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By Sheela Mamidenna As the Chairman of the Empowered Group of State Finance Ministers which was instrumental in the formulation of GST Laws in 2009, Dr Asim Kumar Dasgupta can be rightly called as the ‘architect of GST’. A reformer by heart he set out to mastermind the most ambitious tax reform in Indian history by introducing the Value Added Tax (VAT). He was the man who was instrumental in doing away with many draconian tax levies such as octroi and highway toll in West Bengal and was fondly referred to as ‘my US-trained finance minister’ by the then Chief Minister of West Bengal, Jyoti Basu.  Dr Dasgupta, an MIT graduate continues to inspire the new generation as he lectures at various ...

The Dollar Business Bureau The Confederation of Indian Industry recently said that most traders and businesses in India are ready for GST implementation from July 1. Most of them approve the Government’s decision of GST as it would contribute significantly towards economic growth, trade expansion and increase in employment in the country. Speaking to the media, CII Director General, Chandrajit Banerjee said, "GST has been finalised after a collaborative and consultative approach and we look forward to its introduction. It is the most significant indirect tax reform introduced in the country since Independence.” CII has been organising over 100 workshops across the country to enable traders and businesses to comply with the new regulations. A helpline has been established where participants can request for ...

The Dollar Business Bureau The Central government has decided to procure 2 lakh tonnes of onion from Madhya Pradesh, to provide relief to the farmers of the state from declining prices of the crop. The wholesale prices of onion have sharply declined to less than Rs.6 per kg in Madhya Pradesh as production of the crop was higher during late Kharif season of crop year 2016-17 (July-June). “We have approved procurement of 2 lakh tonnes of onions under the Market Intervention Scheme (MIS) from Madhya Pradesh,” a senior official from the Agriculture Ministry remarked. The procurement of onion will be conducted by the Madhya Pradesh State Cooperative Marketing Federation Ltd (MP-Markfed) at Rs.5,867/tonne for fair and average quality (FAQ) of the crop with overhead costs of Rs.1,467/tonne or actual, whatever is below, added the ...

Aamir H Kaki  The modest and humble guar gum, a low-value crop grown on marginal land got transformed into one that can generate substantial income for farmers in recent years. The modest seed mostly harvested in the tropical regions of India (Rajasthan, Haryana and Gujarat) and Pakistan, used as a food crop for animals, gained international fame due to its viscosity. The innocuous looking seed/powder transformed into a product that can generate substantial income for processors, manufacturers, traders and farmers. Owing to its usefulness in food, paper, textile and in the gas and oil industries India’s export of guar gum powder, saw a steep increase from a mere $84.7 million in 2001-02 to $3,930 million in 2012-13, becoming the largest agricultural export ...

PTI A call by the Traders Federation in Tamil Nadu to ban sales of Coca Cola and Pepsi soft drinks came into effect on Wednesday with its President A M Vikrama Raja declaring drinks as 'toxic' for consumption. "About 70% of the (15 lakh) traders have decided to boycott the sales of Coke and Pepsi from today onwards for their toxic nature. Whatever you find on the shelves of the stores are leftover stocks and those not taken back by the (distributing) agencies," he said.Raja had earlier proposed a ban on the sale of these brands at the height of pro-jallikattu protests in the state in January, where it was widely claimed that many international groups may have been behind the ban on ...

The Dollar Business Bureau The Finance Minister when speaking to the press on Tuesday said, “the government's decision to tweak the presumptive income norms would reduce the tax liability by up to 30% for those small traders opting for digital transactions.” Stressing on the benefits to the small traders using digital mode of payment he said, “in the Budget for 2016-17, small traders and businessmen, with turnover of up to Rs.2 crore who did not maintain proper accounts, were presumed to have earned 8% income or profit for tax purposes. But if they use digital mode of payments, their income will now be presumed to be 6% of the turnover and not 8%.” "So he will get a significant tax benefit. The object ...

Source: PTI Black pepper surged in an otherwise mute spices market here today due to rising demand from stockists and retailers. Ginger bleached and unbleached recovered following fresh demand from retailers. Meanwhile, all other copra varieties ruled stable in the absence of necessary buying support. Black pepper advanced by Rs 35/20 per kg to Rs 725/770 from Monday's closing level of Rs 690/750 and ginger bleached and unbleached regained by Rs 10 per 10kg each to Rs 160 and Rs 180 as against to Rs 150 and 170 yesterday. Following are today's closing rates (in Rs with previous rates in brackets): Black pepper (per kg) 725/770 (690/750), ginger bleached (per kg) 160 (150), ginger unbleached (per kg) 180 (190), copra office Alapuzha (per quintal) 5,700 (5,700), ...

At a national conference on cumin seeds, exporters of the cash crop accentuated the need of more protection for farmers in the country Source: PTI A large number of farmers, traders, exporters and heads of the spice board gathered at the conference which was held with a view to promote the practice of organic farming of the cumin crop and prevent the malpractices in the trade   In order to maintain Indias ranking as the top jeera or cumin seeds exporting nation, exporters of the cash crop have accentuated the need of more protection for farmers in the country. The first-ever national conference on cumin seeds, the largest exporting spice from India, was held in Jodhpur on Monday. Its export currently constitutes 62% share ...