Wait...

Online Export Import Data Search

Complete Training Video : Click Here

Maharashtra offers to offset Foxconn’s import duty burden.


Date: 16-02-2017
Subject: Maharashtra offers to offset Foxconn’s import duty burden
MUMBAI|NEW DELHI: In what looks like a last-ditch attempt to get manufacturing giant Foxconn to invest in Maharashtra, the state government has offered to compensate the Taiwanese company the 11.5 % import duty levied by the Centre. 

State government officials met senior officials of Foxconn on Tuesday and have given a proposal that it could compensate the import duty imposed by the Centre either by giving a grant or a subsidy to offset the losses suffered by the company if it is charged the import duty. 

Those in the know said that the state was forced to give this assurance as Foxconn was reluctant to fund the setting up of a manufacturing facility in Maharashtra, or for that matter, anywhere in India unless the government charged import duties that were cheaper than the duties in China. 

Foxconn was keeping a close eye on the inter-ministerial panel formed by the central government after American technology company Apple, which also wants to manufacture in India, asked for similar duty exemptions and tax concessions to manufacture their products in India. 

Sources in the Maharashtra government said that if the inter-ministerial group heeded to Apple’s concerns and waived off the duty and offered tax exemptions, then even Foxconn would have benefitted. But since nothing much has happened on the front, the Maharashtra government has taken the initiative by offering to compensate Foxconn for the 11.5% import duty levied on it. 

However, there are questions as to whether Maharashtra can give such concessions under GST. “From a manufacturing point of view, the revenue generated can be incentivised to state GST, but only for the products consumed within the state. If they think that manufacturing activity is generating employment opportunity and other benefits to the state, they can offer other incentives, but for that they will have to dip into their own pockets," said Bipin Sapra, an indirect tax expert at consulting fi .. 

A year back, Maharashtra Chief Minister Devendra Fadnavis managed to get the Taiwan firm to commit an investment of $5 billion in the state.

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 20-06-2018
Notification No.52/2018 - Customs (N.T.)
Amendment to Notification no. 62/94-Customs (N.T.) dated 21.11.1994 notifying Karanja Terminal u/s 7(a) of Customs Act, 1962 for unloading of imported goods and loading of export goods or any class of goods.

Date: 20-06-2018
Notification No. 48/2018-Customs
Seeks to increase the tariff rate on goods in chapters 7, 8, 28, 38, 72 and 73 in the First Schedule to the Customs tariff Act, 1975 .

Date: 20-06-2018
Circular No. 20 /2018-Customs
Cigarettes and other Tobacco products (Packaging and Labelling),Second Amendment Rules, 2018-reg.

Date: 20-06-2018
TRADE NOTICE NO. 18/2018-19
Submission of application seeking authorization for import/export of restricted items through e-mail.

Date: 19-06-2018
Notification No. 28/2018-Central Tax
Notification issued for amending the CGST Rules, 2017

Date: 19-06-2018
Notification No.54/2018 - Customs (N.T.)
Exchange Rates Notification No.54/2018-Custom(NT) dated 19.06.2018

Date: 14-06-2018
Notification No.53/2018 - Customs (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver- Reg

Date: 14-06-2018
Notification No. 47/2018-Customs
seeks to further amend notification No. 50/2017- Customs dated 30.06.2017 so as to increase basic customs duty (BCD) to 35% on crude edible vegetable oils and to 45% on refined edible vegetable oils.

Date: 13-06-2018
Circular No.17/2018-Customs
Powers of adjudication of the officers of Customs- reg.

Date: 13-06-2018
Circular No.18/2018-Customs
Procedure for e-commerce exports through Post and clarification regarding personal imports (amendment to Circular 14/2018 dated 04th June, 2018).



Exim Guru Copyright © 1999-2018 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001