There must be a strong implementation of the “ease of doing business” for MSMEs. The categorisation clauses in DAP 2020 should provide some leverage to MSMEs. There should be an open gate for these enterprises in the acquisition process, through which they can directly penetrate the strong wall of restrictions.
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Imported raw material, other than precious metals, permitted to be used for job work
February 04, 2021
Advance intimation of import consignment to be mandatory
A manufacturer will now be able to use imported raw material for outsourced work also with the latest Union Budget proposing to ease the norms.
The Budget has amended Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 to allow job-work of the materials (except gold and jewellery and other precious metals) imported under concessional rate of duty. Also, it will allow 100 per cent out-sourcing for manufacture of goods on job-work.
Helping smaller units
A senior officer of Central Board of Indirect Taxes and Custom (CBIC) explained that this will help a big industrial organisation to support smaller units engaged in outsourcing work and these smaller units will not be required to spend resources on compliance. The existing norm stipulated use within the own factory premise.
PM Narendra Modi on Saturday reaffirmed his commitment to the agriculture reforms and said we are bridging the gaps in the sector that will provide new markets and opportunities to farmers and attract investments. He said that the farm reforms will benefits farmers the most. The statement comes amid a standoff between the government and the farmers who are protesting for last two weeks demanding a repeal of recently passed farm laws. The prime minister was speaking after inaugurating the virtual FICCI annual expo 2020 which is being held virtually on December 11, 12 and 14, with the theme Inspired India . Modi talking about green shoots in the economy said that foreign investors have done record investments in India in the last six years and everyone is working to strengthen the Atmanirbhar Bharat. He said that the country s economic indicators are encouraging and it has the road map for recovery from the coronavirus pandemic situation.
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