Thursday, 30 July 2015
Excise exemption on Anti-TB drugs is extended to April 1, 2016
Order for an investigation u/s 213 of the 2013 Act wasn't warranted if respondents weren't guilty of
Tribunal can't remand case to AO when validity of SCN itself is challenged
No denial of sec. 80-IC relief due to non-maintenance of separate books for manufacturing carried on
RBI further eases norms for restructuring of advances by NBFCs
Provision for confiscation of goods under Kerala VAT Act isn't constitutional, says High Court
Import Licensing Regime Is Open, Transparent: India To Wto
India has clarified to the WTO members that its import licensing regime is open and transparent and affects only a few restricted items.
A WTO report, prepared as part of the trade policy review (TPR) of India held in June, has mentioned that India has a complex import regime.
In response to these observations, it was informed in the TPR that the duties are imposed to equalise internal taxes such as central and state value added taxes and other taxes leviable under domestic production, consumption of sale of goods, Commerce and Industry Minister Nirmala Sitharaman has said in a written reply to the Rajya Sabha.
These are not only WTO compatible but also commonly followed in most member countries, she said.
"It was also clarified to the WTO that India's import licensing regime is open and transparent and affects only a few restricted items primarily on the grounds of need to protect human, animal and plant life and environment," she added.
It was also mentioned that these differences would be further neutralised with the introduction of a more simplified Goods and Services Tax (GST).
In a separate reply, she said that India is working with WTO members to ensure permanent solution at the "earliest".
It was agreed by the WTO members to find a permanent solution by December 31 on a best endeavour basis.
Source:- business-standard.com
CCI slaps penalty on Karnataka film bodies for restricting telecast of dubbed T.V. Serials in Kannad
TP study to be undertaken by Resale Price Method if AE was only distributing products of assessee
AO couldn't rule that input credit was based on false invoice without giving chance to assessee to p
HC admits winding up plea against respondent-co for failing to pay dues, grants time limit to discha
80 Top Indian Exporting Firm Will Showcase Products At Indee-Peru
Encouraged by a rise in engineering exports to Latin America in an otherwise subdued international scenario, 80 top Indian exporting firm will be showcasing their hi-tech products and designs at an international convention 'INDEE' at Peru , beginning August five.
Being organised by the EEPC India, the two-day exhibition will see participation of large, small and medium companies from India which are eyeing the robust Latin American market for reaching out to new export destinations in the backdrop of weak global demand.
While total engineering exports from India declined by 5.80 per cent during April-May,2015, the shipments to Latin American markets increased by over 10 per cent to $550 million from $459 million in the corresponding months of the previous fiscal. "Within Latin America, Peru holds a pivotal position. Once India and Peru are able to negotiate a successful Free Trade Agreement (FTA), the bilateral trade would see a quantum jump. Since the FTA would cover investment as well, there should be lot more cooperation in setting up manufacturing and assembly units in each other's territory with a view to serve a larger market from these facilities", chairman of the EEPC India, Anupam Shah said.
He said, the commerce ministry, too is encouraging exporters to look beyond the traditional markets to diversify their portfolio.
INDEE-Peru is a part of the international convention where over 1200 global firms would participate, giving the Indian exporters opportunities to strike new deals and forge a higher level of relationship not only with the Latin American companies but also those doing business with the business. " Our members will showcase some of the best technologies in the areas of metallurgy, automotive and machine tools," the EEPC chairman said.
Peru is one of the freest economies in Latin America. The average custom duty on our products is 1.37 per cent. In recent years, the bilateral trade has shown an enormous growing tendency, from $80 million in 2003 to more than $1,317 million in 2013. In 2014, the Peruvian exports to India reached $321 million and $837 million of import from India. The bilateral trade includes mining, agricultural, fisheries, textiles, and chemical products. In sum, the bilateral trade has increased 10-fold in one decade. There is a considerable potential for both countries to enhance trade and economic cooperation in engineering products and services.
Indian exports to Peru include automobiles and motorcycles, other vehicles, along with electrical power transformers and other products, with various high-tech components among them. In the case of Peru, exports to India include electrical power transformers, looms for embroidery, and hyperbaric chambers. In all the above-mentioned cases, there has been an increase of 30 per cent in the last year.
Source:- economictimes.indiatimes.com
India To Reinstate Wheat Import Duty After Big Deals
India has decided to introduce an import duty of 10 percent on wheat after a gap of eight years, government sources said, after senior civil servants met to discuss ways to curb overseas purchases when domestic stocks are ample.
Last month some private firms signed deals to import 500,000 tonnes of high-protein Australian wheat in the biggest such purchases in more than a decade that led to criticism Prime Minister Narendra Modi’s government was letting down farmers.
India is the world’s second largest wheat producer and consumer after China, and its warehouses often hold double the target amount as farmers get more incentives to produce grains than oilseeds and pulses, which it imports heavily.
Top officials from the ministries of farm, food, trade and finance have now agreed to bring in a duty for the first time since 2006 to cut imports, said a high-level source directly involved in making the decision on the duty.
Another official involved in the discussions confirmed the meeting and its outcome.
The senior source said the duty is all but finalised, but did want to comment in public as it needs to pass through by Modi’s office. A spokesman for Modi could not be reached for comment outside regular business hours.
India was forced to import millions of tonnes of expensive wheat from Russia and Australia in 2006/07 after unusually high temperatures wilted its own crop.
Since then, bumper crops have made India an occasional exporter though production fell 5.1 million tonnes to 90.8 million tonnes this harvesting season – the first fall since 2007 due to unseasonable rains in February and March.
Source: Reuters.in
Value of captive consumption shall be marked up by 10% even in case of loss
Soon, China May Officially Import Buffalo Meat From India
China may soon start importing buffalo meat from India through the official channel instead of routing it through Vietnam. A team of Chinese quality inspectors are scheduled to examine Indian facilities this week to give their approval for exports.
Inspectors from China’s quality management body AQSIQ (General Administration of Quality Supervision, Inspection and Quarantine) will visit vaccination centres, review disease control programmes and also inspect some abattoirs, a Government official told BusinessLine.
“Once India starts exporting directly to China, costs will go down for both countries as they will not have to involve a third country. Buffalo meat exports reaching China can potentially double,” the official said.
New Delhi has been trying to convince China to allow buffalo meat from the country for long as the Indian meat is considered one of the best in the world and the country is now the largest exporter of the commodity. “We export buffalo meat all over the world including Western countries that have strict sanitary and phytosanitary conditions. There is no reason why China can’t buy from us,” the official said.
China had agreed to source bovine meat from India two years back and had even signed a Memorandum of Understanding for its export. However, it did not act on the matter at all.
Earlier this year, India nudged China through the World Trade Organisation, asking it not to unfairly block India’s exports and to take the required action that would allow shipments to move.
According to industry estimates, Chinese traders sourced more than $1.5 billion worth of Indian buffalo meat from Vietnam in 2014-15. “Exports have the potential to cross $ 3 billion once exports start officially as third parties will not have to be paid. The Chinese can also ensure that the quality standards are strictly adhered to,” the official added.
Source:- thehindubusinessline.com
Onion Prices Rise On Shortfall In India
Onion prices are rising as the production of the crop in India has been cut by unfavourable weather.
Onions retailed between Tk 45 and Tk 50 a kilogram yesterday, up 19 percent from a month ago, according to the Trading Corporation of Bangladesh.
Wholesale prices are going up faster. Onions traded between Tk 42 and Tk 50 yesterday from Tk 35 and Tk 36 per kilogram a week ago, said Ratan Kumar Saha, owner of Ratan Enterprise, a Dhaka-based onion importer.
“Import prices started going up after the Eid," said Md Alamgir Hossain, an onion importer at Bhomra Land Port, a station at Satkhira that handles most of the onions imported from India.
“Suppliers have said onion supplies are depleting fast in the Indian markets.”
Bangladesh consumes 20 lakh tonnes of onions a year. The country has to import 5 to 8 lakh tonnes a year to meet domestic demand, according to data from Bangladesh Bureau of Statistics and National Board of Revenue.
A bulk of the deficit is met through imports from India.
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Alamgir said he imported onions from the neighbouring country at around Tk 47 and Tk 49 a kilogram at Bhomra in the past two days.
The number of trucks carrying onions to Bangladesh has also declined in recent days, he said.
Unseasonal rains in parts of India in May hit the onion-growing areas hard. That is the time the crop is ready, but almost 25 percent of the produce was lost to the showers.
Onion supplies from Andhra Pradesh and Karnataka reach the markets in July, but the southern crop has been hit by the dry spell, according to Times of India.
At India's largest wholesale onion market of Lasalgaon in Maharashtra, the average price has leaped 54 percent in two weeks to Rs 2,550 ($40) per 100 kilograms -- its highest since November 2013, Reuters reported on July 24.
To curb the domestic price spiral, National Agricultural Cooperative Marketing Federation of India floated a tender last week to import 10,000 tonnes of onions from Pakistan, China, Egypt or any other origin.
Saha said the shortfall in India has fuelled the overall prices of onions worldwide.
"We used to import onions from China as well. However, prices have gone up there. Malaysia, Indonesia, Singapore and some Middle Eastern nations that usually bought onions from India, have also turned to China," he said.
However, onion prices should not go up much here because of a good local harvest in the immediate past season, said Saha.
BBS is yet to finalise the onion output for the last season, but Department of Agricultural Extension estimates that total onion production rose to 17 lakh tonnes in fiscal year 2014-15 from 14.88 lakh tonnes the previous year.
“So, the possibility of a surge in onion prices is low unless people start panic buying."
Source:- thedailystar.net
Packaging of fertiliser is part of manufacturing process; not liable to ST
Rupee Trades Lower At 63.94 Against Us Dollar
The Indian rupee on Thursday weakened against the dollar, tracking losses in the Asian market.
The US Federal Reserve has left the key interest rate unchanged as the economy and job market continued to strengthen.