementation of quota reforms
The Dollar Business Bureau A G20 release said that the emerging economies have expressed disappointment over the delay in the implementation in IMF quota reforms proposed by them. BRICS (Brazil, Russia, India, China and South Africa) representing Emerging counties, like India, China, Brazil, Russia and South Africa has been asking for increased voting rights in IMF, which would reflect their growing share in the world economy. The body has also asked the United States to ratify the 2010 reforms as soon as possible. Quota reform, if implemented, will increase India's voting share from current 2.44 per cent to 2.75 per cent, following which the country will become the eighth largest quota holder at the IMF, up from 11th position. The communication ...
