Reviewed FTP to be released in September to factor in GST
The Dollar Business Bureau Ministry of Commerce and Industry said on Thursday that it has decided to release the reviewed foreign trade policy (FTP) in the month of September and not prior to the rollout of Goods and Services Tax (GST) as was earlier planned. Earlier, the Government had announced that it will release the FTP’s mid-term review in line with the rollout of GST before July 1. “A number of representations have been received from exporters regarding GST. Accordingly, it has been decided to release the reviewed FTP in September. This will allow the government to factor in the exporters' feedback on relevant issues post-GST,” according to a statement from the Commerce Ministry. As it is not possible to stay ...
Taxes on entertainment, cable, DTH to come down under GST
The Dollar Business Bureau The government said on Tuesday that taxes on entertainment, Direct-To-Home (DTH) and cable services would come down in the new Goods and Services Tax (GST) as 'entertainment tax' that is imposed by the states has been included in the GST regime. The services offered through admission to cinematography films or entertainment events in cinema halls will be imposed with a rate of 28% under GST effective from July 1, the Finance Ministry said in a statement. Presently, the states levy entertainment tax of up to 100% with regard to exhibition of films in cinema halls/theatres. The entertainment tax has now been subsumed under the GST, and therefore only the taxes imposed by a municipality or panchayat on amusements and entertainments will stay. “Entertainment ...
Hike in import duty on LED products must to boost Make in India
The Dollar Business Bureau To encourage domestic manufacturing and boost ‘make in India’ initiative, the government must increase import duty on LED (Light Emitting Diode) bulbs and other products, a parliamentary panel has suggested. A report on energy conservation presented by the Parliamentary Standing Committee on power said that the government should take immediate steps to disincentivize the import of finished LED products. “Customs duty and countervailing duty (CVD) on LED lamps and its components should be levied in such a manner that it encourages local production,” the panel said in its report tabled in parliament on Tuesday. At present, the duty on finished LED products is less than that on the import of raw components. And this affects the ...
