Search Result for : Gems And Jewellery

The Dollar Business Bureau Gold imports of India dropped by around 13.5% to $27.4 billion in the last financial year, which is likely to keep a tap on the mounting current account deficit (CAD). In 2015-16, the country’s overall imports of the yellow metal stood at $31.7 billion. As per the industry experts, one of the reasons for the drop is softening prices of the precious metal in the domestic as well as international markets. The decline in imports has helped in narrowing down of the trade deficit to $105.7 billion in 2016-17 compared to $118.7 billion in the previous fiscal. However, on a monthly basis, the imports of gold surged to $4.17 billion in March compared to $974 million in the same month year-ago, ...

By Ranjeet Mahtani & Stella Joseph Till date, eight States have already passed the State Goods and Services Tax (SGST) Act in their respective State Assemblies, including Telangana, Bihar, Rajasthan, Jharkhand, Chhattisgarh, Uttarakhand, Madhya Pradesh and Haryana. There are indications that the other States are likely to pass their State GST enactments by end of this month or beginning of the next month.  Rates The GST Council’s rate fitment committee is said to have deliberated for three days starting May 4, 2017, to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unified tax net. This fitment is then stated to be approved by the GST ...

By Ranjeet Mahtani and Sweta Rajan A seven-hour long debate in the Lok Sabha, resulted in the passage of the Integrated GST, Central GST and GST Compensation Bills this week. Having been introduced as ‘money bills’ the Rajya Sabha did not have the power to amend or reject bills. Now, the Bills require presidential assent to become law. In preparation for the transition to GST, the Central Government has introduced another bill in the Lok Sabha to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Central Excise Tariff Act, 1985, the Finance Act, 2001, and the Finance Act, 2005, and to repeal certain existing enactments. These amendments are essential to modify the tax levying ...

By Ranjeet Mahtani and Sweta Rajan Draft GST laws The Union Cabinet chaired by the Prime Minister has approved the Integrated GST, Central GST, Union Territory GST and GST Compensation bills on March 20, 2017. These four bills will now have to be passed by the Parliament. It is expected that the bills will be introduced in the Parliament early next week as a ‘money bill’ (note that the Rajya Sabha does not have the power to amend or reject money bills and is required to return it to the Lok Sabha within 14 days). Should the July 1, 2017 target for the introduction of GST in India be met, the Parliament will have to pass these bills before the end of ...

 The Dollar Business Bureau Indian industries have survived to maintain and also raise their exports market share in almost all sectors, at a time when many global economies’ are having a tough time and are experiencing a decrease in exports, said Union Commerce Secretary Rita Teaotia. She also said that, “it is not just India that has seen a fall in exports, China last month reported 25 per cent fall in exports. Europe, US, (in) all countries the demand has contracted, this is the situation.” Teaotia was speaking to reporters after a meeting with state government official and exporters. She also pointed out that price realization has given hopes that commodity price will start to improve and it will help strengthen ...

Deepak Kumar | The Dollar Business    Even as India’s gems and jewellery exports fell by 7.75% to $2.46 billion in December, industry analysts said that the downward trend is temporary and the exports will be back in the positive territory within a month or two.  “Overall, our gems and jewellery exports are down by 15-16%. We are expecting global recovery. Our major export market is the USA, and its economy has shown signs of recovery. We are expecting some revival within a month or two,” said Bachhraj Bamalwa, Director, All India Gems and jewellery Trade Federation (GJF). Gems and jewellery exports from India in December 2014 was valued at $2.67 billion. India, on an average, exports gem and jewellery worth around ...

Deepak Kumar | The Dollar Business The industry has been requesting the government to cut gold import duty, in order to ensure adequate supply of the yellow metal and help meet exports demand.   With the US economy showing a sign of swift recovery, India’s industry analysts are optimistic that it will benefit the country’s gems & jewellery exports which have of late shown a continuous decline. “We are expecting some global recovery. Our major export destination is the USA and its economy is going through swift recovery. We are hopeful that our gems & jewellery exports will pick up in a month or two,” Bachhraj Bamalwa, Director of the All India Gems and Jewellery Trade Federation (GJF), told The Dollar Business. ...

The Dollar Business Bureau Days after the RBI slashed interest rate by 50 basis points, an industry body has sought special dispensations from the government to protect India’s key industries including real estate, power, steel, and gems and jewellery sectors.  The industry body has asked the government to cut excise duty and take other accommodative measures like teaser loans for the housing sectors to bail these industries out of crisis.  “For creating additional demand, the government will have to chip in with, rather bold measures and create extra elbow room for the selected industries by way of extending short tenure stimulus on construction material like steel, cement, power equipment while for the gems and jewellery, export sops like interest subvention must ...