imports
India-China Trade Reaches All-Time High
The trade between India and China reached an all-time high of USD 135.98 billion in 2022, even as New Delhi’s trade deficit with Beijing crossed the USD 100 billion mark for the first time, according to data released by the ..
Month: Current Affairs - January, 2023
Category: Economy & Banking Current Affairs
All-time high GST collections in April 2022
India’s gross Goods and Services Tax (GST) revenues hit a new high of ₹1.68 lakh crore in April 2022. For the first time, gross GST collection has crossed the ₹1.5 lakh crore mark. Is the growth in collection uniform across ..
Month: Current Affairs - May, 2022
Category: Economy & Banking Current Affairs
Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021: IGCR, 2017 Customs Rules changed
The Government of India recently brought changes to the Customs (Imports of Goods at Concessional Rate of Duty) rules, IGCR 2017 to boost trade facilitation. This was done through the Customs (Import of Goods at Concessional Rate of Duty) Amendment ..
Month: Current Affairs - May, 2021
UK-India $1.4 billion investment deal
The Government of India and British Government recently finalised a one billion pound of trade and investment with India. This is expected to create 6,500 jobs in the UK. The deal has been finalised ahead of the virtual summit between ..
Month: Current Affairs - May, 2021
IGST on Import of Oxygen Concentrators reduced
The Ministry of Finance recently cut the IGST on import of oxygen concentrators for personal use to 12%. Earlier it was 28%. IGST is Integrated Goods and Services Tax. The decision was announced by the Central Board of Indirect taxes ..
Month: Current Affairs - April, 2021
Import of 17 medical devices allowed
The Government of India recently allowed import of seventeen medical devices to provide relief to the COVID-19 patients. However, the importer should make mandatory declarations under Legal Metrology Rules, 2011. Which devices were allowed? The Department of Consumer Affairs has ..
Month: Current Affairs - April, 2021
HSN Code: New rules
The Ministry of Finance recently announced that the businesses with annual turn over of more than Rs 5 crores will have to furnish six-digit HSN code on their tax invoices. The businesses with an annual turn over of less than ..
Month: Current Affairs - April, 2021
What is Green Ammonia?
The Government of India is recently inviting bids for Green Ammonia Projects to reduce the import dependence of the country. As per the Union power and new and renewable energy Ministry, the bids for Green Ammonia projects will be conducted ..
Month: Current Affairs - December, 2020
India bans import of refrigerators, Air Conditioners completely
India recently banned the import of refrigerants and air-conditioners completely tightening norms on “non-essential” imports. This has been done to reduce imports from China and tighten local manufacturing. This says that an importer cannot fill in the refrigerant outside India. ..
Month: Current Affairs - October, 2020
GSFC launches indigenous varieties of Calcium Nitrate and Boronated Calcium Nitrates
On October 9, 2020, the Gujarat State Fertilizers and Chemicals India Limited (GSFC) launched the indigenous variety of boronated calcium nitrate and Calcium nitrate. The Chemicals are being manufactured in the country for the first time. All these years these ..