Search Result for : Gujarat

The Dollar Business Bureau Textile industry of Gujarat is demanding imposition of heavy duty on the imports of fabrics from China in order to protect small and medium enterprises (SMEs) of the State. Apex trade body Southern Gujarat Chamber of Commerce and Industry (SGCCI) and Pandesara Weavers' Coooperative Society Ltd has submitted a representation to the Ministry of Commerce and to the Confederation of Indian Industries (CII) demanding an for imposition of import duty on the Chinese fabrics to safeguard the SMEs in Surat. SGCCI has raised apprehensions about the heavily under-invoiced fabrics import from China and said that the import has touched over Rs.5,500 crore in the past one year, but it could be more than Rs.10,000 crore. P M Shah, President, SGCCI said, “The Government of China provides ...

The Dollar Business Bureau The legislative assembly of Gujarat unanimously passed the state GST (Goods and Services Tax) Bill during a special session on Tuesday. In addition, two other related Bills were also passed by the state assembly in a day-long session. The Parliament had cleared four legislations for country-wide roll-out of the new tax regime from July 1 this year. During the session, the state assembly has cleared the Gujarat GST Bill, Gujarat Local Authorities Laws (Amendment) Bill and Gujarat Value Added Tax (Amendment) Bill. The ruling party BJP as well as opposition party’s Congress legislators had lengthy deliberations before clearing the Bill with a voice vote in addition to other two related legislations. ...

The Dollar Business Bureau  The DGFT in its latest notification NO.49/2015-2020 dtd December 30, 2016, has extended the MEIS benefit at 5% FOB for ‘Onions Fresh or Chilled’ under ITC (HS) code 07031010 for further 3 months i.e., export till March 31, 2017.  Onion major producing states like Maharashtra,  M.P., Karnataka, Gujarat and Rajasthan have seen bumper crop production in September. Fearing a fall in prices as a result of the bumper crop the government of Maharashtra had appealed to the Ministry of Commerce to extend the MEIS duty benefits beyond Dec 31 in order to help the exporters of onion.  In September the Maharashtra State Finance Minister in his letter to the Finance Minister Jaitley had appealed that, “since the crop of onion ...

The Dollar Business Bureau The government of Gujarat on Thursday told the Gujarat High Court about its order to ban Chinese 'manjha' for kite-flying during the festivities of Uttarayan and said that it prefers using the cotton thread ‘manjha’. The state government said the decision has been taken as a response to the petition seeking restrictions on flying kites due to the death of birds and in few cases, of humans because of the sharp threads of manjha. The state government, in an affidavit filed in the Gujarat High Court before the division bench of Chief Justice R Subhash Reddy and Justice VM Pancholi, stressed on the significance of Uttarayan festival which provides livelihood to many people. The government further said that it has ...

The Dollar Business Bureau  In order to facilitate the trade and industry, Central Board of Excise and Customs (CBEC) has extended the facility of export warehousing to Ahmedabad district in the state of Gujarat.  “Board is of the view that extension of the facility of export warehousing to Ahmedabad district in the state of Gujarat would facilitate the trade and industry,” CBEC said in a circular (No 1051/39/2016-CX) on Thursday.  The Board has extended the warehousing facility to Ahmedabad after examining the specifying conditions, procedures, class of exporters and places mentioned under the sub rule (2) of rule 20 of Central Excise Rules 2001.  The circular has been notified to all the Principal Chief Commissioners, Chief Commissioners of Central Excise and Director Generals.  According to ...

PTI Chinese conglomerate Sany Group on Monday signed an MoU with the Gujarat Government to invest a staggering $2 billion over the next five years in various energy and infrastructure projects in the state. The pact for the proposed investment in the west Indian state was signed on Monday in the presence of Gujarat Chief Minister Vijay Rupani at Gandhinagar after his meeting with the Chinese delegation, led by Liang Wengen, Chairman of the board, Sany Group, an official release said. After an hour long meeting, it was decided that Sany Group would be investing USD 2 billion over the next five years. This is one of the biggest single MoU signed by any state government in India, it added. Gujarat ...

The Dollar Business Bureau India’s wind energy solution provider Inox Wind Ltd has secured an order for 50 MW wind power project from Atria Wind Power on Monday. This project will be commissioned by March next year in the state of Gujarat, the company said in a statement. According to Inox Wind, the order comprises the supply as well as the installation of 25 units of 113 metre rotor diametre turbine combined with the 120 metre hub height tower. The combination of technologically advanced wind turbine variant together with the higher hub height enables it to maximise the wind resources at the site.    Inox Wind will provide end to end solutions to Atria Wind Power as part of this turnkey order. The wind energy ...

The Dollar Business Bureau Torrent Pharmaceuticals Ltd, a flagship company of Torrent Group, reported a consolidated net profit of Rs.357 crore in the fourth quarter ended March 31 2016, primarily on account of strong sales in the US marketplace.  In a BSE filing, the company on Monday, said that it had posted a net profit of Rs.130 crore for the period January-March 2016. The overall income from operations closed at Rs.1,499 crore for the given quarter, as compared to Rs.1,154 crore in same period, a year ago.  Also, the company’s consolidated net profit stood at Rs.1,722 crore for the whole fiscal year 2015-16, as compared to Rs.751 crore in the previous fiscal year.  During the last fiscal, the overall income from operations was recorded at Rs.6,676, while ...