India conceding ground to bring only top 100 digital companies like Google, Facebook, and Netflix into the global taxation pact may have revenue implications. This will mean that New Delhi will have to withdraw the contentious 2 per cent equalisation levy on e-commerce operators by 2023. This may have revenue implications for India, experts pointed out, as the equalisation levy has a much lower annual revenue threshold of Rs 2 crore (euro 0.2 million) as against euro 20 billion agreed by 130 countries at the Organization for Economic Cooperation and Development (OECD). India, along with other developing countries, was pitching for at least euro 1 billion threshold to cover at least 5,000 global entities. India collected Rs 2,057 crore from the equalisation levy in 2020-21, an 85 per cent growth over Rs 1,136 crore in the previous fiscal.
Realisation due to a strengthening dollar exceeds the losses inflicted by export duty hike.
He said countries should work for promoting open and inclusive cooperation for win-win outcomes.
The decisions were taken at a meeting of the Cabinet Committee on Prices at Prime Minister Manmohan Singh's official residence in Delhi on Monday night. The CCP approved ban on export of non-basmati rice with immediate effect and decided to extend the ban on pulses export for one more year from Monday, Finance Minister P Chidambaram told reporters after the meeting that lasted over three hours.
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India conveyed its decision to exempt Bhutan from any ban or quantitative restrictions on export of food items.
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India's rice exports have not been hurt because of the war in Iraq but could face a slowdown in shipments to Kuwait, traders and analysts said on Wednesday.\n\n\n\n
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'Obviously, MSP hike raises chances of a reduction in exports. Even without an MSP hike, India's exports of a number of agri-commodities, like sugar, were unviable in the overseas markets.'
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Rising rupee, local freight make export less competitive.
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Measures announced in the past such as an export ban on onions, pulses, edible oil and non-basmati rice will continue. Restriction on the export of more commodities would be imposed, if required.
Centre has lifted the ban on exports of a certain variety grown in Karnataka.
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It is also stipulated that these units cannot under any circumstances source items locally for export purpose.
But the government rejected their demand and instead promised to hold an internal inquiry.
India's ban on non-basmati rice exports has been a boon to competitors like Thailand whose shipments have risen by 1.7 million tonnes in 2008, the US Department of Agriculture (USDA) said.
A meal in an Indian restaurant in London has become costlier due to stronger rupee and restrictions on supplies and exports necessitated by growing demand within India for basmati rice.According to a London-based Rice Association, the strengthening Indian rupee has increased sterling import costs by more than 10 per cent between August 2006 and January 2008.
The inflation rate inched closer to 7%. the government has started pulling out all stops to boost domestic supply situation by withdrawing incentives on export of at least 40 items, including steel, cement and non-basmati rice. The Commerce Ministry withdrew or temporarily suspended the tax refund scheme - Duty Entitlement Pass Book. Besides measures to discourage exports, the government is considering more fiscal steps to improve supplies and rein in inflation, he indicated.
India's rice export is estimated to have reduced by a half to nearly 2.5 million tonnes in 2008-09 against the previous fiscal, though overseas shipment of the commodity has remained at about the same level in value.
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Not just this, if the proposal of the food ministry is anything to go by, the ban on the exports of wheat and non- basmati rice is likely to continue, so also the regime of importing wheat at zero duty. A meeting of EGoM was earlier scheduled for August 6 but it was cancelled.
The revival of the phytosanitary protocol with China is expected to boost tobacco exports to China and prove economically beneficial to Indian farmers.
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