India’s diamond industry fears that the Goods and Services Tax on each level of the supply chain will starve firms of cash for daily operations, crippling businesses in the $20 billion export-driven sector. “We work on thin margins and the working capital requirement is high given the cost of dia…
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#MasalaMantra: Spices export from India set a new high, peg at Rs 17664.61 cr in 2016-17
Spices export from India has attained an all time high during 2016-17 by registering an increase of 12 per cent in volume, 9 per cent in rupee terms and 6 per cent in dollar terms. India exported a total of 9,47,790 tonnes of spices and spice products valued Rs 17664.61 crore ($ 2633.30 million) …
State govt moots new PSU to support MSMEs in Andhra Pradesh
In a move to consolidate the footprint in micro, small and medium enterprises sector, the state government has decided to set up an exclusive corporation. Stating that focus on MSME sector is going to realise more employment opportunities, Industries Minister N Amaranath Reddy said that they will…
Govt to go soft on GST monitoring for a few months, let traders settle down
There will be some leniency in monitoring and implementation of the new goods and services tax in initial months to allow businesses to settle into the new tax regime, a review of GST preparations by a group of senior ministers was told. The discussions held on June 14 saw the ministers being giv…
Coir registers all time high growth; Exports increase to whopping Rs 2282 cr
Coir sector (jute industry) have registered a tremendous growth with an all time high figure of Rs 2282 crore. With a major push of MSME Ministry and its nodal agency Coir Board, Coir exports are soaring at a speed. The notable fact is that export growth of Jute sector has not declined since 2014…
Cattle slaughter crackdown ripples through India’s leather industry
In the backstreets of Agra’s Muslim quarter, where shoes have been made for centuries, small-scale manufacturers are firing workers and families cutting back on spending as a government crackdown on cattle slaughter ripples through the community. Authorities in India’s most populous s…
Telangana ready to roll-out GST from July 1: Official
Telangana is ready to roll out the GST from July one from technology and preparedness perspective, according to a key government official. “We are ready. We have not asked for any postponement (of the launch date)”, Revenue Secretary Somesh Kumar told . “As far as technology and…
GST Jet Set Go: 30 MSME DIs & 18 Tool Rooms assisting MSMEs get GST-ready
The Ministry of Micro, Small and Medium Enterprises is leaving no stone unturned to simplify the Goods and Services Tax (GST) for MSME sector. The Ministry has initiated several schemes to simplify the registration of MSMEs under GST. As per the data provided by Ministry, 54 workshops have been o…
Ahead of GST rollout, producers & traders feel taxed
Recently, pharmacists in many cities sent out mailers to some of their regular clients, especially senior citizens. Stock up on your essential drugs, the customers were told. The ‘advisory’ was not triggered by any trouble at the manufacturing end, but by apprehensions arising from the July 1 rol…
Want job work on apparels also be brought under 5% GST rate: TEA
With almost all textile bodies hailing the GST rate for the industry, Tirupur Exporters Association has requested further reduction in the ‘job work on apparels’ sector. Thanking the GST Council for timely intervention for reduction of GST rate for job work in textiles, TEA President …