KPMG Indirect Tax Head & Partner Abhishek Jain said the amendments proposed are aligned with the apex court’s ruling in the case of Mohit Minerals and help explicitly mention the government’s alignment to the position. “While this has been issued prospectively, the industry has been seeking and successfully claiming refund of taxes already paid for […]
Government exempts IGST on ocean freight from October 1
India’s vegetable oil imports are expected to decrease by 6% in the new marketing year, starting in November, due to higher carryover stocks of oilseeds. The country, which is the largest importer of vegetable oils globally, is projected to purchase 15.6 million metric tons of cooking oils in the 2023-24 oil year, down from 16.6 […]
The gems and jewellery industry in India has urged its members to stop importing rough diamonds for two months starting from October 15. This move comes as a result of slowing global demand and rising inventories of domestic players. The circular, issued jointly by various industry associations, highlighted the decline in exports and the increase […]
India- Canada ties: The deteriorating Canada-India relationship is now threatening their economies. A potential trade deal is at risk, which could hinder India’s efforts to attract Western investment and serve as an alternative to China. Canada’s supply of potash to India may be affected, along with the higher education sector, as Indian students may avoid […]
Canadian lentil sales to India have slowed down after Canadian Prime Minister Justin Trudeau accused India of involvement in an assassination on Canadian soil. This has led to fears of reprisal from India, potentially limiting trade between the two countries. India is the main importer of lentils from Canada, and reduced purchases could impact Canadian […]
RoDTEP scheme gets extension till June 30
2 years ago
The RoDTEP scheme provides a mechanism for reimbursement of taxes, duties and levies, which are currently not being refunded under any other mechanism, at the central, state and local levels
Exporters in India have expressed concerns about the slow growth of labour-intensive exports such as garments, gems and jewellery, marine products, and plastics compared to countries like Bangladesh, China, and Vietnam. The Federation of Indian Export Organisations (FIEO) analyzed the sector-wise export performance over the past five years and found that India’s market share in […]
The Indian government has extended support under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme until June 30, 2024. The scheme provides reimbursement of taxes, duties, and levies incurred by export entities during the manufacturing and distribution of exported products. The extension aims to help exporters negotiate better terms in the international […]
India’s export of cut, polished diamonds may fall by 22 pc in FY24 on sluggish demand: Icra
2 years ago
India’s export of cut and polished diamonds is expected to decline by 22% to USD 17.2 billion in the current fiscal year, according to rating agency Icra. The decline is attributed to weakened demand from key consuming nations such as the US and Europe, as well as limited demand from China. Additionally, competition from lab-grown […]
India will lower the basmati floor price to $850 a metric ton, down from $1,200 a ton, to help millers and traders ship out the rice grade, said the sources, who didn’t wish to be identified as they are not authorised to talk to media. Last month, India fixed the floor price, or the minimum […]