News Update

Finance Commission concludes deliberationsGovt working on production-linked sops for more sectorsOfficers who are invested with powers u/s 53 of the NDPS Act are 'police officers' within the meaning of s.25 of the Evidence Act: SC by MajorityCus - 200% Customs duty on imports from Pakistan not applicable as goods entered territory of India prior to the issuance/uploading of the notification 5/2019-Cus dt. 16.02.2019 at 8.45 pm: HCIDS - Input Services & capital goods - Awaiting their fateCus - Kerala gold smuggling case - Power of Customs Department to question applicant u/s 108 cannot be curtailed by granting anticipatory bail: HCStatement recorded u/s 67 cannot be used as a confessional statement in the trial of an offence under the NDPS Act: SC by MajorityCOVID-19 - Second wave is back with vengeance - Over 5 lakh daily global caseload is backFinance Commission to submit its report to President of India on Nov 9ITR filing - CBDT extends due date including that of Audit reportST - Advertisement and Business Promotion, Bank Charges, Brokerage, Housekeeping Services, Insurance Service, Legal and Professional Service, Manpower Consultancy Service, Security services, Telephone & Internet Services are Input services; credit admissible: CESTATCOVID Effect - Devolution of taxes - States get Rs 51K Crore less so farPakistan wittingly admits a hand in Pulwama terror attackCX - Once the proportionate reversal of CENVAT credit takes place, it tantamounts to non-availing of credit: CESTATCus - Ignorance of law and cooperation in investigation are mitigating factors & per se cannot take away the guilt of attempting to bring goods into India without payment of duty: CESTATGovt issues draft 'Coastal Shipping Bill, 2020' for public consultation47-day delay in filing appeal is condoned where caused by the assessee having to change the legal counsel handling the matter: ITAT'Filthy Air' Saga - Is it not a case of Pot calling Kettle black!Penalty notice issued u/s 271(1)(c) r/w Section 274 is sustainable where the AO omits to strike off the relevant charge u/s 271(1)(c), for which such penalty was imposed: ITATGovt exempts cash allowance of Rs 36K towards LTC of non-Govt employeesPenalty in respect of bogus purchases, cannot be levied where it is based on an estimation of the assessee's income from such purchases: ITATGST - DGGI nabs man accused of Rs 392 Cr ITC fraudBank credit grows by over Rs one lakh crore in Sept monthIncome tax raids real estate developer; finds dummy companies with investment overseasGST - Another kingpin nabbed in Rs 1278 Cr ITC fraudUS economy recovers in Q3 - grows at 7.4%Govt reduces tariff value of gold and silver but hikes the same for edible oilsPatient Assistance Proramme - Drugs of many companies exempted from Customs dutyCore Sector output shrinks by 0.8% in Sept monthCabinet approves extension of norms for mandatory packaging in Jute MaterialsPradhan invites Global Oil & Gas majors to partner India in energy transition
 
Growth in exports; trade deficits narrowing: Goyal

By TIOL News Service

NEW DELHI, SEPT 04, 2020: THE Union Minister of Commerce and Industry Mr Piyush Goyal today met the Office-bearers of various Export Promotion Councils (EPCs), to discuss the issues concerning the country's global trade, ground level situation, and problems being faced by the exporters. Mr Goyal has been holding a series of discussions with the EPCs, particularly since the lockdown. The Commerce Secretary Dr Anup Wadhawan, DGFT Mr Amit Yadav and other senior officers of the Ministry were present in the meeting.

In his opening remarks, the Minister said that the country's exports as well as imports are showing positive trends. The exports are approaching the last year's levels, after making a sharp dip in April this year due to pandemic. Regarding imports, the positive thing is that the Capital Goods imports have not declined, and the reduction in imports has been seen mainly in crude, gold and fertilizers.  He added that the trade deficit is reducing drastically and our share in the global trade is improving, thanks to our resilient supply chains, and perseverance and hardwork of our exporters. The minister also said that we are trying to generate more reliable and better trade data so that nation can do better planning and frame policies accordingly.

The Minister said that 24 focus manufacturing sectors have been identified which have the potential to expand, scale-up operations, improve quality, and lead enhancement of Indian share in global trade and value chain. These sectors have capacity to do import substitution and push exports. He said that India is being seen in the world as trusted and resilient partner in global value chain.

On the issue of recent changes in the Merchandise Export from India Scheme (MEIS), the Minister said that the capping of Rs 2 Crore will not affect 98% of the exporters who claim benefit under the scheme. The Government has already announced Remission of Duties or Taxes on Export Products (RoDTEP) scheme for exporters to take the place of MEIS, and a Committee has also been set up to determine the ceiling rates under the RoDTEP scheme. This new scheme would reimburse the embedded taxes and duties already incurred by exporters.

The Minister, after listening to the challenges, experiences and suggestions of the EPC office-bearers, expressed thanks for their valuable feedback, saying that Macro-numbers sometimes don't make one realize the difficulties being faced by the Exporters. He acknowledged that certain sectors, which are primarily dependent on the discretionary spending, are under severe stress. Mr Goyal promised to help the Exporters as much as possible, and also take up such issues, which fall outside the ambit of the Ministry of Commerce and Industry, with concerned departments. He said that SEZ issues are being taken up with the Finance Ministry. He called upon the exporters to engage with the Steering Committee set up to promote Indian manufacturing.


POST YOUR COMMENTS