Gujarat Chamber of Commerce & Industry

42/2015-16

Thu, 14 April 2016

Trade & Industry

Ind-AS to raise June quarter tax liabilities by 20%

Indian companies that have moved to the new accounting standards for the June quarter could be staring at an increased tax liability of about 20% under MAT. Due to the way accounting is done under the new standards, Ind-AS, many transactions involving foreign exchange, securities and equity apart from certain demergers could start attracting MAT, industry trackers said. India has changed its accounting standards from GAAP to Ind-AS, which is on a par with International Financial Reporting Standards (IFRS), from April 1 this year

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FDI in food processing sector may come with riders

The government is considering a proposal to make it mandatory for foreign players entering the food processing sector to invest part of their FDI in developing back-end agriculture infrastructure such as transfer of modern farming technology, agri mechanisation, and marketing and cold chain infrastructure.

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DIPP launches web-based dashboard for monitoring commitments of ministries under Make in India

A web based dashboard for monitoring the short and medium term commitments of different ministries under the Make in India initiative has been launched by the Department of Industrial Policy and Promotion (DIPP). Around 21 Ministries covering 22 Sectors identified to boost manufacturing and services as part of the Make in India will view and update the progress of each of their action plans on the dashboard.

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15% duty on certain goods on India-return after 1-year foreign stay

Indians returning home after a year-long foreign stay will have to pay 15% duty on bringing colour television, home theatre system and bullion other than ornaments into the country. Until now, used personal and household articles including video cassette recorder/player, washing machine, electrical or LPG cooking range, computer and laptop, and domestic refrigerators of capacity up to 300 litres, besides jewellery up to Rs 50,000 by a gentleman and Rs 1 lakh by a lady were allowed duty free.

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IIP takes U-turn to rise 2% in February, kindles turnaround hopes

Indias industrial production growth bounced back into positive zone in February, reversing three months of contraction and adding to the recent flow of positive data that suggests an upturn in the economy. The Index of Industrial Production (IIP) rose 2% in February from a year ago, compared with 1.5% decline in the previous month, data released by the statistics office showed. Overall April-February industrial growth is pegged at 2.6%, compared with 2.8% for the corresponding period in the previous fiscal.

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Government eases approval for foreign firms to set up branch offices

To improve ease of doing business for foreign entities, the government has relaxed approval process for setting up of their branch, liaison and project offices in the country. Except for defence, telecom, private security, information and broadcasting and non-government organisation sectors, such approvals can now be given by certain banks, as against the earlier requirement of RBI approval for the same, the Finance Ministry said in a statement.

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Economic & Finance

IMD forecasts well-distributed rains, kindling hopes of economic revival

The weather office has forecast surplus, well-distributed monsoon rainfall this year after two consecutive droughts, cheering farmers and kindling hopes that the surge in rural demand after the expected good harvest will propel economic growth. The promising outlook from the countrys most respected weather forecaster came along with encouraging data showing that consumer inflation had fallen below 5% while industrial output had bounced back after contracting for three months. The India Meteorological Department (IMD) said the monsoon will deliver 6% surplus rain in its fabled four-month journey from the Kerala coast to the lofty mountains in Kashmir.

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Inflation hits 6-month low on cheaper vegetables, pulses

Retail inflation declined to a six-month low in March on the back of softer vegetables and pulses prices, opening room for further reduction in interest rates a few months later should the softening trend continue. The consumer price index ( CPI) rose 4.83% in March from a year ago, data released by the statistics office showed, rising well below the consensus estimate of around 5% and sharply lower than 5.26% uptick in February.

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India to notch up to 7.5 per cent growth in 2016-17: IMF

Driven by private consumption and increased industrial activity, Indias growth is projected to notch up to 7.5 per cent in 2016-17, overtaking Chinas GDP by more than 1 per cent, the IMF said. Retaining its last October forecast, the International Monetary Fund in its latest World Economic Outlook report said, "With the revival of sentiment and pickup in industrial activity, a recovery of private investment is expected to further strengthen growth."

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India tops Credit Suisse emerging consumers scorecard 2016

Indian consumers remain most optimistic, among nine nations surveyed by Credit Suisse, about their current and future finances and relatively lower inflation expectations. According to Credit Suisse Emerging Consumer Scorecard 2016, India topped the chart, while China and Saudi Arabia shared the second position. In 2015 scorecard also India was at the top position.

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Science & Technology

Why WhatsApp is not wrong in keeping your texts a secret

Messaging service app WhatsApp rolled out a security feature a few days ago that has left government agencies upset but security experts and privacy activists cheering. Whatsapp started end-to-end encryption for its over one billion users, which means no one, not even the makers of the messaging app can access your messages.

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Global IT spend to fall 0.5% in 2016;India stays strong: Report

Research firm Gartner has lowered its worldwide IT spending forecast to $3.49 trillion in 2016, a decline of 0.5 per cent from the previous year, mainly due to currency fluctuations.

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Environment

GPCB model to help India in waste disposal

In a major boost to safeguarding public health from irresponsible biomedical waste disposal and related hazards, the new Bio-Medical Waste (Management and Handling) Rules now require a bar code system for identifying bags or containers carrying biomedical waste, and a GPS system to track the movement of the containers. The system was originally suggested and implemented by Gujarat Pollution Control Board (GPCB), and would now be replicated across the country, said GPCB officials.

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