Gujarat Chamber of Commerce & Industry

04/2016-17

Thu, 14 July 2016

Trade & Industry

The Ministry of Commerce and Industry has released regulations and policies with respect to startups on Friday. While the government would be providin

http://economictimes.indiatimes.com/small-biz/startups/startup-india-hub-resolves-over-12000-queries-in-three-months/articleshow/53083968.cms

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The central government has extended the deadline for central excise registration of an establishment by a jeweler to 31st July, 2016. However, the jew

http://indianexpress.com/article/business/commodities/excise-duty-on-jewellery-registration-deadline-for-jewellers-extended-till-july-31-says-cbec-2888516/

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Government increase eligibility limit to offset excise duty’s impact

Government has tabled fresh measures that can offset the additional 1% excise duty which has to be paid by jewelers. The eligibility limit for those facing excise duty has been increased to Rs 15 crore instead of Rs 12 crore. Moreover, the government has also accepted the recommendations suggested by the Ashok Lahiri panel. Imposition of 1% excise duty had to led to a massive protest from the jewelers industry that went on for over 40 days.

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Committee to impose ICDS from 2016-17

An expert committee has said that they will consider the amendments recommended under the section of Income Computation and Disclosure Standards (ICDS). The committee further said that since few filers have paid their taxes and have obtained Tax Audit report without following the required compliance, ICDS will be applicable from 1.04.2016 (Assessment year 2017-18).

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CBEC issues new circular on demand of tax

The Central Board of Excise and Customs has issued a circular that states that no recovery shall be made for confirmed demand of tax during the pendency of the stay application. It further stated that if Honourable High Court or Houbourable CESTAT gives the demand a go ahead then suitable action will be initiaited after a period of 60 days. This rules is tabled to bring uniformity in recovery of confirmed demand of tax.

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Ministry of Corporate Affairs have introduced amendments that says that Form MR-1 need not be filed in case a company appoints CEO or a CFO. The amend

Ministry of Corporate Affairs have introduced amendments that says that Form MR-1 need not be filed in case a company appoints CEO or a CFO. The amendments have further reduced the need of information that compares remuneration of KMP against company’s performance. These amendments have been tabled under Companies Rule, 2014 and Companies Third Order, 2016.

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The government of Gujarat has launched a web portal called that will provide training and help in providing employment to its users. The portal is tie

The government of Gujarat has launched a web portal called that will provide training and help in providing employment to its users. The portal is tied up with 617 Vocational Training Providers (VTP), 335 Kaushalya Vardhan Kendra and 48 employment exchanges to help users.

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Nirma to take over Lafarge assets for $1.4 billion

A regional cement player Nirma, headquartered in Ahmedabad, beat the likes of JSW Cement and Ajay Piramal to buyout Lafarge assets for $1.4 billion. However, the deal is subject to approval from Competition Commission of India (CCI). Lafarge India has three cement plants and two grinding stations that aggregately produce 11 million tons of cement. Nirma had tried to enter in cement business but faced problems on land acquisition issues.

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Industrial production jumps 1.2% in May

Industrial production jumped by 1.2% in May against April’s reading of -1.3%. While investment activity remained subdued at -12.4% against last year, electricity consumption and mining output jumped 4.7% and 1.3%, respectively. Increase in consumers goods production and consumer durables also helped the indicator eclipse the fall in investments.

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Economic & Finance

India’s forex balance rises by $2.37 billion

India’s foreign exchange has jumped by $2.37 billion to $363.17 billion for the week ending July 1. The jump comes after RBI witnessed a fall in exchange by $3.028 billion, taking the forex balance to $360.797 billion. The foreign currency asset, which forms a major part of India’s foregn exchange, jumped $2.132 billion, thanks to rupee appreciation against Euro, Pound and Yen currencies.

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Consumer Sentiment Index jumps to highest level since September

The MNI Consumer Sentiment Index jumped 2.7% in June to hit the highest level since September 2015, to 114.7. In May the index stood at 111.7. The index indicated satisfaction towards buying conditions and business environment even as consumers showed no hesitance in buying big-buck items. However, consumers remained dissatisfied with employment numbers, which might cap the gains in index.

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Retail inflation hits 22-month high

Retail inflation jumped to a 22-month high level as a sharp rise in vegetable prices prompted CPI index to jump to 5.77%. Rural inflation stood 6.2% higher than urban India’s 5.26%. The jump in inflation numbers has also lowered the chances of implementing any interest rate cuts. RBI chief, in June, wanted to wait till monsoon to set in before he took another call on interest rates.

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Gujarat slows down, GDP ranking drops drastically

Gujarat model seems to be slowing down on the growth path. In the year 2014-15, the state has recorded lowest ever growth rate in GSDP (Gross Sate Domestic Product) at 7.7%. This is not it, according to the data recently released by ministry of planning, Gujarat moved out from the list of top 5 states in terms of GSDP growth and is ranked lowly at 10th position in 2014-15 in comparison to other states.

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International

India extends $92 million Line of Credit to Tanzania

During his 4-day Africa trip, PM Narendra Modi has extended India’s hand of cooperation and development to Tanzania by signing 5 agreement and extended $92 million Line of Credit in the water resources sector. MoUs signed between India and Tanzania include setting up vocational training sector in Zanzibar and waiving of visa fees for diplomatic/passport holders.

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Revenue Department imposes anti-dumping duty on 4 nations

Revenue Department has imposed anti-dumping duty between $83.08 and $168.76 per ton on chemicals imported for textile sector. The five countries facing the anti-dumping charge are China, Iran, Indonesia, Malaysia and Taiwan. The decision comes after Reliance Industries and PTA India Corp asked for a probe into the imports. The probe, in December 2015, had revealed that the chemical was being exported by 5 countries to India priced below normal value.

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India to open apparel training centre in Nigeria

India has decided to set up an apparel training centre in Nigeria in a bid to promote skill development in the nation. Incidentally, the decision had coincided with PM Modi’s 4-day visit to Africa. India is eyeing to rebuild the cotton and textile value chain in a bid to revive the bilateral trade, which dipped to $12.17 billion in 2015-16 against $16.36 billion in 2014-15.

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Chinese Refrigerant to face anti-dumping duty from India

A notice from Revenue Department has said that India has imposed anti-dumping duty on Chinese refrigerant as it is hurting business of domestic producers. India will impose $1.22 per kilogram on import of Tetrafluoroethane from China for a period of 5 years until 2021. An investigation noted that there was continuous dumping of goods from China.

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Environment

Paryavaran Mitra raises objection to draft EIA rules

The Government has till date not made any provision or policy for using environmental fine or money collected from bank guarantee for environmental managements. The proposed draft is encouraging the developed to dilute the objection of EIA by giving easy way off the violation. This approach if allowed would give project developers free hand to first start the project causing irreversible damage and then seek post-facto clearance.

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