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
 
Industrial production contracts in July

By TIOL News Service

NEW DELHI, SEPT 12, 2020: THE Quick Estimates of Index of Industrial Production (IIP) are released on 12 th of every month with a six weeks lag and compiled with data received from source agencies, who in turn receive the data from the producing factories/ establishments.

In view of the preventive measures and announcement of nation-wide lockdown by the Government to contain spread of COVID-19 pandemic, a large number of the industrial sector establishments were not operating from the end of March, 2020 onwards. This has had an impact on the items being produced by the establishments during the period of lockdown. With the lifting of restrictions in the subsequent periods, industrial activity is resuming. The Index for the month of July 2020 stands at 118.1 as compared to 54.0, 89.5 and 108.9 for April 2020, May 2020 and June 2020.

For the month of July 2020, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 118.1. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of July 2020 stand at 87.2, 118.8 and 166.3 respectively.The Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.

As per Use-based classification, the indices stand at 114.1 for Primary Goods, 70.9 for Capital Goods, 122.9 for Intermediate Goods and 125.2 for Infrastructure/ Construction Goods (Statement III) for the month of July 2020.  Further, the indices for Consumer durables and Consumer non-durables stand at 99.5 and 156.4 respectively for the month of July 2020.

Statements giving Quick Estimates of the Index of Industrial Production for the month of July 2020 at Sectoral, 2-digit level of National Industrial Classification and by Use-based classification are given at Statements I, II and III respectively. A Statement IV giving month-wise indices since April 2020, by industry groups (as per 2-digit level of National Industrial Classification-2008) and sectors, is also given for users to appreciate the changes in the industrial sector.

Along with the Quick Estimates of IIP for the month of July 2020, the indices for June 2020 have undergone the first revision and those for April 2020 have undergone the final revision in the light of the updated data received from the source agencies. The Quick Estimates for July 2020 have been compiled at a weighted response rate of 87 percent, the first revision for June 2020 at a weighted response rate of 93 percent and the final revision for April 2020 at a weighted response rate of 94 percent.

 


POST YOUR COMMENTS