While the panellists at a conclave on ‘GST and its impact on SMEs’ were in agreement on sticking to a July 1 GST rollout agenda, views varied on its impact on trade. And from the discussions that followed, it was apparent that the participants’ apprehensions were not as much on the GST rate slabs…
News
Textile body hails revision of job work rates
Indian Texpreneurs Federation (ITF) hailed the revision of job work rates for textile, leather and gems and jewellery sectors to five per cent from 18 per cent announced earlier. In a statement, ITF Secratary, Prabhu Dhamodharan said that for the past one week, all associations from here were req…
IDB Capital targets SMEs with Sh1.5b Indian credit line
IDB Capital has unveiled a Sh1.5 billion line of credit to small and medium enterprises seeking to fund machinery imports under an India-funded scheme. Managing Director Karen Kandie told, that SMEs with healthy balance sheets seeking to meet market demand or upgrade their machinery to reduce ope…
GST rates cut on 66 items; pickles, insulin, cashew nuts could become cheaper
The Goods and Services Tax (GST) Council on Sunday reduced tax rates on 66 items including ketchup, instant food mixes, pickles, tractor components, computer printers and insulin as the Centre and the states sought to iron out rough edges ahead of GST’s roll out from July 1. The Finance Minister …
Electronic documents for GST to be ready by month-end
GST Network, the company putting in place the technology backbone for goods and services tax (GST), will be ready with revised forms and electronic documents for businesses to upload invoices by the end of the month, senior government officials said. Readiness of GST is at the heart of the launch…
Need to strengthen loan restructuring mechanism: Meghwal
New Delhi: The loan restructuring mechanism should be bolstered if the government were to get a firm grip on bad loans, said Minister of State for Finance Arjun Ram Meghwal. “We need to strengthen the loan restructuring mechanism… it will, along with various other measures taken by bo…
Shopclues gives lessons to Varanasi weavers on online selling
E-commerce player Shopclues has joined hands with the state’s MSME Development Institute to impart training on online selling to traditional weavers and artisans here. At the Weaver Service Centre (WSC) here, the ShopClues team is encouraging weavers to register themselves on e-Commerce sites, wh…
GST may increase prices of garments
Garment and apparel prices may increase under the Goods and Services Tax (GST) regime with ‘job work’ inviting 18% levy. Under the current system, there is no tax on job work as it is considered a “subsequent process” in the manufacture of textile products and not a service. However, under GST, t…
Assam govt to formulate new textile policy soon
Assam government said it will enact a new textile policy in the near future for production and marketing of handloom products in the global market. “Government of Assam will soon formulate a textile policy for giving a major fillip to handloom and textile sector in the state,” an official release…
Odisha small industries corporation turnover at Rs 531 cr
Odisha Small Industries Corporation (OSIC), a state run PSU, has achieved a turnover of Rs 531 crore during 2016-17 with a net profit of Rs 7.83 crore, official sources said. Majority of its turnover comes from commercial and marketing activities, said additional Chief Secretary for MSME L N Gupt…