Monday, 17 August 2015
Officer-in-charge has no power to seize goods-in-transit with valid documents
Govt. notifies backward areas of Bihar to provide tax incentives for setting-up of industrial units
Appellant held guilty of making stop payment request without proving that inferior quality goods wer
Tax on expats reimbursed by parent Co. wasn't includible in operating revenue and TP analysis under
CBDT clarifies issues relating to exemption and approval of Educational Institutions
Bangladesh Exports To Indian Market Witnessed Rise 15Pc In Fy2014-15
Bangladesh has earned $527.16m from its exports to Indian market in FY 2014-15 a rise by 15.45% compared to $456.63m in the last fiscal year as some products including textiles got duty and quota-free access, according to Export Promotion Bureau data.
Readymade garment export to the neighbouring country also increased by 8.31% to $104.25m in the year compared to $96.25m in the previous year.
Bangladesh has to compete with India’s local producers as they made same products. Besides, the Indian government patronizes local industry to boost economic growth, which caused slow RMG export growth to the neighboring country, said Khondaker Golam Moazzem, additional research director of Centre for Policy Dialogue.
He stressed on improving communication between Bangladesh’s RMG manufacturers and Indian retailers to increase bilateral trading. Besides this, he urged the government to negotiate with its Indian counterpart to lift the countervailing duty on the RMG products.
BGMEA vice president Shahidullah Azim said that RMG export growth to the Indian market was not satisfactory. Lilliput, the largest kids’ wear brand in India, did not pay $5.5m to 22 garment exporters of Bangladesh and this also discouraged RMG exports to India, which led to the slow growth.
The government needs to take measures through embassy in Delhi to ensure the payment of dues as the exporters were in the risk of shutting down their factories.
A BGMEA director said that Bangladesh has a bright export prospects in densely populated India which has a wide middle-class consumers base and that the garment exports to India were increasing due to high demands for Bangladeshi products like trousers, shirts, blouses, skirts, kids wear, cotton nightwear and jeans.
According to Exporters Association of Bangladesh president Abdus Salam Murshedy, Bangladesh’s export to Indian market has seen increase due to tariff waiver along with geographical proximity, but the growth was slow compared to the previous year. To attract consumers as well as the retailers to grab the big Indian market, Abdus Salam emphasis on organizing fairs in India.
Source:yarnsandfibers.com
Carrying out ‘seismic survey’ is a service and not works contract
Cement/steel used in construction of storage facility is eligible for Cenvat credit
Suspended Customs Officer Jumps In Front Of Train
A 33-year-old Customs appraiser, working with Jawaharlal Nehru Port Trust (JNPT), reportedly committed suicide by jumping in front of a harbour line local near Khandeshwar station on Saturday morning.
Panvel GRP, who have identified the Customs official as Rishi Ranjan, recovered the body, with severe injuries, from the railway tracks between 6.30 and 7 am. A diary with handwritten notes and some printouts were found from the spot. Assistant inspector, Panvel GRP, Rahul Karbhari said the body was spotted by commuters crossing the tracks. "An accidental death report has been lodged," the officer said.
Ranjan, who had been recently posted in the imports section of JNPT, was suspended on July 29 over his alleged involvement in a case of illegally smuggled cigarettes. On the fateful day, directorate of revenue intelligence (DRI) officials had seized a container carrying cigarettes worth Rs 4.24 crore hidden in a consignment marked "trolley bags". The DRI has already arrested three other persons in connection with the case.
Ranjan had been suspended, as he was in-charge of container freight station import zone at the time. An inquiry has been on since the suspension and the deceased last appeared at the DRI office on August 12 for questioning. Reportedly, Ranjan was earlier working at Kandla port in Gujarat.
A resident of Krishna Kunj society in sector 20, Kamothe, Ranjan had married just four months ago in April this year. His wife and mother had reportedly gone to visit their relatives in Gujarat and Ranjan was staying alone at the time of his suicide. His family collected the body after a post-mortem was done at the municipal hospital in Vashi.
Source:timesofindia.indiatimes.com
Sea Demands Hike In Import Duty On Crude, Edible Oils
To protect farmers' interests and provide a level-playing field to domestic oilseed processors, industry body SEA on Monday sought increase in import duty on crude edible oil from 7.5 percent to 25 percent and on refined oil from 15 percent to 45 percent.
The import duties were last increased in December. In a memorandum submitted to the government on Monday, Solvent Extractor's Association (SEA) said, "We would like to bring to your kind notice the alarming increase in import of edible oils seriously hurting the domestic farmers and the vegetable oil refiners."
The increase in duties will protect the interest of crushers and also local farmers to sustain their interest in oilseed cultivation, the industry body said in a statement.
"The industry requested for increase in import duty on crude edible oils from 7.5 percent to 25 percent and that of refined oil for 15 percent to 45 percent," it added.
According to the SEA data, the imports of edible oils has reached a record level of over 10 million tonnes in the first nine months of the current oil year ending October 2015, as against 8 million tonnes in the year-ago period.
Total imports are expected to touch 14 million tonnes valued at Rs 65,000 crore in the entire 2014-15 oil year against last year's import of 11.8 million tonnes, it added.
About 60 percent of India's annual edible oil demand of 18-19 million tonnes is met through import, mostly from Malaysia and Indonesia.
According to the government's data, farmers have sown oilseeds in 163.79 lakh hectare till August 14 during the current kharif season that started from June, as against 160.83 lakh hectare in the year-ago period.
Source:moneycontrol.com
Yuan Devaluation Spurs India To Consider More Curbs On Steel Imports
India said it’s being forced to consider steel safeguard duties and more anti-dumping curbs as the yuan’s devaluation threatens to stoke surging Chinese shipments.
A steel import-tax increase earlier this month may not be enough of a deterrence, financial services secretary Hasmukh Adhia said. Adhia has seen the steel industry contribute to elevated bad debt in India, in part as producers struggle to compete with imports from nations such as China and Russia.
“The global lack of demand in steel is so strong that one isn’t sure how, even after this recent increase, it’s going to help,” Adhia said in an interview on Sunday in New Delhi. “We’ll have to think about other options, whether safeguard duty and anti-dumping duty can also be used.”
Import levies were pushed up after talks at the highest levels of government concluded that India must protect domestic producers for the time being, Adhia said. The industry should also spell out the need for more measures, he said. The finance and commerce ministries usually take decisions on curbs.
India raised the import tax on certain steel products to 12.5% from 10% on 12 August. The government imposed some anti-dumping duties in June. Indian mills including Tata Steel Ltd had sought higher taxes to check imports.
Indian steel imports jumped 58% to 3.5 million tonnes in the four months ended on 31 July, according to government data. In the first seven months of 2015, total exports from China expanded 27% to 62.13 million tonnes, the highest ever for the period, according to data compiled by Bloomberg.
China’s 11 August move to allow markets greater sway in setting the yuan’s level led to the biggest selloff in 21 years. That makes the flood of steel and aluminium exports from the world’s biggest producer even cheaper. “China has so much capacity,” Adhia said.
Source:livemint.com
Penalty was justified as person-in-charge of vehicle didn't produce any documents before officer
SEBI amends ICDR norms; mandates issuer to accept bids in public issue only via ASBA
Investment by Category I and II AIFs in shares of start-ups shall be deemed to be investment in unli
Takeover code not applicable to startups that are listed without making a public issue
Penalty for delay in filing TDS return to be levied from date of deposit of TDS instead of due date
Government Hikes Tariff Value On Imported Gold, Silver
The government on Monday raised the import tariff value on gold to USD 363 per 10 grams and silver to USD 499 per kg, taking strong cues from the global market. For the first fortnight in August, the import tariff value of gold and silver stood at USD 354 per 10 grams and USD 498 per kg, respectively.
The government on Monday raised the import tariff value on gold to USD 363 per 10 grams and silver to USD 499 per kg, taking strong cues from the global market.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value is revised on a fortnightly basis. The change in tariff value of gold and silver has been notified by the Central Board of Excise and Customs, said an official statement issued by the Finance Ministry.
The government raised the tariff value of imported gold and silver marginally taking into account the rise in global prices.
At Singapore market, prices of gold on Monday rose slightly to USD 116.70 per ounce, while that of silver to USD 15.34 per ounce. In the national capital too, gold was ruling at over Rs 26,200 per 10 grams and silver at Rs 36,130 per kg.
After declining in June, the country's gold imports jumped 62.2 per cent to USD 2.96 billion in July, as against USD 1.82 billion in the year-ago period, as per the government data.
Gold is the second-largest import item for India after petroleum. Higher gold import bill adversely affects the country's current account deficit, which occurs when value of import of goods and services is more than exports.
Source:ibnlive.com
Rbi Sets Rupee Reference Rate At 65.2200 Against Dollar
The Reserve Bank of India today fixed the reference rate of rupee at 65.2200 against the US dollar and 72.3942 for the euro as against 65.1225 and 72.5595 respectively, last Friday.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 102.2324 and 52.42 per 100 yen, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee rate will be based on this rate, the statement added.
Source:business-standard.com