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The Dollar Business Bureau India’s apparel production has shown a decline of 10.4%, during the period April-January 2017-18, according to the India Industrial Production (IIP) data released by the Ministry of Statistics and Program Implementation. The production of apparels is witnessing a continuous decline since May 2017, on month-on-month basis. From a positive growth of 1.3% in April last year, the production declined by 5% in the month of May. In June, the decline was 3.2% while in July, it recorded a dip of 5.1%. In the months of August, September, October, November and December, the apparel output recorded a drop of 6.4%, 7.2%, 11%, 13.1% and 13.5%, respectively, as per the IIP figures. Commenting on the decline, HKL Magu, Chairman, Apparel Export Promotion Council (AEPC) ...

The Dollar Business Bureau The Goods and Services Tax (GST) revenue collections have marginally dropped to Rs.86,318 crore for the month of January, from Rs.86,703 crore in the previous month, according to the data released by the Government on Tuesday. “The total revenue received under the GST for the month of January 2018 (received in January/February up to February 25, 2018) has been Rs.86,318 crore,” said a statement released by the Ministry of Finance. Till February 25, around 1.03 crore taxpayers have been registered under the new indirect tax regime, of which 57.78 lakh taxpayers, 69% of total taxpayers, have filed GSTR 3B (summary form) returns for the month of January.  The last date for filing of GSTR 3B return for the month of ...

The Dollar Business Bureau The revenue collection under the Goods and Services Tax (GST) has dropped to Rs.80,808 crore for the month of December, a decline for the second straight month. This is the lowest collections since the new indirect tax regime rolled out on July 1. “The total collection under GST for the month of December 2017 has been Rs.80,808 crores till December 25, 2017,” the Ministry of Finance said in a statement on Tuesday. For the month of August, the collection was more than Rs.91,000 crore. In September, the figure was over Rs.92,150 crore and in October, it was over Rs.83,000 crore. The drop in this month’s collections is due to the impact of rate cut under the GST on more than 200 ...

The Dollar Business Bureau The Government has collected an overall revenue of Rs.92,150 crore from Goods and Services Tax (GST) for the month of September from around 42.91 lakh taxpayers. “The total revenue of GST paid under different heads (up to October 23, 2017) for the month of September 2017 is Rs.92,150 crore,” said a statement from the Finance Ministry. “The total number of GSTR 3B returns filed for the month of September 2017 is 42.91 lakhs till October 23, 2017,” it added.  Of the overall collections, Rs.14,042 crore was from Central GST (CGST), whereas Rs.21,172 crore was collected on account of State GST (SGST). The revenue from Integrated GST (IGST) stood at Rs.48,948 crore, which include Rs.23,951 crore collected on account ...

The Dollar Business Bureau Ahead of the GST Council’s meeting on Friday, Apparel Export Promotion Council (AEPC) have urged the government to address the refund of embedded taxes on exports, including the levies on cotton, electricity, input tax credit restrictions for man-made fibres used in textiles and purchases made from unregistered dealers. The GST Council would take decisions on the IGST refunds at its Friday meeting in New Delhi, Sushil Kumar Modi, its Head of Group of Ministers (GoM) has said on Wednesday.  As per an Industry representation, Middle East, South Asian and African countries have emerged as a significant market for Indian readymade garments and since lot of orders were already booked before the introduction of GST, the curtailment in duty drawback ...

The Dollar Business Bureau Exporters’ body Apparel Export Promotion Council (AEPC) has asked the Ministry of Finance for the refund of Integrated Goods and Service Tax (IGST) paid on the import of machinery used by apparel manufacturer exporters. AEPC, in a letter written to Ministry of Finance, has stated that after the implementation of GST from July 1, 2017, apparel exporters are required to pay IGST up to 18% on assessable value plus basic customs duty (BCD) while clearing shipments of capital goods under the Export Promotion Capital Goods (EPCG) scheme. “The incidence of a very high IGST without any corresponding relaxation for export obligation has rendered the EPCG scheme unattractive,” AEPC said in a statement. In the letter written to GK Pillai, Chairman ...

The Dollar Business Bureau The government has collected revenue worth Rs.92,283 crore in July from the India’s much hyped regime of Goods and Services Tax (GST), implemented from July 1. Finance Minister Arun Jaitley said on Tuesday that around Rs.92,283 crore were collected from GST in July from just 64.42% of the overall taxpayer base. So far, the collections from taxes are in excess of internal estimate done by the Finance Ministry of Rs.91,000 crore. The collections for the month of July, when a unified GST regime was rolled out across the country, which subsumes more than a dozen central and state levies such as excise duty, VAT, service tax and, are expected to further increase when all the taxpayers file their returns. “If we exclude ...

The Dollar Business Bureau  The Indian government is planning to bring out a set of procedures to begin investigating the imposition of safeguard duty against imports from South Korea. India and South Korea have signed a Comprehensive Economic Partnership Agreement (CEPA) on January 2010 and a subsequent review in the agreement in 2016, brought forth the reduction/elimination of duties on various products.  The move by the government comes in the wake of a surge of gold imports from South Korea which is worrying the domestic producers. The Indian Revenue department has notified the India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017, for laying out the procedures for such safeguard investigations. This is necessary as India needs to have separate rules ...