Friday, September 11
The duty free import authorization (DFIA) scheme, aimed at cutting input costs for exporters, is being misused by some companies, and it has turned into a "licence to loot" owing to a mix of vague policy definitions, lax enforcement, and judicial interpretations, economic think tank GTRI said on Sunday. The Global Trade Research Initiative (GTRI) said that the government should immediately intervene because if unchecked, DFIA misuse will destroy faith in India's export incentive regime and drive honest exporters out of business. A forensic audit of licences issued in the past five years is urgently needed, alongside recovery of duties from fraudulent imports, it said. When asked about the issue, the commerce ministry said that in the Directorate General of Foreign Trade (DGFT), there is a
New Delhi: Korean electronics major Samsung has started production of laptops in India at its Greater Noida factory, sources aware of the development said. Samsung has been making feature phones, smartphones, wearables, and tablets at its Greater Noida factory. "Samsung has expanded its manufacturing portfolio. It has started manufacturing laptops in India at its Greater Noida factory. It has plans to start manufacturing more devices in the country," a source told PTI. An email query sent to Samsung did not elicit any reply. Union electronics and IT minister Ashwini Vaishnaw, after a meeting with Samsung Southwest Asia President and CEO JB Park, and Samsung Southwest Asia Corporate Vice President SP Chun, had said on Saturday that "Samsung continues to expand manufacturing of its advanced
New Delhi: The proposed 'Next Gen GST' with sweeping reforms, lower tax rates, and just two slabs, aims to boost the economy amid tariff threats and set the stage for a single tax rate regime by the time India becomes a developed nation, government sources said.They said the proposed new GST regime, which slashes tax rates and assigns just two slabs of 5 per cent and 18 per cent, will boost the economy and also serve to mitigate tariff threats.The proposed two-slab regime, if approved by the GST Council, will replace the current four slabs in the Goods and Services Tax (GST) regime, doing away with the 12 per cent and 28 per cent slabs.Calling it the "next Gen GST', a government official said, "It is a game changer reform. In the pantheon of economic reforms seen in India, it's right up th
Somany Ceramics has temporarily halted operations at the Kassar plant in Bahadurgarh, Haryana due to temporary stoppage of gas supply from GAIL, the company announced on Sunday.Somany received a communication from GAIL (India) Limited regarding a gas leakage incident at Chainage 17 km of GAIL’s Gauna-Bawana pipeline caused by heavy rainfall and flood-like conditions. This incident has resulted in the temporary stoppage of gas supply to the Kassar plant."Our manufacturing operations at the Plant are dependent on the uninterrupted supply of natural gas from GAIL. Due to the current disruption, production at the Plant has been temporarily halted," the company said in a stock exchange filing.State-owned GAIL has commenced restoration work on the affected pipeline to resume the supply of gas
Somany Ceramics has temporarily halted operations at the Kassar plant in Bahadurgarh, Haryana due to temporary stoppage of gas supply from GAIL, the company announced on Sunday.Somany received a communication from GAIL (India) Limited regarding a gas leakage incident at Chainage 17 km of GAIL’s Gauna-Bawana pipeline caused by heavy rainfall and flood-like conditions. This incident has resulted in the temporary stoppage of gas supply to the Kassar plant."Our manufacturing operations at the Plant are dependent on the uninterrupted supply of natural gas from GAIL. Due to the current disruption, production at the Plant has been temporarily halted," the company said in a stock exchange filing.State-owned GAIL has commenced restoration work on the affected pipeline to resume the supply of gas
