Duty-free gifts via courier and post will no longer be cleared by Customs; exceptions would only apply for import of life-saving drugs and rakhis. The move is aimed at curbing imports by Chinese ecommerce vendors who were evading duties by declaring commercial shipments as gifts.
“Overall global growth slowdown no doubt impacted the growth of most of the domestic sectors including textiles and subsequent improved demand and profitability will no doubt be partly countered by sticky working capital requirement,” she said in a written reply to a question on expected improvement in overall credit profile of textile sector
Secretaries group suggests reduced manmade fibre imports, changes in duty to boost local production: Smrit Irani
Citing the decision of the GST Council to allow input tax credit at MMF fabric stage, she said the committee had recommended the ministry to monitor the impact of increasing import duty from 10% to 20% in respect of all MMF items. The group had suggested that there is a need to reduce the dependence of import of the raw material, MMF and filament.
The govt is considering moving to the chain base method of calculating the gross domestic product.
In 2018, India exported goods worth of $6.3 billion (as per USTR figures) to the US under the GSP, which was around 12.1 per cent of India’s total export to the US. The average duty concessions accruing on account of GSP were almost $240 million in 2018, which was about 3.8 per cent of India’s exports to the US availing the GSP benefits.
As per an UNCTAD study, India’s potential loss of revenue by not taxing electronic transmissions is around $500 million every year. Of the total $8 billion of potential tax losses projected for 58 developing countries, Mexico, Thailand, Nigeria, India, China and Pakistan face the highest losses, revealed the research paper.
The US has blocked the appointment of judges for more than two years, crippling the multilateral trade agency’s dispute settlement mechanism. It has criticised the body for its “flawed” interpretation in various cases, failure to issue reports within the mandatory 90-day period, its composition and compensation to the members.
Prime Minister Narendra Modi took the call of not joining the RCEP agreement on November 4 in Bangkok, as India's concerns were not addressed in the pact.
The additional 2% benefits under MEIS were announced in August to help exporters who had claimed that delayed Goods and Services Tax (GST) refunds were hurting business. With the additional benefits gone, the original incentive of 2%, 3% and 5% would remain till the time RoDTEP comes in place.
The credibility of India’s official stats is under strain following alleged shelving of unfavourable data.
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