Gujarat Chamber of Commerce & Industry

51/2015-16

Thu, 16 June 2016

Model GST law put out for stakeholders’ view

Model GST law put out for stakeholders’ view

Pressing the pedal on GST, the government put out for debate a draft law to introduce this much-delayed reform. The draft model GST law released after deliberation by state finance ministers says the GST rate will be specified in the schedules of this law. It also provides for tax deduction at source for online transactions, clearly bringing ecommerce under GST fold. "We request all stakeholders to give their suggestions/comments to secretariat of Empowered Committee of FMs and or to finance ministry," revenue secretary Hasmukh Adhia tweeted. The model GST law contains two parts - the Goods and Services Tax Act, 2016 and the Integrated Goods and Services Tax Act, 2016 - providing the framework for implementation of the this tax that is estimated to add as much as 2% to the countrys GDP.

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FSSAI to exempt traders supplying farm produce from quality accountability

Food Safety & Standards Authority of India (FSSAI) has decided to exempt traders who deal in supply of farm produce (particularly grain and pulses) to the food processing industry from being held responsible for the quality of the produce. This proposal has already been operationalized with effect from April 13 this year.

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Gujarat announces Purchase Policy with focus on SMEs sector

Gujarat government has announced Purchase Policy-2016, having special focus on providing level playing field to small, micro and cottage industries in the state. Another focus of the policy, is to increase employment opportunities in this sector, as they would now be given preference by state departments while procuring various items. As per the policy, departments will have to purchase only those items which are produced in India.

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20 central government services integrated on e-biz portal: DIPP

As many as 20 central government services including industrial license and employer registration have been integrated with the e-Biz platform, a move aimed at improving ease of ding business. The e-biz project has started with an objective of providing government services through a single-window portal.

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Government slaps 20% export duty on sugar to check prices

Government has imposed 20 per cent customs duty on sugar exports to boost domestic supply and check prices which are ruling high at Rs 40/kg. The move comes at a time when prices have surged sharply in various commodities including tomato, wheat and pulses.

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FIPB clears FDI proposals worth Rs 710 crore

Foreign Investment Promotion Board (FIPB) has approved four FDI proposals entailing overseas investment of about Rs 710 crore. The proposals approved included Advanced Enzyme Technologies, Corona Remedies, Macmillan Publishers International and Ordain Health Care Global.

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Manufacturing decline drags IIP to negative zone in April

The industrial production contracted marginally in April, dampening sentiment days after data showed the economy grew at a healthy 7.6% in FY16 buoyed by an even faster 7.9% pace in the March quarter. Indias industrial production shrank 0.8% in April after expanding for two months because of a 3.1% decline in manufacturing output, the Index of Industrial Production (IIP) released by the statistics office on Friday showed. The manufacturing sector has almost 75% weight in the IIP.

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Economic & Finance

WPI inflation to average 0.6 per cent in 2016: Nomura

WPI inflation is expected to average around 0.6 per cent in 2016 compared with (-) 2.7 per cent in 2015, owing to rising input costs, especially commodity prices, according to a Nomura report. According to the Japanese financial services major, WPI inflation is expected to see an uptick going forward largely owing to gradual growth recovery, commodity prices having bottomed out and base effects waning.

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India’s current account deficit narrows to $300 million, lowest level in 7 years

According to data released by Reserve Bank of India (RBI) the current account deficit (CAD) — difference between the value of all imports, including goods, services and investment incomes, and the value of all exports — had shrunk to $300 million in the fourth quarter of 2015-16, down from $700 million a year earlier and sharply lower from $7.1 billion recorded in the previous quarter.

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Science & Technology

Vodafone set to launch 4G in Gujarat

Telecom player, Vodafone India announced making available 4G network to Gujarat soon. The company informed that 4G SIMS will be made available at all Vodafone Stores, Vodafone Mini Stores and 10,000+ multi brand outlets located across Gujarat.

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New Projects

Gujarat distributes 30 lakh LED bulbs in 19 days

Gujarat becomes the fastest state to distribute over 30 lakh LED bulbs under the Government of Indias UnnatJyoti by Affordable LEDs for All (UJALA) scheme. This scheme was launched in Gujarat on May 26, 2016 and the milestone of distributing 30-Lakh LED bulbs has been achieved within a short span of only 19 days.

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Gujarat CM dedicates 6.4-km sub-sea power cable project

For the first time since Independence, Shiyal bet — off Gujarat coast having about 800 households with a population of 6,000 — was lit up on Saturday after the Gujarat Chief Minister, Anandiben Patel, inaugurated the sub-sea marine cable power supply project in Arabian sea off Pipavav Port in Amreli District.

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Power-surplus Gujarat seeks second UMPP

Demand for power within a state may no longer be a criterion for seeking mega power projects. Gujarat, the most energy surplus state in the country, wants another mega investment in power generation even as other states seem to be no longer interested in hosting ultra mega power projects (UMPP).

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