Quality of Chinese Products

All goods imported into India are subject to domestic laws, rules, orders, regulations, technical specification, environment and safety norms, that are notified from time to time. There is no proposal at present to restrict imports of products, that otherwise satisfy the aforesaid conditions, including meeting the prescribed technical standards.

The Bureau of Indian Standards (BIS) formulates standards applicable to domestic products and also mandates the use of Standard Marks under a license which mutadis mutandis also apply to imported goods. Products have been notified under compulsory certification/registration with one of the objectives of checking influx of substandard products into Indian markets. Presently, there are 109 products covered under Compulsory Product Certification Scheme of BIS and 30 Electronic and IT Goods under Compulsory Registration Scheme of BIS. Till now, 204 licensees have been issued to Chinese manufacturers for Steel products, Electrical products, Tyres & Tubes etc. as per Product Certification Scheme of BIS. Also, 4636 manufacturers have been granted registrations for Electronic and IT Goods as per Compulsory Registration Scheme of BIS. As member of WTO. India’s regulations apply to all members equally.

This information was given by the Commerce and Industry Minister Smt. Nirmala Sitharaman in a written reply in Lok Sabha today

**** source: Press Information Bureau: July 31, 2017

24x7 operationalization of Petrapole-Benapole Integrated Check Post

The Petrapole-Benapole Integrated Check Post is a major route for India-Bangladesh bilateral trade. In order to facilitate movement of cargo across the border, India and Bangladesh have agreed to operate Petrapole-Benapole ICP 24x7, with effect from 01st August 2017. Land Ports Authority of India (LPAI) and Central Board of Excise and Customs (CBEC), the implementing agencies on the Indian side, have issued necessary instructions in this regard.

The 24x7 operationalization of Petrapole-Benapole ICP is expected to be a significant milestone towards expeditious clearance of cargo and, hence boost the bilateral trade between the two countries. 

source: Press Information Bureau: July 31, 2017

Accidental Insurance for RuPay ATM Card Holders

Accidental Insurance for RuPay ATM Card Holders

All RuPay ATM-cum-debit cardholders are presently eligible for accidental death and permanent disability insurance cover. 

RuPay Classic cardholders are eligible for cover of Rs.1 lakh, whereas RuPay Premium cardholders are eligible for cover of Rs.2 lakh. 

Insurance premium is paid by the National Payments Corporation of India. 872 cardholders received insurance claims during the financial year 2016-17.

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Lok Sabha today. 

source: Press Information Bureau: July 28, 2017

Benefits of the reduced rates/tax rebate to the consumers post GST

Benefits of the reduced rates/tax rebate to the consumers post GST

The GST Council comprising the representatives of Central and State Government recommended the GST rates for goods and services, interalia taking into account the pre-GST indirect taxes incidence on goods and service. The GST rates on goods have since been notified. With the GST rates so notified the tax incidence on items like food grain, milk, egg, sugar, vegetable edible oils, spices in GST regime is lower than the tax incidence in the pre-GST regime.

GST tax rates have been fixed with the objective of maintaining revenue-neutrality in the post-GST regime.

Section 171 of the Central Goods and Services Act, 2017 provides for Anti-Profiteering measure according to which any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices and the Central Government is in the process of constituting an Authority to examine the same. Many business entities have reduced the prices of their goods and services in view of lower GST rates under the GST regime. They have been publishing these revised rates in leading newspapers from time to time for consumer benefit.

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Lok Sabha today. 

source: Press Information Bureau: July 28, 2017

Features of GST

Features of GST

Goods and Services Tax (GST) is intended to bring transparency and accountability in business transactions along with the ease of doing business and rationalization in tax rates and will not pave the way for financialization of the country.

The foremost benefit of GST is to remove hurdles in inter-State transactions resulting in the setting up of a common market. This make ‘one nation, one tax and one market’ true in the country.Further, in case of inter-State supply, only integrated tax is to be levied while in intra-State supplies, central tax and State tax or Union territory tax is to be levied. Thus, the plethora of taxes being levied by the Centre and the States in the erstwhile regime has been replaced by simpler and more efficient taxation system.

GST will promote business and development by making the taxation structure easy and by eliminating the numerous taxes. The GST laws have been framed in such a manner that a multitude of taxes have been replaced by one tax. The details of the taxes subsumed under GST are as under.

(A) Taxes related to Centre:

i. Central Excise duty
ii. Duties of Excise (Medicinal and Toilet Preparations)
iii. Additional Duties of Excise (Goods of Special Importance)
iv. Additional Duties of Excise (Textiles and Textile Products)
v. Additional Duties of Customs (commonly known as CVD)
vi. Special Additional Duty of Customs (SAD)
vii. Service Tax
viii. Central Surcharges and Cesses so far as they relate to supply of goods or services.
(B) Taxes related to State 

i. State VAT
ii. Central Sales Tax
iii. Luxury Tax
iv. Octroi and Entry Tax (all forms)
v. Entertainment and Amusement Tax (except when levied by the local bodies)
vi. Taxes on advertisements
vii. Purchase Tax
viii. Taxes on lotteries, betting and gambling
ix. State Surcharges and Cesses so far as they relate to supply of goods or services.
GST will improve productivity and easiness of business as the entire nation has been converted into a single market by removal of hurdles to inter-State trade. Further, uniform tax rates along with reduction in the cascading effect of taxation and increased input tax credit utilization in GST would immensely benefit the nation. There is automation of all major business processes viz., registration, payment of tax, return filing, etc.

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Lok Sabha today. 

source: Press Information Bureau : July 28, 2017

वस्‍तु एवं सेवाकर की विशेषताएं

वस्‍तु एवं सेवाकर की विशेषताएं  

      वस्‍तु एवं सेवाकर (जीएसटी)  का उद्देश्‍य व्‍यापारिक लेनदेन में पारदर्शिता लाना और जवाबदेही तय करना है। इसके अलावा जीएसटी से व्‍यापार करने में आसानी होगी तथा टैक्‍स की दरें तर्कसंगत होंगी, जिससे देश की वित्‍तीय स्थिति को सही दिशा मिलेगी।

      जीएसटी का सबसे पहला लाभ यह है कि इससे राज्‍यों के बीच होने वाले लेनदेन की बाधाएं दूर हो जाएंगी तथा एक साझा बाजार की रचना होगी। देश में ‘एक राष्‍ट्र, एक कर और एक बाजार’ की अवधारणा आगे बढ़ेगी। राज्‍यों के बीच आपूर्ति के संबंध में केवल एकीकृत कर प्रणाली काम करेगी, जबकि राज्‍यों के भीतर होने वाली आपूर्ति के संबंध में केन्‍द्रीय कर और राज्‍यकर लागू होंगे। इस तरह पिछली प्रणाली के स्‍थान पर अब केन्‍द्र और राज्‍यों में आसान तथा कारगर कर प्रणाली काम करेगी।

      कराधान ढांचे को आसान बनाकर जीएसटी व्‍यापार और विकास को प्रोत्‍साहन देगा, क्‍योंकि असंख्‍य कर समाप्‍त हो जायेंगे। जीएसटी कानूनों को इस तरह बनाया गया है कि विभिन्‍न प्रकार के टैक्‍सों के स्‍थान पर केवल एक ही टैक्‍स लागू हो। जीएसटी के अन्‍तर्गत निम्‍नलिखित टैक्‍स समाविष्‍ट कर दिए गए हैं:-

(अ) केन्‍द्र संबंधी कर:

1. केन्‍द्रीय उत्‍पाद शुल्‍क
2. उत्‍पाद शुल्‍क (औषधि और शौचालय निर्माण)
3. अतिरिक्‍त उत्‍पाद शुल्‍क (विशेष महत्‍व के सामान)
4. अतिरिक्‍त शुल्‍क (कपड़ा और कपड़ा उत्‍पाद)
5. अतिरिक्‍त सीमा शुल्‍क (आमतौर पर जिसे सीवीडी के नाम से जाना जाता है)
6. विशेष अतिरिक्‍त सीमा शुल्‍क (एसएडी)
7. सेवाकर
8. केन्‍द्रीय सरकार और उपकर, सामान या सेवा आपूर्ति के संबंध में।

(ब)  राज्‍य संबंधी कर:

1. राज्‍य वैट
2. केन्‍द्रीय बिक्री कर
3. विलासिता कर
4. चुंगी और प्रवेश कर (सभी प्रकार के)
5. मनोरंजन एवं मनोविनोद कर (स्‍थानीय निकायों द्वारा लागू होने के अतिरिक्‍त)
6. विज्ञापनों पर कर
7. खरीद कर
8. लॉटरी और जुए पर कर
9. राज्‍य सरकार और उपकर, सामान या सेवा आपूर्ति के संबंध में।

      जीएसटी से उत्‍पादकता में सुधार होगा और व्‍यापार करने में आसानी होगी, क्‍योंकि इसके तहत पूरा राष्‍ट्र एकल बाजार में तब्‍दील हो जाएगा। राज्‍यों के बीच होने वाले व्‍यापार की बाधाएं दूर हो जाएंगी। इसके अलावा कराधान का दुष्‍प्रभाव कम होगा और कर का दायरा बढ़ जाएगा, जिससे देश को बहुत फायदा मिलेगा।

      यह जानकारी आज लोकसभा में वित्‍त राज्‍यमंत्री श्री संतोष कुमार गंगवार ने एक प्रश्‍न के लिखित उत्‍तर में दी।

source: Press Information Bureau: July 28, 2017

Discussions with Stakeholders on GST

source; PIB: July 19, 2017

Ministry of Commerce & Industry in Government of India has set up a facilitation cell each in both Department of Commerce and Department of Industry to reply to the queries of the stakeholders on GST. 

In addition to this, a series of meetings and workshops have been organized to review the preparedness for implementation of GST, create awareness about it and to discuss the operational issues pertaining to GST with the stakeholders. 

This inter-alia includes meetings with representations of Industry Associations such as Confederation of Indian Industry (CII), the Associated Chambers of Commerce & Industry of India (ASSOCHAM), PHD Chamber of Commerce & Industry, representatives of industry associations of special category states of Jammu & Kashmir, Himachal Pradesh and Uttarakhand, representatives of Automobile Industry, Cement Industry, Leather Industry, Rubber Industry, Tyre Manufactures, Paper Industry etc. 

Discussions have also been held with the Service Exporters, representatives of Hotel and Hospitality industry, Logistics Services, Council for Leather Exporters etc. to discuss the issues pertaining to rollout of GST and its implications on them. 

In addition to the meetings held in States and Union Territories, seminars, workshops and meetings have also been organized in the Special Economic Zones to discuss the GST related issues of units located therein. 

This information was given by the Commerce and Industry Minister Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today 

********