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Government looks to cut GST on white goods

  • Government looks to cut GST on white goods

  • After consumer products and other daily-use items, the government is now looking to reduce goods and services tax (GST) on consumer durables like washing machines and refrigerators from the current level of 28% as part of the next round of rationalisation. 
  • While the move is expected to help push demand in the sector, amid repeated complaints of a slowdown and excess capacity, the exercise will also be aimed at women and will reduce their daily workload by making such white goods cheaper, said a senior government official, who did not wish to be quoted. 
  • The official said that a part of the reason for lower levy on restaurants was also to free women from household chores, which begin with packing lunch for children in the morning and extend till late at night. Globally, products such as dish washers and washing machines are seen to be items which have unburdened women, leaving them with more time for themselves or other productive work. Besides, products such as dish washers are largely imported into India and lower local levies through GST may may also provide an incentive to companies to manufacture them in India, instead of shipping them from South Korea and other countries. Several white goods are already in the 12% and 18% brackets. 
  • M S Mani, partner at Deloitte India, said, "All consumer durables, if taxed uniformly at 18%, would give a big fillip to domestic manufacturers as this would also lead to significant price reduction, leading to increased demand. Several of them — such as dishwashers and air-conditioners — have, over a period of time, ceased to be luxuries, making an 18% rate a reasonable request." 
  • Last week, GST rates on restaurants, other than those in five-star hotels, were slashed from 18% to to 5%, although the withdrawal of input tax credit has prompted many chains to jack up prices. The cut came along with a reduction in levies for over 200 items, with 178 of them being from the top slab of 28%, leaving only 50 goods in the highest bracket. 
  • In case of 176 products, GST has been reduced to 18% and ministers have indicated that further rationalisation will take place, depending on revenue buoyancy, with only luxury and sin goods facing higher taxes. In that sense, white goods and a few commodities like cement do not belong to the highest bracket but are continuing there due to revenue considerations as the government does not want to lose out on mop-up and put pressure on the fiscal situation. Over a period of time, the idea is to move to three rates by converging the 12% and 18% slabs into one, while leaving processed foods and other household items in the 5% bracket. Some ministers also discussed the possibility of a two-rate structure in the long run.

Government looks to cut GST on white goods

  • Government looks to cut GST on white goods


  • After consumer products and other daily-use items, the government is now looking to reduce goods and services tax (GST) on consumer durables like washing machines and refrigerators from the current level of 28% as part of the next round of rationalisation. 
  • While the move is expected to help push demand in the sector, amid repeated complaints of a slowdown and excess capacity, the exercise will also be aimed at women and will reduce their daily workload by making such white goods cheaper, said a senior government official, who did not wish to be quoted. 
  • The official said that a part of the reason for lower levy on restaurants was also to free women from household chores, which begin with packing lunch for children in the morning and extend till late at night. Globally, products such as dish washers and washing machines are seen to be items which have unburdened women, leaving them with more time for themselves or other productive work. Besides, products such as dish washers are largely imported into India and lower local levies through GST may may also provide an incentive to companies to manufacture them in India, instead of shipping them from South Korea and other countries. Several white goods are already in the 12% and 18% brackets. 
  • M S Mani, partner at Deloitte India, said, "All consumer durables, if taxed uniformly at 18%, would give a big fillip to domestic manufacturers as this would also lead to significant price reduction, leading to increased demand. Several of them — such as dishwashers and air-conditioners — have, over a period of time, ceased to be luxuries, making an 18% rate a reasonable request." 
  • Last week, GST rates on restaurants, other than those in five-star hotels, were slashed from 18% to to 5%, although the withdrawal of input tax credit has prompted many chains to jack up prices. The cut came along with a reduction in levies for over 200 items, with 178 of them being from the top slab of 28%, leaving only 50 goods in the highest bracket. 
  • In case of 176 products, GST has been reduced to 18% and ministers have indicated that further rationalisation will take place, depending on revenue buoyancy, with only luxury and sin goods facing higher taxes. In that sense, white goods and a few commodities like cement do not belong to the highest bracket but are continuing there due to revenue considerations as the government does not want to lose out on mop-up and put pressure on the fiscal situation. Over a period of time, the idea is to move to three rates by converging the 12% and 18% slabs into one, while leaving processed foods and other household items in the 5% bracket. Some ministers also discussed the possibility of a two-rate structure in the long run.

Government looks to cut GST on white goods

  • Government looks to cut GST on white goods


  • After consumer products and other daily-use items, the government is now looking to reduce goods and services tax (GST) on consumer durables like washing machines and refrigerators from the current level of 28% as part of the next round of rationalisation. 
  • While the move is expected to help push demand in the sector, amid repeated complaints of a slowdown and excess capacity, the exercise will also be aimed at women and will reduce their daily workload by making such white goods cheaper, said a senior government official, who did not wish to be quoted. 
  • The official said that a part of the reason for lower levy on restaurants was also to free women from household chores, which begin with packing lunch for children in the morning and extend till late at night. Globally, products such as dish washers and washing machines are seen to be items which have unburdened women, leaving them with more time for themselves or other productive work. Besides, products such as dish washers are largely imported into India and lower local levies through GST may may also provide an incentive to companies to manufacture them in India, instead of shipping them from South Korea and other countries. Several white goods are already in the 12% and 18% brackets. 
  • M S Mani, partner at Deloitte India, said, "All consumer durables, if taxed uniformly at 18%, would give a big fillip to domestic manufacturers as this would also lead to significant price reduction, leading to increased demand. Several of them — such as dishwashers and air-conditioners — have, over a period of time, ceased to be luxuries, making an 18% rate a reasonable request." 
  • Last week, GST rates on restaurants, other than those in five-star hotels, were slashed from 18% to to 5%, although the withdrawal of input tax credit has prompted many chains to jack up prices. The cut came along with a reduction in levies for over 200 items, with 178 of them being from the top slab of 28%, leaving only 50 goods in the highest bracket. 
  • In case of 176 products, GST has been reduced to 18% and ministers have indicated that further rationalisation will take place, depending on revenue buoyancy, with only luxury and sin goods facing higher taxes. In that sense, white goods and a few commodities like cement do not belong to the highest bracket but are continuing there due to revenue considerations as the government does not want to lose out on mop-up and put pressure on the fiscal situation. Over a period of time, the idea is to move to three rates by converging the 12% and 18% slabs into one, while leaving processed foods and other household items in the 5% bracket. Some ministers also discussed the possibility of a two-rate structure in the long run.

Government looks to cut GST on white goods

  • Government looks to cut GST on white goods


  • After consumer products and other daily-use items, the government is now looking to reduce goods and services tax (GST) on consumer durables like washing machines and refrigerators from the current level of 28% as part of the next round of rationalisation. 
  • While the move is expected to help push demand in the sector, amid repeated complaints of a slowdown and excess capacity, the exercise will also be aimed at women and will reduce their daily workload by making such white goods cheaper, said a senior government official, who did not wish to be quoted. 
  • The official said that a part of the reason for lower levy on restaurants was also to free women from household chores, which begin with packing lunch for children in the morning and extend till late at night. Globally, products such as dish washers and washing machines are seen to be items which have unburdened women, leaving them with more time for themselves or other productive work. Besides, products such as dish washers are largely imported into India and lower local levies through GST may may also provide an incentive to companies to manufacture them in India, instead of shipping them from South Korea and other countries. Several white goods are already in the 12% and 18% brackets. 
  • M S Mani, partner at Deloitte India, said, "All consumer durables, if taxed uniformly at 18%, would give a big fillip to domestic manufacturers as this would also lead to significant price reduction, leading to increased demand. Several of them — such as dishwashers and air-conditioners — have, over a period of time, ceased to be luxuries, making an 18% rate a reasonable request." 
  • Last week, GST rates on restaurants, other than those in five-star hotels, were slashed from 18% to to 5%, although the withdrawal of input tax credit has prompted many chains to jack up prices. The cut came along with a reduction in levies for over 200 items, with 178 of them being from the top slab of 28%, leaving only 50 goods in the highest bracket. 
  • In case of 176 products, GST has been reduced to 18% and ministers have indicated that further rationalisation will take place, depending on revenue buoyancy, with only luxury and sin goods facing higher taxes. In that sense, white goods and a few commodities like cement do not belong to the highest bracket but are continuing there due to revenue considerations as the government does not want to lose out on mop-up and put pressure on the fiscal situation. Over a period of time, the idea is to move to three rates by converging the 12% and 18% slabs into one, while leaving processed foods and other household items in the 5% bracket. Some ministers also discussed the possibility of a two-rate structure in the long run.

Textile exports up 8pc in 4 months

  • Textile exports up 8pc in 4 months

  • Textile exports rose eight percent to $4.39 billion in the first four months of the current fiscal 2017/18 as the industry’s value-added sector continued to post recovery in export earnings during the period, official data revealed on Monday.
  • Pakistan Bureau of Statistics (PBS) data showed that textile exports amounted to $4.075 billion in the July-October period of the past fiscal year.
  • Knitwear exports stood at $873.023 million during the July-October period of FY2018, depicting a 10.62 percent increase as compared to the corresponding period a year ago.
  • Export of bedwear increased 5.44 percent to $755.419 million in the period under review. Readymade garments exports surged 14.8 percent to $803.526 million. Export of made-up articles rose 8.81 percent to $222.183 million, while towel exports remained almost flat at $248.224 million in July-October.
  • Other merchandises that witnessed decent double digital growth in exports earnings during the period under review included raw cotton (up 46.69pc), synthetic textile (soaring 60.61pc) and textile materials (rising 19.48pc). A gradual disbursal of tax refunds, which creates liquidity constraints for businesses, and trade enhancement initiatives are playing an instrumental role in arresting decline in textile exports that fetch more than 60 percent of the country’s total exports of $20 billion. But, the quantum is still much below the potential and compared with regional competitors. It has to be significantly increased to help the government achieve its ambitious $35 billion annual exports target.

Ramdev promises massive textile unit by Patanjali in Assam

  • Ramdev promises massive textile unit by Patanjali in Assam

  • Patanajali is to set up its textile unit in Assam valley, the land of mulberry and golden silk, next year to produce large number of varieties of textile fabric.
  • It was announced by Patanjali’s promoter Ramdev at Kokrajhar in western Assam where he inaugurated a three-day yoga therapy and meditation camp in the presence of hundreds of participants.
  • The Bodoland Territorial Autonomous Council (BTC) authority in Assam has promised Paranjali all help to set up its venture in the Bodoland areas to facilitate development and creation of employment opportunities in the area.
  • Ramdev promised that Patanjali is planning to set up a few residential and day-boarding schools in the state to provide succour to children from economically backward section of society.
  • Meanwhile, Patanjali Ayurved Ltd has started commercial production at its newly-set up factory at Balipara in Sonitpur district of Assam earlier this year. The land for the manufacturing unit was provided by the Assam government on lease to Patanjali at a cost of Rs 13.82 crore.
  • The factory was completed within five months since laying of the foundation. Assam Chief Minister Sarbananda Sonowal had laid the foundation stone of the Rs 1,300-crore Patanjali Food and Herbal Park on November 6, 2016. There is plan to set up about 75 units with an investment of Rs 6,000 crore.
  • The manufacturing area is spread across 450 bighas and it is expected that direct employment opportunities will be created for over 5,000 people in the industrial units while capacity production target worth Rs 1 lakh crore will be achieved within next five years.

Act fast on GST rate cut or face action: Hasmukh Adhia

  • Act fast on GST rate cut or face action: Hasmukh Adhia

  • Companies, including FMCG firms, might be prosecuted if their retailers do not immediately cut the prices of products whose goods and services tax (GST) rates have been slashed.
  • Union Finance Secretary Hasmukh Adhia says the retailers or the companies cannot continue with higher prices on grounds that the old stocks have not been exhausted. 
  • “We have made provisions for the companies to claim the difference from the government as input tax credit. But I am not willing to accept their argument to postpone passing on the benefits to consumers till they have disposed of their old stocks.” 
  • According to him, the new prices should be effective from November 15.
  • The GST Council in its last meeting this month cut the tax rate on 176 items from 28 per cent to 18 per cent and on two to 12 per cent.
  • There was a huge demand to make these cuts. Speaking in a Doordarshan interview in which Business Standard was present, Adhia, who is also revenue secretary, said it was inconceivable that a 10 per cent cut in the price of, say, detergent products should be minuscule for consumers.
  • “We cannot track each retailer. So we have made it clear to manufacturers like FMCG companies that the onus is on them to ensure the retailers immediately pass on the benefits to the consumers if they want to escape action under the anti-profiteering clause of the GST.”
  • He advised companies to “transparently” advertise in newspapers by how much their prices had come down. Items on which tax rates have dipped include detergents, sanitary ware, suitcase, beauty products, chocolates, marble and granite, wall paper, plywood, and stationery articles. Making the changes in prices visible would be a measure of their standards of corporate governance. “It is the responsibility of companies to inform their supply chain about the new price, going all the way down from distributors to wholesalers and retailers if they wish to escape the glare of anti-profiteering action by the government.” 

Govt looks to cut GST on white goods

  • Govt looks to cut GST on white goods

  • on consumer durables like washing machines and refrigerators from the current level of 28% as part of the next round of rationalisation.GSTNEW DELHI: After consumer products and other daily-use items, the government is now looking to reduce goods and services tax (
  • While the move is expected to help push demand in the sector, amid repeated complaints of a slowdown and excess capacity, the exercise will also be aimed at women and will reduce their daily workload by making such white goods cheaper, said a senior government official, who did not wish to be quoted.
  • The official said that a part of the reason for lower levy on restaurants was also to free women from household chores, which begin with packing lunch for children in the morning and extend till late at night. Globally, products such as dish washers and washing machines are seen to be items which have unburdened women, leaving them with more time for themselves or other productive work. Besides, products such as dish washers are largely imported into India and lower local levies through GST may also provide an incentive to companies to manufacture them in India, instead of shipping them from South Korea and other countries. Several white goods are already in the 12% and 18% brackets.

Scientists urged to develop nanotechnology applications for textile sector

  • Scientists urged to develop nanotechnology applications for textile sector

  • FAISALABAD: Shabbir Hussain Chawla, president Faisalabad Chamber of Commerce and Industry (FCCI) Sunday urged scientists of the National Institute of Biotechnology and Genetic Engineering (NIBGE) to develop cheap and simple applications of nanotechnology for the textile sector.
  • It will help Pakistan promote its textile exports and earn more foreign exchange, he added.
  • Addressing a symposium on ‘Nanotechnology-Current Trends and Future Prospectus in Pakistan’ as chief guest at NIBGE here Sunday, he said that textile sector in Faisalabad alone contributed 55pc towards the total textile export of the country, while its share in GDP was around 8pc.
  • The function was also addressed by Director NIBGE Dr Shahid Mansoor and other scientists of the institute.

Indian Oil Corporation Signs MoUs To Develop Plastic And Textile Parks In Odisha

  • Indian Oil Corporation Signs MoUs To Develop Plastic And Textile Parks In Odisha

The Indian Oil Corporation Ltd (IOCL) has signed two memoranda of understanding (MoUs) to set up a plastic park and a textile park in the eastern state of Odisha.
 
These MoUs were signed at the Petrochemical Investors Conclave inaugurated by Union Petroleum Minister Dharmendra Pradhan in Bhubaneswar.
 
IOCL and Industrial Development Corporation of Odisha (IDCO) signed an MoU to set up a plastics park at Paradip in Odisha which includes a 700 kilo tonnes per annum polypropylene unit at Paradip Refinery, to be commissioned in 2018, which will serve as a mother plant for downstream polymer or plastics ancillary units.
 
Indian Oil signed another MoU with the Purnendu Chatterjee-owned MCPI to set up a textiles park.
 
Pradhan said that with the coming up of a Mono Ethylene Glycol (MEG) Unit at Paradip Refinery and availability of Purified Terephthalic Acid (PTA), the downstream polyester industry would flourish in the eastern region as well.
 
He said that by achieving synergy of cotton fibre with polyester fibre to popularise synthetic textiles, the upcoming textiles park will benefit micro, small and medium enterprises (MSMEs) in a major way.
 
Pradhan said that India's petrochemicals sector is going through a golden period, with growth rates of 14-15 per cent per annum.
 
Also present on the occasion was Odisha Finance Minister Shashi Bhusan Behera who said that Indian Oil, as an anchor investor, would have a lead role to play in developing a Petroleum, Chemicals and Petrochemicals Investment Region in Paradip, he said.

    Exibitions Dates