Gujarat Chamber of Commerce & Industry

48/2015-16

Thu, 26 May 2016

Trade & Industry

Gujarat Govt rolls back 5 per cent VAT on industrial salt

The Gujarat government has rolled back 5 per cent Value Added Tax (VAT) imposed on industrial salt in 2016-17 budget. The move comes after opposition from salt manufacturers for the imposition of VAT.

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Gujarat adds 6.30 lakh new taxpayers

Though the income tax department fell short of its target of bringing one crore new taxpayers under the tax net in one year, it has been successful in registering 67 lakh new taxpayers in the country. Out of these, around 6.30 lakh new tax assesses were added to the 38 lakh already existing in Gujarat, which currently accounts for 10% of taxpayers (44.3 lakh) in India - a country where only 3% of the population is under the tax net.

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Gujarat I-T department given Rs 40,440 crore target

Gujarat zone of Income Tax department has been given a target of Rs 40,440 crore for tax collections in the financial year 2016-17. The target given by Central Board of Direct Taxes (CBDT) to Gujarat this year is 16% higher than the actual collections in 2015-16 which stood at Rs 35,050 crore. In last three years from 2013-14 to 2015-16, the collections target for Gujarat zone have increased by around Rs 5,000 crore while the actual collections have increased by around Rs 6,000 crore.

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Ahmedabad drives online demands for utility products in manufacturing sector

Business to Business (B2B) e-commerce is emerging as one of the finest sectors in the startup industry and companies are witnessing an unprecedented surge in Tier 2, Tier 3 and Tier 4 cities. Industrybuying, the leading B2B ecommerce platform, has observed Ahmedabad as the top tier 2 city among others that are driving online demand for industrial utility products in the manufacturing sector. At present, the sector contributes around 23% in total order value and 10% of the entire Gross Merchandise Value (GMV).

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Government approves Capital Goods Policy, aims 21-million new jobs

The Cabinet has approved a first ever national capital goods policy that seeks to reduce reliance on imported equipment by incentivising domestic production and in the process creating crores of jobs The policy seeks to increase production of capital goods from Rs 2.3 lakh crore in 2014-15 to Rs 7.5 lakh crore in 2025 and also raise direct and indirect employment from the current 84 lakh to three crore.

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eBiz platform to provide over 200 services in 7 years: Government

Seeking to further improve the ease of doing business, the government plans to expand the reach of eBiz project and provide more than 200 services through the platform in the next seven years.

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8 special courts for speedy trials under companies law

The government has designated eight special courts in different parts of the country to ensure speedy trial of offences violating companies law provisions. Envisaged under the Companies Act, 2013, the courts have been designated after more than two years since provisions of this began to take effect. It also comes at a time when the government is working on ways to further improve the ease of doing business and reduce the number of litigations pending at various courts.

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India business confidence dips to 5 month low in May

Confidence among Indian businesses fell to a five month low in May, and with rising inflationary pressure, there is limited scope for the RBI to cut rates, says a survey. Deutsche Boerses MNI India Business Sentiment Indicator, a gauge of current sentiment among BSE-listed companies, fell from 62.4 in April to 61.8 in May, lowest since December 2015.

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Service tax collection raised by 25% in last four years

Service tax collection has grown by a compounded annual rate of 25 per cent over the past four years to an estimate Rs 2.1 lakh crore collected in FY16. Thats higher than the tax collected from excise and customs on items like gold, cars, mobile phones, etc. The government raised the service tax from 12.3 per cent in April 2015 to 14 per cent in May 2015. Its further set to rise to 15 per cent from June onwards.

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Government revises norms of Performance in Credit Rating Scheme

Government has approved the revision in guidelines of the Performance in Credit Rating Scheme, aiming to increase its credibility and effectiveness for both borrowers and banks. Under the revised guidelines, the fee to be paid to the rating agencies shall be based on the turnover of the micro and small enterprises which has been categorised into three slabs. Besides, only rating agencies registered by SEBI and empanelled as External Credit Assessment Institution (ECAI) by RBI would be eligible to carry out rating of MSEs under the Scheme.

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Economic & Finance

Insurance sees FDI flow of Rs 13,000 crore after amended law

Foreign direct investment of up to Rs 13,000 crore has come in to the insurance sector. Around a dozen foreign promoters have increased their stake in the Indian insurance joint venture after the amendment to the Insurance Laws. This was seen as a major reform for the government and a key one to stimulate insurance growth.

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Environment

Environment ministry mulls hefty fine to ensure compliance of green rules

The environment ministry has its work cut out for the next three years. The Prakash Javadekar-led ministry will now devote all its efforts to ensure compliance of the environmental laws. For this, the ministry is planning to introduce hefty penalty for violation, using technology for monitoring violations round the clock and creating capacities at local level for strict implementation of environmental laws.

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