Search Result for : Tax Exemption

The Dollar Business Bureau  The Ministry of Commerce may have to make some changes in the export-related schemes due to the implementation of the GST. The DGFT, A K Bhalla said that the commerce ministry is in consultation with the stakeholders’ for a mid-term review of the Foreign Trade Policy (FTP). Speaking to the media at a meeting of the FIEO in New Delhi, Bhalla said, “There is going to be certain changes (in the FTP) due to the implementation of GST. Some schemes may be rewritten.”  It should be recalled here that the Commerce and Industry Ministry had in January, appealed to the GST Council to keep exports out of the GST ambit or provide ‘ab intio exemption’ to exporters and levy ...

The Dollar Business Bureau The Union Cabinet on Wednesday cleared the setting up of Funds for Startups (FFS) at Small Industries Development Bank of India (SIDBI) as a contribution to several alternative investment funds (AIF). The cabinet approved a corpus fund of Rs.10,000 crore for the FFS at SIDBI. The fund is in line with the government’s Start-up India Action Plan unveiled in January this year. “The Union Cabinet has approved the establishment of Fund of Funds for Startups at SIDBI for contribution to various alternative investment funds, registered with Securities and Exchange Board of India (SEBI), which would extend funding support to start-ups,” a government statement said. The corpus fund would be established over the 14th and 15th cycles of Finance Commission, ending ...

The Dollar Business Bureau The requirement of manufacturing of ships in a custom bounded warehouse under the provisions of Section 65 of the Customs Act, 1962     The government has decided to do away with imposing customs and excise duties on raw material and parts used in the manufacturing of ships including export container vessels and pusher crafts. As per the central government’s notification issued on Tuesday, the shipbuilding industry will be exempted from paying customs and central excise duties on all raw material and parts for use in the manufacture of ships/vessels/tugs and pusher crafts etc. At present, certain ships are exempted from basic customs duty and central excise duty. However, many ships manufactured in export oriented units (EOUs) ...