Search Result for : Lok Sabha

The Dollar Business Bureau  The Directorate General of Anti-Dumping and Allied Duties (DGAD), in its final report, has recommended that anti-dumping duty is to be imposed on the imports of truck and bus radial (TBR) tyres from China.   The DGAD has submitted its report to the Ministry of Finance, which will come out with the final decision and issue a notification regarding the same.   After investigations, the Authority has come to a conclusion that TBR has been exported by China to India below the normal prices, causing material injury to the local industry.  There has been substantial rise in the dumped imports of TBR and the landed value of imported products have been considerably lower than the level of cost of selling ...

The Dollar Business Bureau In a written reply to the Lok Sabha, Nirmala Sitharaman said India has initiated as many as 223 anti-dumping investigations against various countries between 2012 and July 14 of 2017. The maximum number of cases were hoisted against China (62), the minister added. The minister said, "As on July 14, 2017, anti-dumping duty is on force in 141 cases and 54 more cases have been initiated.” The categories of products on which the duty was imposed include chemicals, fibre boards, glass and glassware, pharmaceuticals and steel. The directorate general of anti-dumping and allied duties (DGAD) receives applications from domestic producers for imposition of the duty on various products. Countries impose anti-dumping duties to protect the domestic industry from a ...

PTI President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns. "The President was kind enough to give his assent to the Finance Bill before he left for official visit to Assam yesterday," Revenue Secretary Hasmukh Adhia told PTI here. With this, the provisions of the Finance Bill come into effect from today, he said. This is the first-time ever the annual Budget together with taxation proposals have come into effect from the first day of the financial year. Scrapping a colonial-era tradition of presenting the Budget at the end of February, ...

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 ...

The Dollar Business Bureau  Amid India’s mounting trade deficit with China, India is holding bilateral trade talks with China urging it to allow greater market access for several Indian products including buffalo meat. “Not just buffalo meat, but there are many other issues on which market access is not available, and we have been talking with them on every such item so that legitimate exports from India will have to find market access in China, and the work is going on,” Commerce Minister Nirmala Sitharaman said when replying to a query in Lok Sabha. Sitharaman met Chinese vice-minister for the ministry of finance and commerce Wang Shouwen and conveyed India’s concerns about the mounting bilateral trade deficit. Sitharaman underscored that China needs to find ...

The Dollar Business Bureau The government has set up joint task forces with representatives from road, transport and highways ministries to examine possibilities to boost steel demand in the country. "Joint task forces covering railways, urban development, Ministry of Shipping, Road Transport and Highways etc have been constituted comprising representatives from ministries concerned and their agencies to assess the possibilities of boosting demand of steel," Minister of State for Steel Vishnu Deo Sai informed the parliament in a written reply to the Lok Sabha.   “The scope of these committees inter-alia covers codes and standards, life cycle cost analysis, development of designs of various structures and other suitable measures,” Deo said.  Steel Minister Chaudhary Birender Singh had earlier noted that steel demand is projected to ...

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 The government on Monday announced the Employees' Provident Fund Organisation (EPFO) has invested Rs.9,723 crore in exchange traded funds till October 31 this year, while the absolute returns till the same period stood at 9.17%. "The total corpus of EPFO was Rs 7.49 lakh crore as on March 31, 2016. The total amount invested by EPFO in ETFs is Rs 9,723 crore as on October 31, 2016 and the absolute return was 9.17 per cent as on October 31, 2016," Labour and Employment Minister Bandaru Dattatreya said replying to a question in the Lok Sabha. Dattatreya said EPFO's investment in exchange traded funds (ETFs) will be raised to 10% from its current level of 5% within the scope of ...