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DRI nabs Dubai-bound pax with FC worth Rs 1.93 croresCX - Too late for Revenue to complain that there is non-compliance by Settlement Commission with mandatory provisions of law: High CourtI-T - Tax Recovery Officer cannot summarily assume powers under Indian Contract Act, 1872, to suo motu declare a transaction of sale to be void & without approaching civil court: HCI-T - Expenses incurred for purely business purposes not being incurred on employees, would not attract Fringe Benefit Tax: HCCX - General practice amongst masses to not consider trading as an 'exempted service' till amendment was made in CCR - assessee had no malafide intention to avail undue benefit: CESTATCJI impeachment - Opposition Parties finally do it; hands over Notice to Vice PresidentBRICS discusses constitution of Working Group on illicit financial flowsCBDT shifts DGHRD office to Jawaharlal Nehru StadiumCBIC clarifies that remnant fuels (HSD/LDO) (after ship breaking) are classifiable under Chapter 27 and free from import policy restrictionsI-T - Mere projection of profit statement found in loose sheets from taxpayer's premises, is no basis for levying penalty in his hands: ITATGoM on Transport recommends uniform road tax structureCX - Assessee taking credit on rejected goods, recyling same and paying duty on clearance alleging that credit has been availed irregularly is unsubstantiated no question of double duty : CESTATGovt seeks feedback to Draft Coastal Regulation ZoneI-T - Payments made to founder or relative of trust, if credited to trust's account immediately without taking any undue benefit from it, will not upset exemption benefit u/s 11: ITATFC to individually assess needs of each State: NK SinghCX Mere reiteration of order of penalty imposed by original authority, who had jurisdiction, by first appellate authority, who lacked jurisdiction, does not cause grievance to appellant at that stage: CESTATGoM on Transport recommends uniform road tax and national permits for buses and taxisJustice Loya death case - SC dismisses pleasChennai Customs nabs pax coming from Dubai with gold worth Rs 2.5 Cr + also seizes 7.5 kg of seahorses during vehicle checkGovt to give new award to certain ranks of Civil servantsVAT - Reimbursement received by dealer for supply of spare parts to its customers under warranty period, are not liable to VAT under Maharashtra VAT Act: HCIT - Where Revenue detects massive tax evasion through bogus bills, it cannot wash hands of it through mere additions: ITATIT - Failure to explain scientific method in determining the amount of performance bonus payable to employees can lead to its disallowance : ITATST - Demand of differential amount of service tax alleging that entire amount collected by PCO operator is subject to levy of service tax cannot sustain for period prior to 01.03.2011: CESTATIndia almost ready with Rs 600 Crore Chandrayaan-2Govt launches Study in India Portal for foreign studentsAfter issuance of SCN, write to noticees about availing window of Settlement Commission for early settlement of disputes - CBIC instructs fieldCBDT Diktat on Misconduct - But, Mr Prime Minister, Actual High-handedness lies in Revenue Target Fixation!
 
June exports up but trade deficit in merchandise grows

By TIOL News Service

NEW DELHI, JULY 15, 2017: INDIA's exports in the month June has registered a growth rate of 4.4%. Although the trade balance in Services for May, 2017 was estimated to be USD 5815 mn but the trade deficit in merchandise for the month of June was estimated at USD 12959.86 million as against the deficit of USD 8116.24 million during June 2016.

During June 2017, Major commodity groups of export showing positive growth over the corresponding month of last year are Engineering Goods (14.78%), Petroleum Products (3.60%), Organic & Inorganic Chemicals (13.20%), Rice (27.29%) and Marine Products (24.27%).

Cumulative value of exports for the period April-June 2017-18 was USD 72212.33million (Rs 465472.04 crore) as against USD 65311.77 million (Rs 436960.98 crore) registering a positive growth of 10.57 per cent in Dollar terms and 6.52 per cent in Rupee terms over the same period last year.

Non-petroleum and Non Gems & Jewellery exports in June 2017 were valued at USD 17480.56 million against USD 16488.23 million in June 2016, an increase of 6.02 %. Non-petroleum and Non Gems and Jewellery exports during April -June 2017-18 were valued at USD 52713.79 million as compared to USD 48028.95 million for the corresponding period in 2016-17, an increase of 9.75%.

IMPORTS

Imports during June 2017 were valued at USD 36522.48 million (Rs 235361.85 crore) which was 19.01 per cent higher in Dollar terms and 13.96 per cent higher in Rupee terms over the level of imports valued at USD 30688.54 million (Rs. 206524.39 crore) in June, 2016. Cumulative value of imports for the period April-June 2017-18 was USD 112263.10 million (Rs. 723631.11crore) as against USD 84545.78 million (Rs. 565754.29 crore) registering a positive growth of 32.78 per cent in Dollar terms and 27.91per cent in Rupee terms over the same period last year.

Major commodity group of imports showing high growth in June 2017 over the corresponding month of last year are Petroleum, Crude & products (12.04%), Electronic goods (24.22%), Pearls, precious & Semi-precious stones (86.31%) , Machinery, electrical & non-electrical (7.02%) and Gold(102.99%).


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