CAIT urges Govt to exempt food items with registered trademark from GST
The Dollar Business Bureau Traders' body Confederation of All India Traders (CAIT) on Tuesday urged the Government for exempting branded as well as non-branded food commodities with registered trade mark, from the Goods and Services Tax (GST). The traders' body reasoned that the differentiation made by the GST Council for levying 5% tax on branded food items with a registered trademark will promote adulteration and result in lower remunerative prices for farmers even for high quality produce. In a letter to Finance Minister Arun Jaitley, CAIT said, “Under the pretext of 'branded' products, these items have been made taxable at 5% which will prove to be detrimental and in contradiction of the intention of the government.” CAIT further said that small firms who are manufacturing food grains, pulses and other ...
Commerce Department pushes for more sops for small exporters
The Dollar Business Bureau Striving to make the life of small exporters easier, the Department of Commerce is likely to push for greater interest subsidy and broader export credit insurance. As part of the review of Foreign Trade Policy (FTP) – 2015-2020, the Commerce Department is seeking to broaden the basket of services and to make it more attractive for foreign nationals to study and get medical treatment in the country. Nirmala Sitharaman, Commerce and Industry Minister, has marked two sections small exporters and services to be added in the review of the FTP, which is expected to be released in June, in time for the roll out of the Goods and Services Tax (GST). According to sources, Rs.1,000 crore has been ...
Sitharaman and Swedish minister set up mechanism to further trade
Sourced from Press Information Bureau The Eighteenth Session of India-Sweden Joint Commission for Economic, Industrial and Scientific Cooperation (JCEC) was held in New Delhi on May 17, 2017. The Indian delegation led by Nirmala Sitharaman, and the Swedish delegation led by Ann Linde, Minister for Trade and EU Affairs, Ministry for Foreign Affairs, expressed their satisfaction that considerable substance and contents had been added to bilateral relations during the last 2 years and reiterated their mutual desire and commitment to further strengthen the existing trade and investment relations and all-round bilateral cooperation. The deliberations at the JCEC meeting provided an excellent opportunity to review the current state of ongoing cooperation in diverse fields such as Trade and Investment, Sustainable Urban development, Micro Small ...
Small taxpayers and Infrastructure sector get a leg-up
The Dollar Business Bureau The Union Budget 2017 will bring some relief for small tax payers and infrastructure sector. The Centre, in a major step, announced a 2% reduction on non-cash turnover of small businesses for presumptive tax from 8% to 6%. Under the scheme, small businesses below the annual turnover of Rs.2 crore are not required to maintain detailed books of accounts for purpose of Income Tax but pay a presumptive tax. This relaxation, as per Finance Minister Arun Jaitley, will give a boost to small merchants and ease them from financial burdens. In addition, the Centre also announced a 5% reduction in corporate taxes with an annual turnover up to Rs.50 crore, reducing tax from 30% to 25%. Applauding the ...
Deluge pushes India's Detroit off-track
Source: PTI Some 10,000 units have suffered losses and about 50,000 people have lost their jobs due to the floods Home to a large number of MNCs including global auto giants, Tamil Nadu received investment commitments to the tune of well above Rs.2 lakh crore in 2015 but unprecedented rains towards the year-end brought its industry to a screeching halt. The record rainfall threw the operations completely out of gear for MNCs as well as that of numerous service and parts suppliers to these biggies in the industrial belt of Chennai, Kancheepuram and Tiruvallore. Chennai, along with some of its adjoining areas, has often been called ‘India's Detroit’ with several automotive giants having set up their plants here. The focus is ...
Indian textile institute to set up skill centres in Tajikistan
Manisha Choudhari | The Dollar Business An Indian textile research institute has entered into an agreement for the setting up of skill development centres in Tajikistan. A Memorandum of Understanding (MoU) was signed between the Northern India Textile Research Association (NITRA) and Technological University of Tajikistan (TUT) at the sidelines of the CII’s TEXCON 2015 held in New Delhi on Friday. A 13-member Tajikistan industry delegation which attended the event also visited textile factories and premises of the Northern India Textile Research Association. As per the agreement, India will set up skill development centers for core textile mills across Tajikistan to impart training and skill development, CII said in a statement. Indian researchers and industrialists will share their expertise and knowledge ...
SMEs, manufacturing sector key to spur exports: Vice President
The Dollar Business Bureau Expressing concern over India’s contracting export and its share in the global market, Vice President Mohammad Hamid Ansari said that encouraging the manufacturing sector, especially Small and Medium Enterprises (SME) units is critical to push outbound shipment. “Emphasis on the manufacturing sector, especially Small and Medium Enterprises (SMEs) will be critical to India’s export growth,” Ansari said addressing the Calcutta Chamber of Commerce (CCC) on Thursday. Acknowledging the potential to domestic manufacture sector, he said that the country has “proved its mettle time and again” by producing a wide variety of goods ranging from world’s cheapest cars to space ship Mangalyaan. “Still India’s share in global exports is a mere 1.7% and manufacturing output as a percentage ...
Telangana to set up Data Analytics Park, SME Tower
The Dollar Business Bureau The Telangana government is mulling setting up a “Data Analytics Park” and a tower to house SMEs in the information technology sector, state IT Minister K T Rama Rao said today. The TRS government is committed to help and encourage SMEs (small and medium enterprises) to compete with major IT companies, Rao said after inaugurating a Global Delivery Centre of Techwave Consulting Inc, a US-headquartered system integrator. “Small and Medium Enterprises are very important. That is why our government is planning to set up SME Tower to house them at Kondapur (located in IT zone). “A good address is important for SMEs to attract investments and we would like to provide the same to them,” he said without disclosing details. The ...
