Search Result for : Inverted Duty Structure

Source: PTI The government is working on several steps, including removing duty anomalies, to boost medical devices manufacturing sector and make it a $50 billion industry in the next five years, a top official on Friday said. Secretary in the Department of Pharmaceuticals, V K Subburaj, said that soon recommendations will be made to rectify the inverted duty structure for the growing medical devices sector. He said departments of health and pharmaceuticals along with the Department of Industrial Policy and Promotion (DIPP) is working on the matter and soon they will make recommendations to the revenue department on the issue. An inverted duty structure impacts domestic industry adversely as manufacturers have to pay a higher price for raw material in terms ...

The Dollar Business Bureau “Thanks to the new NDA government which has brought all the states on board, the GST Bill is most likely to come into force next year,” said Ajay Sahai, DG & CEO of FIEO (Federation of Indian Export Organisations) couple of days ago. Today, Adi Godrej, Godrej Group Chairman pitching for incentives for the manufacturing sector in the upcoming budget said that the Centre must roll out goods & services tax (GST) from next fiscal as it would boost economic growth by 2%. The main objective behind the implementation of the GST is to make country a unified market with lesser number of taxes. Lesser taxes will enable companies to invest more leading to increased ...

The Dollar Business Bureau With the deadline for Budget 2015 fast approaching, it is time for pre-budget recommendations especially with respect to the manufacturing industry. With the government’s campaign of ‘Make In India’ (a programme of the government which aims at increasing the share of domestic manufacturing in India's economic growth and create jobs) picking up like wild fire, manufacturers are looking at measures like removal of ‘inverted duty structure’ on key sectors like coir, auto, pharmaceuticals and electronics. Inverted duty structure impacts the domestic industry adversely as manufacturers have to pay a higher price for raw material in terms of duty, while the finished product lands at lower duty and costs less. Several industry bodies have been pressurizing Finance ...

The Dollar Business Bureau Concerned over countries like China importing coir raw material from India and exporting finished products to other countries, SN Tripathi, Coir Board Chairman and Joint Secretary in the MSME Ministry has suggested removal of inverted duty structure to protect the interests of domestic coir industry. The Minister has also sought doubling of funds for the ministry (Rs 68 crore at present) and proposes to introduce a Technology Upgradation Fund (TUF) like scheme for the coir sector.  "This year our budget is only Rs 68 crore. We want it to be doubled next year so that the coir industry gets a big boost," Tripathi said. Under inverted duty structure, finished goods are taxed at lower rates than ...

The Dollar Business Bureau | @TheDollarBiz   The juggernaut of India’s veg oil imports, which started rolling in the mid-nineties following import relaxations and economic reforms, is all set to grow to mammoth proportions this year. A new report by the Associated Chambers of Commerce & Industry of India (ASSOCHAM) says that India’s spending on veg oil imports is expected to reach a record high of $15 billion in FY2014-15. This is over 60% more than what India spent in FY2013-14 (around $9.3 billion) and about 3% of India’s total imports last year. According to the report, India’s imports of veg or edible oils in the first five months of this fiscal year are already up over 53% y-o-y ...

The Dollar Business Bureau | @TheDollarBiz The Ministry of Finance, Government of India, has invited suggestions from Trade Associations and other related bodies on changes in the duty structure for various items for consideration in the Union Budget 2015-16. Proposals are also invited on correction of inverted duty structure for commodities, direct and indirect taxes, and changes in Customs and Central excise duty rates. Suggestions must include justification and relevant data about production, prices, and the impact of the changes. Request for correction of inverted duty structure must be supported by value addition details at each stage of manufacturing of the commodity, according to an official statement by the Budget Officer of the Tax Research Unit (TRU), Ministry of Finance. Malay ...