Notes from Sheela

The Government of India is seized of the issue of Exporters complaining about delay in grant of refunds pertaining to Integrated Goods and Services Tax (IGST) paid on goods exported out of India and similarly Input Tax credit (ITC) on exports. Media reports with incorrect estimations of refund amounts held-up for the period July to October 2017 have been noticed. It is clarified that the quantum of IGST refund claims as filed through Shipping Bills during the period July to October 2017, is approximately Rs. 6,500 crore and the quantum of refund of unutilized credit on inputs or input services, as per the RFD 01A applications filed on GSTN portal, is to the tune of Rs. 30 crore. With regard to IGST paid on goods exported out of India, majority of refund claims for exports made in July, 2017, wherever due, have been sanctioned. Refund claims of IGST paid for exports made in August, September and October 2017 are being sanctioned seamlessly wherever returns have been accurately...

India and United Kingdom will soon sign a MoU in the urban transport sector for cooperation in policy planning, technology transfer and institutional organisation. The Minister of Road Transport & Highways, Shipping and Water Resources, River Development & Ganga Rejuvenation Nitin Gadkari met Rt Hon Chris Grayling, Secretary of State for Transport in the Government of UK in London yesterday when the two sides discussed a draft MoU in this regard. The draft MoU seeks to facilitate cooperation in the transport sector and enable the sharing of expertise and latest technology to promote efficient mobility solutions. It is also expected to usher in policy reforms that can transform the transport sector through improved customer service/data analysis and better use of IT systems. The MOU will also help in promoting digital transactions and induction of high capacity diesel/electric vehicles in India. This MOU will also establish the terms on which such assistance can be pro...

Are the wheels of the BRICS juggernaut that fired the imaginations of every economist slowing to a halt? When this juggernaut came into being during the turbulent days of a global financial crisis, it was heralded as the messiah of growing economies set out to challenge the Western Goliath, for the leadership of international growth. When Jim O'Neil coined the acronym BRIC ( Brazil, Russia, India, China) in 2001 though later on South Africa joined the group in 2010, he did foresee an economic future that could go beyond $1 trillion! There wasn't a news byte in every forecast then that showed an upward trajectory in everything. Bar graphs shot up so high that sometimes the bars escaped from the presentation sheet they were contained in. Every forecast, every analysis of BRICS had a halo of super positive growth. Insane predictions were being made as the West was reeling under subprime mortgage crisis. People needed some ray of hope and the simple noun BRICS offered...