Sunday, 27 November 2011
Freight Vessel With Cargo of Stone Sunk Off Welsh Coast
Shipping firms foresee demand slump
http://www.businessworld.ie/livenews.htm?a=2841360;s=rollingnews.htm
Tiny device from IIT-Kanpur can prevent derailment
http://in.news.yahoo.com/tiny-device-iit-kanpur-prevent-derailment-093544508.html
Indian cotton seen sliding on lower China demand, supply
Pakistan business hits at barriers to India trade
DAWN.com
http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNE7-VVXoHEQdQWn0_bVqMwfzEtaMQ&url=http://www.dawn.com/2011/11/27/pakistan-business-hits-at-barriers-to-india-trade.html
India's Rice Export Demand Picks Up
Monday, 12 September 2011
New service tax circular would expedite refund claims: Fieo
COMMENTING on the recent service tax circular for claiming refunds through ICES with regard to specified services availed of for export of goods, Mr Ramu S. Deora, President of Federation of Indian Export Organisations (Fieo), said that it would make refunds quicker, considering that the exporter will have to declare his intent on the shipping bill, which would be processed just like the drawback shipping bill.
Expressing confidence that the new dispensation under ICES would create an enabling environment for service tax refunds, the Fieo chief pointed out that getting refunds had become difficult following the tax offset facility under Rule 2 of the Cenvat Credit Rules, due to the merger of service tax credit with Cenvat credit.
As regards the non-drawback shipping bills, Mr Deora made it clear that once the Export General Manifest (EGM) is filed, the bills would move separately, get processed and sanctioned on the ICES. "In either case, shipping bill itself will be the basis for claiming refund".
Mr Deora said the draft circular also spoke of plans for creating a separate service tax directory in the ICES for the specified services, along with the specified rate for each of these services. "These rates would be similar to an AIR (all-industry rate), which is being proposed for these services. If an exporter wants a refund on the basis of actual input taxes paid, the ICES route cannot be used and filing through field formations would be required", Mr Deora explained.
The Fieo chief also mentioned that scrolling for both drawback and service tax would take place together in the case of drawback claims. "For non-drawback claims, the service tax refund is scrolled once the EGM is filed", he said.
Source : Exim News Service - MUMBAI, Sept. 12
Growth spectacular but challenges ahead will hit exports: Fieo
COMMENTING on the July 2011 trade data, Mr Ramu S. Deora, President of Federation of Indian Export Organisations (Fieo), said that the growth in exports, considering the numerous challenges, is indeed spectacular and is a measure of the entrepreneurial skills of Indian exporters, coupled with their aggressive intent of diversification both at the product and country level.
Acknowledging that the government too had played a part in the feat through its market-linked incentives, the Fieo chief said that the growth of 81 per cent in exports, on a not-so-low base of July 2010, was unheard of in the recent history of Indian exports. He complimented the exporters of engineering goods, gems and jewellery, readymade garments, manmade yarn, cotton yarn fabrics, chemicals, electronics and others for chipping in to bolster the growth.
According to the Fieo chief, a comparison of the export figures of the last four months of 2011 with the same period of 2010 showed that the country was adding around $10 billion, resulting in $26-27 billion in exports every month.
Mr Deora added that imports too were increasing, with a trade deficit of $42.7 billion in the first four months, thus projecting a fiscal deficit of $125 billion in 2011. Therefore, "the government must give a boost to exports to bridge the deficit", he stressed.
Drawing attention to the challenges facing Indian exports in view of the recent global developments, the Fieo President said these could not be ignored as they would have serious bearings on the country's exports in the coming two quarters.
With regard to the problems on the domestic front, i.e. the hike in interest rates for exports and uncertainty over continuance of the DEPB scheme, the Fieo chief, while admitting that it had further accentuated the problem, apprised that both issues had been brought to the notice of the Finance and Commerce Ministries, who need to quickly act on them to lessen the discomfiture of exporters.
He felt that exports would see a dip in Q3 and Q4.
Source : Exim News Service - MUMBAI, Sept. 11
Three-month extension for duty-free sugar imports
The Union government has decided to extend the duty-free imports of raw and white sugar by three months till November 30.
According to a notification, the extension given to the tax-free imports will be effective from September 1. It may be recalled that the country had earlier permitted tax-free sugar imports until August 31, following the cancellation of a 60 per cent tax reinstated on April 1.
Expectations are rife that India, which is the world’s second largest producer after Brazil, is likely to produce 26 million tonnes (mt) of sugar in 2011-12 (October-September) against a government estimate of 24.2 mt for the year.
Source : Exim News Service - NEW DELHI, Sept. 11
Ennore Port stake sale plan deferred due to unviable outlook
WITH the Shipping Ministry considering the government's plan for a stake sale in Ennore Port as 'unviable' at present, the proposal has been put on hold.
An official apprised that the Ministry had requested the Department of Disinvestment to wait for two years as it reckoned that disinvestment would be a viable option only after the projects take off at the Port.
The official pointed out that work on the rail connectivity and container terminal projects, being implemented on PPP basis, were in progress and expected to be concluded in two years. It may be recalled that Ennore Port was originally conceived to handle thermal coal to meet the needs of the Tamil Nadu Electricity Board, but the scope had to be expanded subsequently in view of Tamil Nadu’s plan to set up a power project.
Source : Exim News Service - NEW DELHI, Sept. 11