Chandigarh: Promising ease of doing business, tax relief and continuous power supply, the Yogi Adityanath- led BJP government in Uttar Pradesh is all set to unveil its industrial policy in the “next 2-4 weeks”. “We are coming out with an industrial policy within next 2-4 weeks. …
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GST a mixed weave for textile units
There are four possible consequences of GST on various raw materials, fabric and garments. First, the 18 per cent service tax on job working activities such as knitting, cutting, weaving and packaging could hurt small textile units badly. Integrated textile units, which do the job working interna…
IndusInd Bank to raise $225 m to support MSMEs in India
The IndusInd Bank has entered into an agreement with Overseas Private Investment Corporation to raise $225 million loan to support expansion of its micro, small and medium enterprise lending programmes across India. At least 25 per cent of the proposed facility will support women entrepreneurs an…
GST Impact: Gold importers, exporters to face many operational issues
The financial cost of importing gold and diamond is set to increase on account of Integrated Goods and Service Tax (IGST), as importers’ capital is likely to be blocked until refund comes. Even as exporters propose to raise bank guarantees to avoid refund complexities, domestic bullion trad…
President Mukherjee bullish on start-ups & SMBs to “fully utilise” demographic dividend
With India on the cusp of creating 50 million jobs by 2020, President Pranab Mukherjee has further laid his trust on start-ups and small businesses. “Every year 10 million persons are entering the job market and not adequate job creation is being done. The solution has to depend on start-ups, we …
Textile Ministry examining service tax issue; Industry ‘positive’ about GST rate: Official
The Ministry of Textiles has received representations from the textile industry requesting the Centre to exempt textile jobs from service tax, and is examining it, according to a senior official. “These are the recent representations we have received from the industry. We are examining it,&…
14 tech start-ups graduate from Microsoft Accelerator
Fourteen startups which were part of Microsoft Accelerator’s 10th cohort were graduated at the Summer 2017 edition of ‘Think Next’ here, the company said on June 7. Think Next is Microsoft Accelerator’s flagship forum which brings together thought leaders in technology who…
GST Impact: Short term pain likely for pharma sector
The pharmaceutical sector expects some impact, at least in the short term, once the goods and services tax (GST) is implemented. Drug makers–big and small, are busy evaluating the impact of GST and are taking steps to get ready for the new tax regime. As per the GST slabs, the tax on most p…
Industry now gets 90 days to claim credit for GST transition stock
Traders and retailers can file declarations within 90 days claiming tax credit for transition stock after the GST rolls out from July 1. The draft transition rules for the Goods and Services Tax (GST) regime had pegged the time at 60 days. The transition rules approved by the GST Council provides…
Trend Tracking: Small fashion e-Tailers stitch together new categories
Several second-rung online fashion retailers are introducing categories not core to their businesses expecting to seize a little more of the market not captured by Flipkart and its units or Amazon. But analysts say they might be merely grasping at straws. Flipkart, along with its fashion units My…