Editorial April-2019 Tax Refunds for Indian Exports to US and more
12 Apr 2019
As things are progressing in the new financial year and the election in sight for the new government in India, there are some tax laws being taken into consideration for Indian exports to US especially in the leather, textiles, some lines of organic chemicals, nuclear reactors and boilers are some sectors that are likely to face a disadvantage.
The government may consider ROSL for these sectors and withdraw GSP, an official working in these issues said. ROSL is a Rebate of State Levies which would refund the unrebated taxes that are included in the price of goods that will encourage exports from India. The unrebated tax refunds will be an advantage to the exporters which are included in the price of goods. They will be refunded through drawback route. This scheme is compliant with the international trade norms. With the withdrawal of GSP (Generalized System of Preferences)
India will have to compete with on MNF (Most Favored Nations) terms. India's exports for 2018 were $324.7 B, of which $51.4 B were to the US, says FIEO (Federation of Indian Export Organizations) study, but only $6.35 B benefited from GSP scheme.
A window of opportunity exists in dealing with harmful chemicals. The UN warns that despite strong growth in chemical production the world over, and is expected to double by 2030, there is an urgent need to address effects of harmful chemicals.
As Joyce Msuya said, "Whether the growth in chemicals becomes a net positive or a net negative for humanity depends on how we manage the chemicals challenge. What is clear is that we must do much more, together."
Hope the chemical companies do their bit to address the problem of humanity as a whole.
There are several exhibitions coming up and we want you to attend those and at the same time advertise in print and online media (there is no media company in the chemical domain who uses latest technology and social media to market their customers products) We have twitter, facebook, linkedin, email marketing and banner advertising as online modes of marketing. We are also coming up with sell and buy leads with latest chemical prices at your fingertips using an app for your mobile or tablet computers.
Come join us and we will make sure, your marketing needs are met. We also participate and distribute our magazine to all exhibitors and visitors of several exhibitions throughout the year all around the world. The next ones are
1. ChemSpec India 2019 and
2. ChemUK 2019.
Chek out our events page for more upcoming exhibitions.
We are also in the process of launching a new portal for the leads (buy and sell) Stay Tuned! More to come in 2019!
Other Important News Articles More