Apparel imports increased nearly 47 per cent to $1 billion in 2018-19 (April 2018-February 2019) even as exports fell five per cent, according to data compiled by the Clothing Manufacturers Association of India (CMAI).
The ongoing trade war between the US and China will help India tap export opportunities in both the countries in areas such as garments, agriculture, automobile and machinery, according to trade experts.
The Finance Commission held consultations with senior officials of the Ministry of Finance on Thursday on the overall economic situation and key economic variables.
In a move to ease the compliance burden on the taxpayers and to facilitate input tax credit in a fast manner, the Central Government has finally moved ahead with the single monthly return system under the Goods and Services Tax ( GST ) regime.
The rupee on Friday opened 23 paise lower at 70.26 against the US dollar on Friday amid rise in crude oil prices. The domestic currency on Thursday surged by 31 paise to close at 70.03.
The new simplified returns filing format, approved by the GST Council last July, is finally ready to be rolled-out after being deferred twice. Under the new format, taxpayers will be required to file one monthly return, except small taxpayers and a few exceptions.