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Centre lifts restriction on export of paracetamol APIs

On April 17, the government lifted the restrictions on shipments of formulations made from paracetamol.

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Coronavirus treatment medicine

New Delhi, May 28 : The Union government on Thursday lifted the restriction on the export of paracetamol APIs.

In March, the Centre had imposed curbs on the export of several active pharmaceutical ingredients (API) and formulations made from these APIs including paracetamol, and tinidazole, on concerns of shortage of drugs in the country.

On April 17, the government lifted the restrictions on shipments of formulations made from paracetamol.

“The notification dated 03.03.2020 is further amended to remove restriction on export of Paracetamol APIs, making its export ‘free’ with immediate effect,” said a statement from the Directorate General of Foreign Trade (DGFT) on Thursday.

India is a major exporter of paracetamol and hydroxychloroquine, which have witnessed a surge in demand amid the coronavirus crisis.

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New sanitiser makers face action for GST evasion

The urgent requirement for alcohol-based hand sanitisers amid the Covid-19 pandemic enthused many firms, including sugar mills and alcohol producers, to jump on the bandwagon.

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GST

New Delhi, July 8 : The urgent requirement for alcohol-based hand sanitisers amid the Covid-19 pandemic enthused many firms, including sugar mills and alcohol producers, to jump on the bandwagon.

But, it seems, some evaded duties worth crores of rupee by classifying their products under a lower-taxed tariff heading.

The Central Economic Intelligence Bureau (CEIB), which comes under the Department of Revenue, in a recent communication to the Directorate General of GST Intelligence (DGGI) has said some manufacturers of alcohol-based sanitisers are resorting to “non-payment” or “evasion” of Central GST and State GST by adopting wrong classification. They were paying 12 per cent GST instead of the 18 per cent, it said.

Following the CEIB letter, the DGGI prepared a list of 62 manufacturers and suppliers of sanitisers for analysis.

The DGGI has asked the CGST and the Customs Excise zones officials to look into the cases of evasion by sugar mills and distilleries and plug the leakages. The DGGI zonal units are looking into the instances of evasion by established brands.

“These manufacturers are classifying such products under the tariff heading 3004 under the harmonized system of nomenclature (HSN), whereas they are correctly classifiable under the tariff heading 3808,” the CEIB letter said.

The current applicable GST on products under heading the tariff heading 3004 of HSN of 2017 is 12 per cent, while the rate on those items under the tariff heading 3808 is 18 per cent.

The misclassification had resulted into “substantial evasion of CGST across the country,” it noted.

Acknowledging that the GST on alcohol-based hand sanitisers is 18 per cent, sugar industry officials said some manufacturers might be paying lower tax but that couldn’t be generalised.

The tariff heading 3004 includes medicaments comprising mixed or non-mixed products for therapeutic or prophylactic uses or in packs for retail sale, including Ayurvedic and Unani.

The tariff heading 3808 includes disinfectants under which alcohol-based hand sanitisers come. The classification also comprises insecticides, fungicides among others.

The misclassification had been continuing since the introduction of GST on July 1, 2017, it said.

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In latest attack on govt, Rahul Gandhi highlights NPAs, says was ridiculed

Rahul Gandhi has been leading his party’s sharp criticism of the central government over a host of issues, including the June 15 standoff between the Indian and Chinese soldiers.

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Rahul Gandhi

New Delhi: Congress leader Rahul Gandhi on Wednesday said that large companies are under severe stress in India and banks are in distress. He targeted the Bharatiya Janata Party (BJP) for ridiculing him for warning about all this months ago.

“Small & medium enterprises stand destroyed. Large companies are under severe stress. Banks are in distress. I stated months ago that an economic tsunami was coming and was ridiculed by BJP and the Media for warning the country about the truth,” Gandhi said on Twitter.

He also attached a news report which claimed that the non-performing assets (NPAs) in the country will increase.

The former Congress president had attacked the BJP on Tuesday too by accusing the government led by it of economic mismanagement. “India’s economic mismanagement is a tragedy that is going to destroy millions of families. It will no longer be accepted silently,” he had tweeted yesterday.

He tagged a report with his tweet that claimed that India’s economic growth is likely to contract 4.5 per cent in 2020-21 due to Covid-19.

Gandhi has been leading his party’s sharp criticism of the central government over a host of issues, including the June 15 standoff between the Indian and Chinese soldiers. He has criticised Prime Minister Narendra Modi’s statement at all-party meeting and questioned the government’s stand on China.

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Temporary relief for Zee as HC admits appeal against selling of shares worth Rs 740M

The plea filed by Cyquator has sought the setting aside of the single bench order of the high court passed on July 3.

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Dr. Subhash Chandra

New Delhi, July 8 : The Delhi High Court in an interim relief to Zee Entertainment Enterprises Ltd stayed IDBI Trusteeship and Franklin Templeton from selling or transferring the company’s shares worth Rs 740 million, after the court admitted an appeal filed by Zee.

A division bench of the high court presided by Justices Rajiv Sahai Endlaw and Asha Menon admitted the appeal challenging the order passed by the single judge bench of the court. The orders were passed while the two judge bench was hearing an application filed by Cyquator Media Services Pvt Ltd, the holding company of Zee Entertainment.

Advocate Vijay Aggarwal had filed the plea seeking the stay on invoking pledge on the shares.

During the course of hearing, senior advocate Neeraj Kishan Kaul argued that the interim measure sought by Cyquator was denied in the order of the single judge, following the statutory provisions which are unambiguous.

“Any interference with the sale by the respondent no. 1 (IDBI Trusteeship Services Ltd) of the pledged shares would affect the investors in the mutual fund on a day to day basis and may also result in irreparable injury inasmuch as if the price of the said shares were to fall, the security created by way of pledge of the shares would cease to exist and/or diminish,” Kaul told the court.

The appellant through its counsel advocate Vijay Aggarwal submitted that severe prejudice would be caused to Cyquator if the shares of Zee Entertainment are sold in open market during the present market conditions.

The court has now posted the matter for further hearing on July 13.

The plea filed by Cyquator has sought the setting aside of the single bench order of the high court passed on July 3.

It also sought the court’s directions to restrain IDBI Trusteeship Services Ltd from invoking the pledge or acting upon it, including by creating third party rights in the pledged shares for a period of six weeks.

“The Impugned Order fails to appreciate that in the present situation of COVID-19, all parties need to act fairly and reasonably and it would be ex facie wrong to put the Appellant (Cyquator) to prejudice alone when in fact a balanced outcome is achievable by waiting for 4-6 weeks,” the plea said.

It added that the Impugned Order failed to consider that while there may have been no urgency qua the invocation of the corporate guarantee, the pledge invocation was imminent and as such relief ought to have been granted at least vis-A-vis the Pledge Invocation Notice if not the Corporate Guarantee Notice.

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