Bulletin Supported By:- · 2017-08-23 · Tel: +91 11 29960601, Fax: +91 11 29958028 Email: fic@indianfoundry Anti Dumping Duty on Castings for wind turbines-Imported from China The

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Email: fic@indianfoundry

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Bulletin Supported By:-

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Official Website: http://www.ifcindia.net/

1

Issue No. 239

08.08.2017

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Anti Dumping Duty on Castings for wind turbines-Imported from China The domestic casting industry was suffering from injuries from dumping of castings from China for use in Wind Turbine (WTG). The dumping of castings for WTG from China at costs below normal production costs resulted in injury to domestic foundries manufacturing such parts in terms of loss of utilization of installed capacities, erosion of margjobs. As per provisions in law, a case was initiated by the foundry units manufacturing such parts & suffering from injury as a result of such dumping of castings by Chinese foundries The case filed with Director General Anti Dumping Duty & Allied Duties (DGAD) ,Ministry of Commerce & Industry was supported by The Institute of Indian Foundrymen attended several meetings in DGAD in support of the case. After prolonged hearing by DGAD, they have recommended the imposition of anti dumping duty on import of castings for WTG when imported from China ranging from 6.57% to 32.95 % for different Chinese companies. Tractor industry showed positive growth during the first quarter of FY 20 The tractor industry has showed a positive growth during the first quarter of As compared to the domestic volufirst quarter in FY 2016-17, thvolumes for the first quarter in increased by 15.1% (approx). The comparative of tractor production in for the first quarter of FY 2016-17 and FY 20118 is given below:-

Production Data of Tractors in India

Months FY 2016-17

FY 2017-18

April 52481 61324

May 57631 70309

June 60596 64913

Total 170708 196546

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Anti Dumping Duty on Castings for wind

The domestic casting industry was suffering from injuries from dumping of castings from

urbine Generators

dumping of castings for WTG from China at costs below normal production costs resulted in injury to domestic foundries manufacturing such parts in terms of loss of utilization of

gins & loss of

in law, a case was initiated by the foundry units manufacturing such parts & suffering from injury as a result of such dumping of castings by Chinese foundries.

The case filed with Director General Anti (DGAD) ,Ministry

Commerce & Industry was supported by The Institute of Indian Foundrymen (IIF). IIF attended several meetings in DGAD in support

After prolonged hearing by DGAD, they have recommended the imposition of anti dumping

or WTG when imported from China ranging from 6.57% to 32.95 % for different Chinese companies.

positive growth 017-18

The tractor industry has showed a positive FY 2017-18.

domestic volumes for the he domestic

n FY 2017-18

The comparative of tractor production in India and FY 2017-

Production Data of Tractors in India

% (+/-)

16.8

22.0

7.1

15.1

Data of Production, Salelast 12 months is given

Month Production

Aug-16 59438

Sep-16 62787

Oct-16 64529

Nov-16 59657

Dec-16 46707

Jan-17 45444

Feb-17 53381

Mar-17 68834

Apr-17 61324

May-17 70309

Jun-17 64913

Jul-17 69385

Domestic growth was fuelled by favourable farm sentiments as the southwest monsoon performance remained healthier compared to the previous two fiscals. National Foundry Day Celebrations by IIF Kolhapur Chapter on 16 IIF Kolhapur Chapter isFoundry Day' on Wednesday 2017, 5.00 pm onwardBhavan, Dasara Chowk, Kolhapur. A delightful & fun“HASYAPANCHAMI” by Mr. Banda Joshithe key highlight of the event. On this occasion, IIF Kolhapur Chapter will be presenting “IIF Kushal Worker Award” will be bestowed to foundrymen distinguished record of performance, devotion to duty of a high order, specific cthe field of productivity, proven innovative abilities, presence of mind and exceptional courage started from this year. Members who have completed 25 years of IIF membership will also be facilitated. Kindly ensure your participationfamily & your staff members.

2

es and Exports for the en below:

Sales

(Including Exports)

Exports

36935 6616

74573 7212

100261 6354

47208 6445

36897 6859

42019 5998

40937 6445

55142 6982

60133 5216

64810 7212

71639 6831

50510 6755

omestic growth was fuelled by favourable farm sentiments as the southwest monsoon performance remained healthier compared to the previous two fiscals.

National Foundry Day Celebrations by IIF Chapter on 16th Aug., 2017

IIF Kolhapur Chapter is celebrating 'National Foundry Day' on Wednesday - 16th August

onward at Shahu Smarak Bhavan, Dasara Chowk, Kolhapur.

delightful & fun-filled program by Mr. Banda Joshi will be

ht of the event.

On this occasion, IIF Kolhapur Chapter will be presenting “IIF Kushal Worker Award” which will be bestowed to foundrymen who have distinguished record of performance, devotion to duty of a high order, specific contribution in the field of productivity, proven innovative abilities, presence of mind and exceptional courage started from this year.

Members who have completed 25 years of IIF membership will also be facilitated.

ensure your participation along with the family & your staff members.

Tel: +91 11 29960601, Fax: +91 11 29958028


Tel: +91 11 29960601, Fax: +91 11 29958028


3

Tel: +91 11 29960601, Fax: +91 11 29958028


Tel: +91 11 29960601, Fax: +91 11 29958028


4

Tel: +91 11 29960601, Fax: +91 11 29958028


Approx Major Raw Material Prices

News Headlines..

• Indian Brass, Copper Scrap prices drop; Copper Futures settle almost flat

• Indian Ferro silicon price rises alarmingly• Indian Containerized Shredded Scrap import

prices show flat trend • European ferrosilicon market showing a

slow start to August • Turkish domestic scrap prices rise on

imports surge • Prices of pig iron for S.G. cast iron soar in

East China • Chinese ferrosilicon export price up• Chinese ferromolybdenum prices skyrocket• US Shredded Scrap, Aluminum Scrap prices

stay unchanged • US ferrosilicon market fundamentals

unchanged

In the News..

GST council’s 20th meeting: Rate on textile job works, tractor parts lowered The Goods and Services Tax (GST) Council in its 20th meeting on Saturday decided to cut the tax rate for job work for the entire value chain of textiles sector to 5 per cent along with reduction in rate for tractor parts to 18 per cent from 28 per cent. Also, the Council gave inprinciple approval to the e-way bill rules, which envisage a technology-driven tracking of movement of goods worth more than Rs 50,000 and for sale beyond 10 km in distance.

ITEMS

Price 28.07.2017

Rs./Kg (Basic

Price Excl GST)

Pig Iron (Mumbai) 28.0

Melting Steel Scrap 23.0

CRCA Scrap 28.0

Copper Ingot 394

Aluminum Ingot 138

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Approx Major Raw Material Prices

Indian Brass, Copper Scrap prices drop; Copper Futures settle almost flat Indian Ferro silicon price rises alarmingly Indian Containerized Shredded Scrap import

ferrosilicon market showing a

Turkish domestic scrap prices rise on

Prices of pig iron for S.G. cast iron soar in

Chinese ferrosilicon export price up Chinese ferromolybdenum prices skyrocket

Aluminum Scrap prices

US ferrosilicon market fundamentals

GST council’s 20th meeting: Rate on textile job works, tractor parts lowered

The Goods and Services Tax (GST) Council in ided to cut the

tax rate for job work for the entire value chain of textiles sector to 5 per cent along with reduction in rate for tractor parts to 18 per cent from 28 per cent. Also, the Council gave in-

way bill rules, which driven tracking of

movement of goods worth more than Rs 50,000 and for sale beyond 10 km in distance.

The e-way bill rules are likely to come into force from October 1. One big issue was tax rate for job work in textiles sector. A consensus was evolved tthe GST rate for job work throughout the textile chain and even for textileapparels, shawls, carpets will be 5 per centfinance minister Arun Jaitley told reporters after the meeting. Earlier, the GST for job works related toyarns, other than manmade fibres and textile fabrics, was 5 per cent, while for manmade fibres, it was 18 per cent. The move assumes significance as the rollout of GST from July 1 had met with several protests from the textiles sector that had demanded a cut in the tax rate on fabrics, which were brought in the tax net for the first time at the rate of 5 per cent. The GST rate for government work contracts, for both central and state governments, was also cut to 12 per cent with input tax credit from the earlier decided rate of 18 per cent, Jaitley said. Under the proposed erules, the exempted goods under GST will be kept outside its purview. The permits thus issued would be valid for one day for movement of goods for 100 km and in same proportion for following days. As per the draft provision, GSTN would generate ewill be valid for 1-20 days, depending on distance to be travelled 3 days (100 to less than 300 km), 5 days (300less than 500 km), 10 days1,000 km) and 20 days (more than 1,000 km). “E-way bill system will be implemented across the country. There will be no checkposts. The process will be technologyintervention would be minimised. It will be reviewed going forward,” Jaitley said. The Council also gave inanti-profiteering measures and proposal to set up a Screening Committee in 15 days to see if tax reductions after implementation of GST have been passed on to consumers. Jaitley appealed to businesses to pass on the benefit of the reduced tax under the GST to consumers, failing which the antimechanism will be triggered.

Price 04.08.2017

Rs./Kg (Basic

Price Excl GST)

30.5

23.5

28.0

395

139

5

way bill rules are likely to come into force

One big issue was tax rate for job work in textiles sector. A consensus was evolved that the GST rate for job work throughout the textile chain and even for textile-related items such as apparels, shawls, carpets will be 5 per cent, finance minister Arun Jaitley told reporters after

Earlier, the GST for job works related to textile yarns, other than manmade fibres and textile fabrics, was 5 per cent, while for manmade fibres, it was 18 per cent. The move assumes significance as the rollout of GST from July 1 had met with several protests from the textiles

anded a cut in the tax rate on fabrics, which were brought in the tax net for the first time at the rate of 5 per cent.

The GST rate for government work contracts, for both central and state governments, was also cut to 12 per cent with input tax credit rom the earlier decided rate of 18 per cent,

Jaitley said. Under the proposed e-way bill rules, the exempted goods under GST will be kept outside its purview. The permits thus issued would be valid for one day for movement of goods for 100 km and in same roportion for following days. As per the draft

provision, GSTN would generate e-way bills that 20 days, depending on

distance to be travelled — one day for 100 km, 3 days (100 to less than 300 km), 5 days (300-less than 500 km), 10 days (500-less than 1,000 km) and 20 days (more than 1,000 km).

way bill system will be implemented across the country. There will be no checkposts. The process will be technology-driven and human intervention would be minimised. It will be

orward,” Jaitley said.

The Council also gave in-principle approval to asures and proposal to set

up a Screening Committee in 15 days to see if tax reductions after implementation of GST have been passed on to consumers. Jaitley appealed to businesses to pass on the benefit of the reduced tax under the GST to

ng which the anti-profiteering mechanism will be triggered.

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RBI repo rate cut likely to boost auto sector The Reserve Bank of India’s (RBI) move to cut the repo rate by 25 basis points or is expected to act as a shot in the arm for the automotive sector, boosting market demand. The repo rate is the key lending rate at which the central bank lends money to commercial banks and directly affects the interest rates of loans taken by consumers. The RBI has reduced the repo rate to 6 percent from the earlier 6.25 percent. This is believed to be the lowest repo rate since December 2010. On the flip side, it is expected that public sector banks will pass on this benefit to consumers without any time lag. Historically, PSU banks have to be coerced by the Apex bank to pass this benefit as banks are prone to hike up their margins by not passing the repo rate cuts. That said, analysts that ETAuto spoke to were optimistic that the repo rate cut by the RBI would prove positive for the automotive sector.Roughly about 60-70 percent of new car buys are funded through loans while the balance is paid through cash. The current interest rates on auto loans for new vehicles vary between 9.25 -11 pfor used vehicles they could be in the range o12-15 percent or even higher. A 0.25 percent cut in repo rate would mean the interest rate would drop from 9.25 percent to 9 percent. For instance, for a Rs 10 lakh loan taken from a bank, the reduction in interest rate would be to the tune of Rs 2,500 annually, according to Gaurav Vangaal, senior auto- analyst of IHS Markits. He feels this interest rate cut is marginal. “At least a 50 bps or even a 75 bps repo rate cut should have been announced by the RBI as inflation is currently at a very low level.” Normally high interest rates are maintained to control a high level of inflation so that excess liquidity from the system can be mopped up.In the current scenario, some experts are opinion that post GST, the RBI is holding back on a higher repo rate cut to factor in any risk of a rise in inflation in the short term.

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RBI repo rate cut likely to boost auto

The Reserve Bank of India’s (RBI) move to cut the repo rate by 25 basis points or 0.25 percent is expected to act as a shot in the arm for the automotive sector, boosting market demand.

The repo rate is the key lending rate at which the central bank lends money to commercial banks and directly affects the interest rates of

by consumers. The RBI has reduced the repo rate to 6 percent from the earlier 6.25 percent. This is believed to be the lowest repo rate since December 2010.

On the flip side, it is expected that public sector banks will pass on this benefit to consumers

Historically, PSU banks have to be coerced by the Apex bank to pass this benefit as banks are prone to hike up their margins by not passing the repo rate cuts.

That said, analysts that ETAuto spoke to were e cut by the RBI

would prove positive for the automotive sector. 70 percent of new car buys

are funded through loans while the balance is

The current interest rates on auto loans for new 11 percent while

for used vehicles they could be in the range of A 0.25 percent

cut in repo rate would mean the interest rate would drop from 9.25 percent to 9 percent. For instance, for a Rs 10 lakh loan taken from a

eduction in interest rate would be to the tune of Rs 2,500 annually, according to

forecasting

He feels this interest rate cut is marginal. “At least a 50 bps or even a 75 bps repo rate cut

een announced by the RBI as inflation is currently at a very low level.”

Normally high interest rates are maintained to control a high level of inflation so that excess liquidity from the system can be mopped up. In the current scenario, some experts are of the opinion that post GST, the RBI is holding back on a higher repo rate cut to factor in any risk of

Sumit Sawhney, country CEO and managing director, Renault India Operations says that with the macro-economic heand wholesale inflation at an allcurrent account deficit under control, a rate cut by 25 basis points by the RBI in its third bimonthly monetary policy review is welland justified. Further, the industrial growth contremain subdued. The rate cut would give a fillip to the market sentiment as the Indian stockare trading at a record high.government unveiled the GST on July 1, raising confidence among investors. It is a welcome and much needed measure which will cheer up the entire automobile industry and will further provide a boost to the economy.real impact of this rate cut will be visible when the commercial banks pass on the benefit to the end consumers by lowering the interrates on car loans," he added. An auto analyst of HDFC Securities maintains that demonetization has upped the auto loan quotient in a new passenger vehicle purchase to 80 percent after demonetization.banking habits have changed as a dealer cannot be paid more than Rs 2 lakh in cash on a vehicle purchase. In some states, like Uttar Pradesh the bank loan portion has been upped to 90 percent post demonetization especially for Maruti Suzuki vehicles. Interestingly, the timing of the repo rate cut coming as it were just before the start of the festive season is also expected to act as a morale booster for the auto industry, according to Abdul Majeed Partner Automotive, PwC India. “In India about 80 percent of the small car purchases are made through bank loans while in China, bank loans account for just about 40-50 percent of the vehicle purchase.” He admits that in SUV buys, cash has traditionally paid a large part as it has cars and all these buyers will now have to take bank loans after the cash limit has come into play post demonetisation. “Hënce, any interest rate cut on loans will be positive for the sector.” In the commercial vehicle segment though, where bank or institutional financing has constituted almost 90

6

Sumit Sawhney, country CEO and managing director, Renault India Operations says that

economic headwinds like retail and wholesale inflation at an all-time low, current account deficit under control, a rate cut by 25 basis points by the RBI in its third bi-monthly monetary policy review is well-timed

Further, the industrial growth continues to remain subdued. The rate cut would give a fillip to the market sentiment as the Indian stocks are trading at a record high. “In addition, the government unveiled the GST on July 1, raising confidence among investors. It is a welcome

ed measure which will cheer up the entire automobile industry and will further provide a boost to the economy. However, the real impact of this rate cut will be visible when the commercial banks pass on the benefit to the end consumers by lowering the interest rates on car loans," he added.

An auto analyst of HDFC Securities maintains that demonetization has upped the auto loan quotient in a new passenger vehicle purchase

0 percent after demonetization. In addition, banking habits have changed as a dealer cannot be paid more than Rs 2 lakh in cash on a vehicle purchase. In some states, like Uttar Pradesh the bank loan portion has been upped to 90 percent post demonetization especially for

Interestingly, the timing of the repo rate cut coming as it were just before the start of the festive season is also expected to act as a morale booster for the auto industry, according to Abdul Majeed Partner Automotive, PwC

ia. “In India about 80 percent of the small car purchases are made through bank loans while in China, bank loans account for just

50 percent of the vehicle purchase.”

He admits that in SUV buys, cash has traditionally paid a large part as it has for luxury cars and all these buyers will now have to take bank loans after the cash limit has come into play post demonetisation. “Hënce, any interest rate cut on loans will be positive for the sector.”

In the commercial vehicle segment though, k or institutional financing has

constituted almost 90-100 percent of the

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purchase, lower interest loans will give a fillip to vehicle purchase especially at a time when the CV sector has been witnessing a dip in replacement demand. Businesses can start filing July returns on GSTN from Aug 5 The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till August 20, GST Network Chairman Chairman Navin Kumar said today. Businesses canfiling their first GST returns and pay taxes for July on the portal of GST Network infrastructure provider for the new indirect tax regime, beginning August 5, he told PTI here. To make compliance easy for businesses, the GST Council has allowed businesses to initially file their returns on self-assessment basis in the first two months of the GST rollout. So, the GST returns for July and August will be filed on the Goods and Services Tax Network (GSTN) porby filling up GSTR 3B form. “We will start the facility of filing interim return form GSTR 3B by August 5 and any registered entity who has transacted business in July will have to file the return by August 20,” Kumar told PTI. GSTN has tied up with 25 agency banks authorised by the RBI to collect taxes, he said. “We have tied up with all major banks, both private and public. The facility for tax payment is already on and Integrated GST is being collected. Along with filing of returns by August 20, payments for central and state GST wicome in,” said Kumar, in-charge of the biggest technology backbone created for the new indirect tax regime. Over 71.30 lakh excise, service tax and VAT payers have migrated to the GSTN portal with 13 lakh fresh registrations. The final GST returns for July will have to be filed by these businesses by September 5 instead of August 10. Companies will have to file sale invoice for August with GST Network by September 20 instead of September 10 earlier. The sales returns for September will have to be October 10.

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purchase, lower interest loans will give a fillip to vehicle purchase especially at a time when the CV sector has been witnessing a dip in

iling July returns on

The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till August 20, GST Network Chairman Chairman Navin Kumar said today. Businesses can start filing their first GST returns and pay taxes for July on the portal of GST Network — the IT infrastructure provider for the new indirect tax regime, beginning August 5, he told PTI here.

To make compliance easy for businesses, the llowed businesses to initially

assessment basis in the first two months of the GST rollout. So, the GST returns for July and August will be filed on the Goods and Services Tax Network (GSTN) portal

e will start the facility of filing interim return form GSTR 3B by August 5 and any registered entity who has transacted business in July will have to file the return by August 20,” Kumar told PTI.

GSTN has tied up with 25 agency banks BI to collect taxes, he said.

“We have tied up with all major banks, both private and public. The facility for tax payment is already on and Integrated GST is being collected. Along with filing of returns by August 20, payments for central and state GST will also

charge of the biggest technology backbone created for the new

Over 71.30 lakh excise, service tax and VAT payers have migrated to the GSTN portal with 13 lakh fresh registrations. The final GST

for July will have to be filed by these businesses by September 5 instead of August

Companies will have to file sale invoice for August with GST Network by September 20 instead of September 10 earlier. The sales returns for September will have to be filed by

Tractor sales likely to rise to record level Banks financing tractors face a better lending prospect this year with demand is expected to scale a new high given the normal rainfall so far. Rating and research firm tractor sales to touch a new peak of over 6.5 lakh units this fiscal, given prospects of a successive normal monsoon coupled with falling interest rates and higher disposable fund with farmers getting loan waivers benefit. Crisil said that tractor sales had risen 18% last fiscal on good rains, after declining more than 10% in 2015 and 2016, when monsoon had played truant – underscoring the strong correlation between weather and tof tractor makers. Monsoon rainfall was slightly above normal in July after being 4% in excess in the previous month. Last fiscal’s sales at 5.8 lakh units were however lower than that of in 2014, suggesting some pent-up demand could manifest given conducive conditions. Average tractor penetration in India is at about 20 per 1,000 hectare.the kind of headroom for growth available over the long term,” says Manish Gupta, director at Crisil Ratings. Mahindra & Mahindra and TAFE are the two biggest tractor makers in India with a combinemarket share of around 65%. With capacity utilisation in the industry at about 60%, companies can easily address surges in demand without fresh capex, Crisil said. Exporters facing difficulties post GST as refund schedule disturbed: EEPC Engineering exporters' body EEPC India on Monday said that shipping companies are facing difficulties post-GST as their drawback refunds will not be released till SeptemberOctober. Moreover, the supplies of goods to the exportoriented units from the domestic tnot considered as "deemed exports" under the Goods and Services Tax (GST) regime, resulting

7

Tractor sales likely to rise to record level

Banks financing tractors face a better lending prospect this year with demand is expected to scale a new high given the normal rainfall so

Rating and research firm CRISIL said it expects tractor sales to touch a new peak of over 6.5 lakh units this fiscal, given prospects of a successive normal monsoon coupled with falling interest rates and higher disposable fund with farmers getting loan waivers benefit.

sales had risen 18% last fiscal on good rains, after declining more than 10% in 2015 and 2016, when monsoon had

underscoring the strong correlation between weather and the top lines

Monsoon rainfall was slightly rmal in July after being 4% in excess

Last fiscal’s sales at 5.8 lakh units were however lower than that of in 2014, suggesting

up demand could manifest given

Average tractor penetration in India is very low at about 20 per 1,000 hectare. "That underlines the kind of headroom for growth available over the long term,” says Manish Gupta, director at

Mahindra & Mahindra and TAFE are the two biggest tractor makers in India with a combined market share of around 65%. With capacity utilisation in the industry at about 60%, companies can easily address surges in demand without fresh capex, Crisil said.

Exporters facing difficulties post GST as refund schedule disturbed: EEPC

porters' body EEPC India on Monday said that shipping companies are facing

GST as their drawback refunds will not be released till September-end or

Moreover, the supplies of goods to the export-oriented units from the domestic tariff area are not considered as "deemed exports" under the Goods and Services Tax (GST) regime, resulting

Tel: +91 11 29960601, Fax: +91 11 29958028


in denial of duty free imports of inputs under the 'Advance Authorisation' scheme of the government, the exporters' body said in a statement. "In fact, several schemes for giving a boost to exporters by the commerce ministry have been turned upside down and their functioning has become extremely difficult or not viable," EEPC India Chairman T S Bhasin said in a statement. Exports of engineering goods constitute the biggest share in India's overall export basket and are therefore, vital for job creation, particularly in the small and medium enterprises segment. "Our members have informed us that it would be impossible for them to export in August andSeptember as per this refund time schedule. We request and kindly urge the finance ministry to make the GSTN operative for processing returns and refunds by the beginning of August," EEPC India said in its communication to the finance and commerce ministr According to the exporters' body, as supply of goods to the export oriented units (EoU) from domestic tariff area are not considered as "deemed exports" in the GST regime, shippers are not allowed to import the inputs without payment of duty under Advance Authorisation. Moreover, exporters will have to pay the basic customs duty, cesses and IGST for imported inputs to be used for supplies to EoU. They are entitled to input tax credit of only IGST. Basic customs duty and cesses are thereon a cost to them. Govt forms action plan for easy execution of trade facilitation agreement The government has formulated a detailed action plan with timelines for smooth implementation of WTO's trade facilitation agreement (TFA), an official said. Members of the World Trade Organisation (WTO) including India has ratified TFA, which aims at easing customs procedures, expediting movement, release and clearance of consignments.

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in denial of duty free imports of inputs under the 'Advance Authorisation' scheme of the government, the exporters' body said in a

act, several schemes for giving a boost to exporters by the commerce ministry have been turned upside down and their functioning has become extremely difficult or not viable," EEPC India Chairman T S Bhasin said in a statement.

s constitute the biggest share in India's overall export basket and are therefore, vital for job creation,

and medium enterprises

"Our members have informed us that it would be impossible for them to export in August and September as per this refund time schedule. We request and kindly urge the finance ministry to make the GSTN operative for processing returns and refunds by the beginning of August," EEPC India said in its communication to the finance and commerce ministries.

According to the exporters' body, as supply of goods to the export oriented units (EoU) from domestic tariff area are not considered as "deemed exports" in the GST regime, shippers are not allowed to import the inputs without

vance Authorisation.

Moreover, exporters will have to pay the basic customs duty, cesses and IGST for imported inputs to be used for supplies to EoU. They are entitled to input tax credit of only IGST. Basic customs duty and cesses are thereon a cost to

Govt forms action plan for easy execution

The government has formulated a detailed action plan with timelines for smooth implementation of WTO's trade facilitation

rld Trade Organisation (WTO) including India has ratified TFA, which aims at easing customs procedures, expediting movement, release and clearance of

For the implementation of the pact, the government has last year set up Cabinet Secretary-headed National Committee on Trade Facilitation (NCTF). The official said recommendations made by four working groups on legislative changes, time release study, outreach programme and infrastructure augmentation are included in the National Trade Facilitation Action Plan (201720). Implementation of the plan, which also includes suggestions of the private sector, has been divided into short term (0term (6-18 months) and long term (18months). The short term action plan includes augmentation of storage infrastructure for perishable goods and clearance of such goods within 12 hours of landing for import and 8 hours for export. The plan for mid term includes updation of all regulatory information available on the internet on a single window portal; to put in place adequate bio-security measures for livestock imports and publication of all fees on a singe window website. Cargo release time, both for export and import purposes, would also be reduced within a time period. For imports, sea and air cargo release time would be reduced to three and two days respectively. Similarly, for exports, sea cargo release time would be brought down to two days and air cargo the same day. The CBEC and the commerce ministry would also work on streamlincommerce which includes cutting documentation requirements ansingle submissions. Further, as part of the action plan, legislative changes have been proposed in the Customs Act 1962 for processing of documents among other thing The agencies and ministries involved in the implementation process include Central Board of Excise and Customs (CBEC), Directorate General of Foreign Trade and Animal & Plant Quarantine, textiles and environment ministries.

8

For the implementation of the pact, the government has last year set up Cabinet

headed National Committee on Trade

The official said recommendations made by four working groups on legislative changes, time release study, outreach programme and infrastructure augmentation are included in the

ation Action Plan (2017-

Implementation of the plan, which also includes suggestions of the private sector, has been divided into short term (0-6 months), medium

) and long term (18-36 The short term action plan includes

mentation of storage infrastructure for perishable goods and clearance of such goods within 12 hours of landing for import and 8

The plan for mid term includes updation of all regulatory information available on the internet

window portal; to put in place security measures for livestock

imports and publication of all fees on a singe

Cargo release time, both for export and import purposes, would also be reduced within a time

ea and air cargo release time would be reduced to three and two days respectively. Similarly, for exports, sea cargo release time would be brought down to two days and air cargo the same day.

The CBEC and the commerce ministry would also work on streamlining policy for e-commerce which includes cutting documentation requirements and providing

Further, as part of the action plan, legislative changes have been proposed in the Customs Act 1962 for processing of documents among other things.

The agencies and ministries involved in the implementation process include Central Board of Excise and Customs (CBEC), Directorate General of Foreign Trade and Animal & Plant Quarantine, textiles and environment ministries.

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International News..

EJ MARKS START OF NEW FOUNDRY PROJECT Infrastructure products manufacturer EJ last week hosted a groundbreaking ceremony for its new, $125 million foundry under developalong U.S. 131 near Elmira. EJ, formerly known as East Jordan Iron Works, plans for the new facility to be operational by fall 2018. It will replace a foundry which the company operates in East Jordan. Company officials tout the project as a way for company to remain competitive, grow its business and retain 340 jobs in Northern Michigan. “The official start of construction of the new foundry is an exciting time for our company,” said EJ President Tracy Malpass in a press release. “This project is an important milestone in the life of our family business, our community and our employees. A project like this requires the support of many individuals and groups.” EJ, the Northern Lakes Economic Alliance and the Michigan Economic Development Corporation have been working with state and local officials to see the project come to fruition. “We see this as a win-win project. It retains a long-standing, reputable company to our region, provides for major investment in Northern Michigan infrastructure; anhigh quality, family-supporting jobs,“ said Andy Hayes, president of Northern Lakes Economic Alliance. EJ purchased the nearly 200-acre site in Warner Township with the goal to keep the foundry in Northern Michigan. The property is 14 miles from the existing manufacturing site in East Jordan. “Our community is very excited about having the foundry relocate to Warner Township. The work that will be accomplished here will impact the quality of life for all of our community members and for generations to come,” said

Tel: +91 11 29960601, Fax: +91 11 29958028


EJ MARKS START OF NEW FOUNDRY

Infrastructure products manufacturer EJ last week hosted a groundbreaking ceremony for its new, $125 million foundry under development

EJ, formerly known as East Jordan Iron Works, plans for the new facility to be operational by fall 2018. It will replace a foundry which the company operates in East Jordan. Company officials tout the project as a way for the company to remain competitive, grow its business and retain 340 jobs in Northern

“The official start of construction of the new foundry is an exciting time for our company,” said EJ President Tracy Malpass in a press

s an important milestone in the life of our family business, our community and our employees. A project like this requires the support of many individuals

EJ, the Northern Lakes Economic Alliance and the Michigan Economic Development

ion have been working with state and local officials to see the project come to

win project. It retains a standing, reputable company to our

region, provides for major investment in Northern Michigan infrastructure; and it retains

supporting jobs,“ said Andy Hayes, president of Northern Lakes Economic

acre site in Warner Township with the goal to keep the foundry in Northern Michigan. The property is 14 miles rom the existing manufacturing site in East

“Our community is very excited about having the foundry relocate to Warner Township. The work that will be accomplished here will impact the quality of life for all of our community

ations to come,” said

Martin Franckowiak, Warner Township supervisor.

The Wednesday event was attended by fourthfifth-, and sixth-generation members of EJ’s founding Malpass family, along with guests such as Michigan Lt. Gov. Brian Calley, state Rep. Triston Cole and state Sen. Wayne Schmidt. Also on hand were staff members for federal legislators including James Hogge on behalf of U.S. Rep. Jack Bergman and Brandon Fewins on behalf of U.S. Sen. Debbie Stabenow as well as Antrim County and Warner Townshofficials and representatives from Northern Lakes Economic Alliance and Michigan Economic Development Corporation. EJ’s history as a company goes back to 1883 the year when it put its current East Jordan foundry site to use. The company produces access solutions including manhole covers and gratings for water, sewer, drainage, telecommunications and utility networks. East Jordan Iron Works and several international affiliates began using the common brand name EJ in 2012. The company continues to be 100 percent owned by descendants of William E. Malpass, and members of the family continue to be active in managing the business.

Government Schemes

SIDBI - Sustainable Finance Scheme Objectives Sustainable Finance Scheme has been carved out with an objective to assist the entire value chain of energy efficiency (EE) / cleaner production (CP) and sustainable development projects which lead to significant improvements in EE / CP / sustainable development in the MSMEs and which are presently not covered under the existing sustainable financing lines of credits. Eligibility • New / existing MSME units, as per the definition of the MSMED Act 2006, shall be eligible for assistance under the scheme. • Existing units should have satisfactory track record of past performance and sound financial

9

Martin Franckowiak, Warner Township

The Wednesday event was attended by fourth-, generation members of EJ’s

founding Malpass family, along with guests such as Michigan Lt. Gov. Brian Calley, state

riston Cole and state Sen. Wayne Schmidt. Also on hand were staff members for federal legislators including James Hogge on behalf of U.S. Rep. Jack Bergman and Brandon Fewins on behalf of U.S. Sen. Debbie Stabenow as well as Antrim County and Warner Township officials and representatives from Northern Lakes Economic Alliance and Michigan Economic Development Corporation.

EJ’s history as a company goes back to 1883 the year when it put its current East Jordan foundry site to use. The company produces

solutions including manhole covers and gratings for water, sewer, drainage, telecommunications and utility networks.

East Jordan Iron Works and several international affiliates began using the common brand name EJ in 2012. The company continues

percent owned by descendants of William E. Malpass, and members of the family continue to be active in managing the business.

Government Schemes

Sustainable Finance Scheme

Sustainable Finance Scheme has been carved ive to assist the entire value

chain of energy efficiency (EE) / cleaner production (CP) and sustainable development projects which lead to significant improvements in EE / CP / sustainable development in the MSMEs and which are presently not covered

the existing sustainable financing lines of

• New / existing MSME units, as per the definition of the MSMED Act 2006, shall be eligible for assistance under the scheme.

• Existing units should have satisfactory track t performance and sound financial

Tel: +91 11 29960601, Fax: +91 11 29958028


position and should not be in default to institutions/banks. • Units should have minimum credit rating of investment grade or its equivalent as per internal credit rating model. For more information on the scheme, pleasclick the link below https://www.sidbi.in/sites/default/files/SIDBI_Ebrochure_SFS.pdf

Notifications/ Circulars

Ministry of Finance, Dept. of Revenue, CBEC Notification No. 21/2017 – Central Tax

08.08.2017

Seeks to introduce date for filing of GSTRfor months of July and August. http://cbec.gov.in/resources//htdocs

cbec/gst/notfctn-21-central-tax-english.pdf

Ministry of Finance, Dept. of Revenue, CBEC Notification No.75/2017 - Customs (N.T.)

03.08.2017

Rate of exchange of conversion of the foreign currency with effect from 4th Aug, 2017http://cbec.gov.in/resources//htdocs

cbec/customs/cs-act/notifications/notfns

2017/cs-nt2017/csnt75-2017.pdf

Ministry of Finance, Dept. of Revenue, CBEC Notification No. 34/2017–Customs ADD

Seeks to extend levy of anti- dumping duty on imports of ' Grinding Media Balls' (excluding Forged Grinding media Balls), originating in, or exported from, Thailand and people's Republic of China imposed vide Notification 36/2012Customs (ADD) ,dated 16th July, for one year i.e. up to and inclusive of the 15th July, 2018.http://cbec.gov.in/resources//htdocs

cbec/customs/cs-act/notifications/notfns

2017/cs-add2017/csadd34-2017.pdf

Ministry of Finance, Dept. of Revenue, CBEC GST Goods & Services Rate Finder on Webhttps://cbec-gst.gov.in/gst-goods-services

Tel: +91 11 29960601, Fax: +91 11 29958028


position and should not be in default to

• Units should have minimum credit rating of investment grade or its equivalent as per

For more information on the scheme, please

https://www.sidbi.in/sites/default/files/SIDBI_Ebrochure_SFS.pdf

Central Tax,

Seeks to introduce date for filing of GSTR-3B

http://cbec.gov.in/resources//htdocs-

english.pdf

Customs (N.T.), dt.

Rate of exchange of conversion of the foreign , 2017

http://cbec.gov.in/resources//htdocs-

act/notifications/notfns-

Customs ADD / 13.07.2017 dumping duty on

imports of ' Grinding Media Balls' (excluding Forged Grinding media Balls), originating in, or exported from, Thailand and people's Republic

imposed vide Notification 36/2012- Customs (ADD) ,dated 16th July, for one year i.e. up to and inclusive of the 15th July, 2018.

tp://cbec.gov.in/resources//htdocs-

act/notifications/notfns-

2017.pdf

Goods & Services Rate Finder on Web services-rates.html

Upcoming Indian Events

Upcoming International Events

Disclaimer: Although every care has been taken to ensure that

information provided is correct, The Institute of Indian

Foundrymen will not be responsible for any error or omission

and it does not necessarily represent official opinion of the

Institute of Indian Foundrymen

10

Upcoming Indian Events

Upcoming International Events

er: Although every care has been taken to ensure that

information provided is correct, The Institute of Indian

Foundrymen will not be responsible for any error or omission

and it does not necessarily represent official opinion of the

ALUCAST-2018

06 - 08 Dec., 2018

Delhi/ NCR, India

http://www.alucast2016http://www.alucast2016http://www.alucast2016http://www.alucast2016

.com/.com/.com/.com/

66th

Indian Foundry

Congress

10-12 January 2018

Gandhinagar, Gujarat

http://www.ifcindia.net/

METAL +

METALLURGY CHINA

2018

From: 16th

– 19th

May,

2018

THE 73RD WORLD

FOUNDRY CONGRESS

From.: 23rd

to 28th

September, 2018

Venue: Poland

URL: INDOMETAL 2018

From.: 17th

to 19th

October, 2018

Venue: Indonesia

URL: HTTP://WWW.INDOMETAL.NET/

Documents

Bulletin Supported By:- · 2017-08-23 · Tel: +91 11 29960601, Fax: +91 11 29958028 Email: fic@indianfoundry Anti Dumping Duty on Castings for wind turbines-Imported from China The