Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARD :: TDS :: due date for vat payment :: cpt :: Central Excise rule to resale the machines to a new company :: VAT RATES
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Nath moots tax refunds for exporters to beat rising rupee
May, 30th 2007

The commerce ministry has expressed its concern over the rising rupee and has taken up the issue with the Reserve Bank of India, the commerce minister Kamal Nath said on Tuesday.

Speaking to reporters after the inaugural session of the third GCC-India investment conference in Mumbai, Nath said that the ministry proposes to introduce a scheme that will refund taxes and levies to industries which have no import obligations to offset the rising rupee.
 
The minister indicated that the ministry was seriously contemplating the launch of a refund scheme that will provide relief for industries such as handicrafts which have no import component.

The minister said that the ministry has also initiated talks with the Federation of Indian Exporters Organisation (FIEO) and various business and industry chambers on this issue. He however, opined that despite rising rupee Indian industry would be able to tackle this situation as it has more resilience and competitiveness.

Industry chambers have expressed worries over the appreciating rupee and feared the ongoing trend would affect exporters would lose out to competition.

Naths statement is crucial especially when the rupee Tuesday ended at a nine-year high of 40.49 against the US dollar.

Nath said that his ministry has already written to the prime minister expressing concern over the rising rupee affecting trade and has sought some intervention.

The merchandise export target for the current year (2007-08) has been set at $160 billion and $200 billion for the next year (2008-09). Exports during 2006-07 touched $125 billion.

According to the commerce ministrys internal study, the textile industry, one of the largest employment generators in the country, appears to be the severely affected the appreciating rupee. The industry has registered a 6.3- per cent dip in exports during the last four months.

According to the Apparel Export Promotion Council (AEPC), export receipts of apparel exporters decreased from Rs 20,484 crore in the first half of 2006-07 to Rs 19,181 crore during the second half of the year even though export figures remain at similar levels for both the years.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions