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Earlier, imports under advance authorisation were subjected to IGST Exporters have approached various courts over restrictions imposed for availing advance authorisation licences under the goods and services tax (GST) regime. The change in condition has led to directorate of revenue intelligence (DRI) issuing notices to exporters.  One such case on a petition filed by an exporter came up for hearing in the Delhi High Court, which issued notices to the Central Board of Indirect Taxes and Customs (CBIC) and the Directorate General of Foreign Trade and posted the matter for hearing in January.  The gist of the case is that the CBIC had inserted a clause of “pre-import” for exempting imports done on advance authorisation licences from integrated goods and services tax (IGST). These licences are issued to allow duty free import of inputs, which are physically incorporated in export product. The clause meant that imports done after exports would not be allowed to avail exemptions from IG

GST Council has reduced rates on many items and services in the last round, says Goyal Finance Minister Piyush Goyal on Thursday said the capacity to slash the GST rates on more items would go up as Goods and Services Tax (GST) revenues and the compliance rate increases and the economy formalises.  Goyal was speaking in the Lok Sabha after moving four bills seeking to amend the Goods and Services Tax (GST) laws for consideration and passage. The bills were Central GST (Amendment) Bill, Integrated GST (Amendment) Bill, GST (Compensation to States) Amendment Bill and Union Territory GST (Amendment) Bill.  His speech 45-minute speech was in-terrupted by Congress members who were in the Well raising anti-government slogans on various issues, including demanding setting up of a joint parliamentary committee to probe the Rafale jet fighter deal. The Minister said the "GST Council has reduced rates on many items and services in the last round. We want the consumer to be burdened le

Experts raise privacy concern; committee recommends codes of conduct to deal with insider trading A committee on fair market conduct has suggested that market regulator, Securities and Exchange Board of India (Sebi), should seek powers to tap telephones and other electronic communication devices to check insider trading and other frauds.  Currently, Sebi has the power to only ask for call records, which includes numbers called and the duration of calls made. If the recommendation is implemented, Sebi will be able to listen in on the calls, as well as intercept other forms of electronic communication.  According to the recommendations of the report of the Committee on Fair Market Conduct, headed by former law secretary T K Viswanathan, “Currently there are several methods of electronic communication apart from telephone calls which are fairly widely used… interception of electronic communication should also be covered in the powers being sought”. The report was submitted on August 8

Backs decentralisation of power to RoCs & an in-house adjudication mechanism The 14-member expert committee set up by the government to suggest decriminalisation of less-significant violations of the companies law has favoured an increase in the threshold for cases referred to the National Company Law Tribunals (NCLTs).  It has also backed decentralisation of power to the registrar of companies (RoCs), regional directors and an in-house adjudication mechanism to free up the overburdened NCLT benches. That could help speed up the resolution of banks’ bad loans as the tribunals are central to the Insolvency and Bankruptcy Code (IBC) process.  The changes can be implemented through modification of rules and won’t require amendments to law. The tribunals currently hear violations involving fines of more than Rs.5 lakh. The decision on what the new limit should be has been left to the government.  “The enhancement of this limit, along with simultaneous operation of in-house adjudi

DEMAND HIT Exports have fallen by 93% in the first quarter of the current fiscal, exporters now eye emerging markets India’s silver jewellery is fast losing its charm in the global markets as exports have fallen sharply by 93.04% in the first quarter of current fiscal, compared with Q1 of FY18, with buyers from the Middle East, the US and other nations staying away.  Analysts said the price of silver has been range bound in the first six months, which has affected its demand in the overseas markets.  There is no immediate trigger for prices to rise, but analysts have indicated that silver prices will appreciate in the long run as the metal is fundamentally strong.  Exporters are now eyeing emerging markets such as the CIS countries to market silver jewellery. Talking to ET, Pramod Agarwal, chairman, Gem & Jewellery Export Promotion Council (GJEPC), said that 5% VAT imposed by the UAE has brought down silver jewellery exports to the region. “We are now beefing up this vertical

Exchange MD Limaye also says it’s working on structure to allow GIFT City trading The National Stock Exchange will soon approach market regulator Sebi to seek resolution of its co-location case through the consent mechanism and is also working on a structure to address its issues with Singapore Exchange, NSE chief executive Vikram Limaye said.  “We will talk to Sebi and come out with a resolution on the co-location case and see if we can apply for the consent mechanism,” Limaye told ET on the sidelines of an event to unveil NSE’s new logo on Wednesday.  The Central Bureau of Investigation (CBI) had earlier this year registered an FIR against a stock broker who allegedly manipulated NSE’s system from its co-location facility for two years to get first access to markets when they opened.  Sebi has in the past returned NSE’s consent application as it had not completed investigation in the case. The regulator has issued two showcause notices to the exchange and some of its key former

Move aimed at making businesses more competitive, creating more jobs The government will shortly unveil a new industrial policy that aims to speed up regulatory reforms and lower power tariffs to make businesses more competitive and create more jobs, senior officials said. The policy, being given final touches by the Department of Industrial Policy and Promotion (DIPP), will be presented to Cabinet for approval in the next two weeks, they said.  The proposals include establishing an overarching body with representation by the Centre and the states similar to the Goods and Services Tax (GST) Council to enable swift decisions on key changes such as the revamp of labour laws, taxation provisions and land leasing. Crucially, India’s industrial sector has a 29% share in GDP at current prices, well below 44% for China. The reform is being pitched as potentially the biggest overhaul of industrial policy in about 30 years and will come just ahead of national elections next year.  “The pr