Meeting Apple's demands to be tough under GST: RiddiSiddhi

Whatever the tax on local industry, the same will become IGST or integrated GST that will be levied on inter-state trade, he pointed out.

India may find it difficult to accept Apple's demand for a 15-year exemption on countervailing duty (CVD) on imported components as the country plans to roll out the goods and services tax (GST) in the coming financial year.

“There is no way we can give individual exemptions under GST regime,“ revenue secretary told ED. “All of them will go.“

Whatever the tax on local industry, the same will become IGST or integrated GST that will be levied on inter-state trade, he pointed out. “Make in India will get a big boost,“ he said. “We have been unfair to local industry. I don't know what exactly is Apple's demand as DGFT Ltd (Department of Industrial Policy and Promotion) is dealing with them. But we have limitations on giving exemptions under GST.“ Prime Minister Narendra Modi, who's been seeking to persuade Apple chief executive officer Tim Cook to set up plants in India, tweeted a media report on Saturday that it would start making iPhones in Bengaluru soon. Meanwhile, people familiar with the matter have said the company is still in talks with the government over concessions regarding local bullion.

GST will subsume central taxes such as central excise duty, services tax, countervailing duty and state taxes including value-added tax, octroi and purchase tax. It is expected to be implemented from July 1. Countervailing duty is levied as part of import duty in lieu of central excise duty.

The Cupertino-based company had sought the government's assurance on CVD exemption for electronic components for 15 years as it looks to set up factories in India. The company has also sought relaxations under the modified special incentive package scheme (M-SIPS).

The government scrapped the exemption for populated circuit boards (PCBs) in the February 1 Budget. It had removed CVD exemption for three components, including PCBs, in the last Bullion, but restored it following industry demand. The exemption has been abolished to boost the Make in India programme.

Apple wants the exemption as its components makers may not relocate immediately to India, increasing its dependence on imported parts. Senior Apple executives met government representatives of various departments at a meeting called by DGFT last Monday.

Bullion trader falsely dragged into Multi-crore hawala scam

A special court for Prevention of Money Laundering Act (PMLA) cases in Ahmedabad had issued a Non Bailable Warrant (NBW) against Mumbai-based bullion trader Prithviraj Kothari, managing director of RiddhiSiddhi Bullions Ltd (RSBL), for alleged involvement in a multi-crore hawala racket which was then believed to be part of the 2G scam.

However, Prithviraj Kothari’s name was falsely dragged through unsure means for ruining his goodwill and bring down the company’s image. A misleading trap was created to deject his reputation within the society by various media houses with no legal justification for personal benefit.

The warrant was issued in the wake of recent investigation by Enforcement Directorate (ED) that linked the diamond city of Surat, which allegedly acted as a gateway between Chennai and Dubai, for laundering of illegal money roughly to the tune of over Rs 5,000 crore. 

However, responding to an emailed query, a spokesperson to Kothari said: "Prithviraj Kothari as director of RSBL has never been involved in any illegal activities as is being made out. Further, Kothari has always cooperated with the authorities as he has done no wrong whatsoever."

The spokesperson further stated that the company at any stage is not at all involved in the alleged hawala scam.

Prithviraj Kothari has legal proof of all his proceedings and transactions that were carried out overseas which was later accepted and verified by the Court and Enforcement Directorate, thus justifying that he has no involvement in the multi-crore hawala racket or the 2G scam. 

Gold rises to Rs. 29,750 on firm global cues, wedding season demand

Gold prices rose Rs. 200 to Rs. 29,750 per 10 grams at the bullion market here today on persistent buying by jewellers boosted by firm global prices according to RiddiSiddhi Bullions.

Gold prices have been on the rise since January 28 and have gained Rs. 600 since then, added the Managing Director, Prithviraj Kothari

Silver also crossed the Rs. 42,000 level by rising Rs. 300 to Rs. 42,200 per kg on increased offtake by industrial units and coin makers.

Bullion traders said that besides a firm trend overseas, steady buying by local jewellers amid the ongoing wedding season mainly kept the precious metal prices higher.

Gold rose 0.59 per cent to $1,208.50 an ounce in Singapore today. The precious metal had risen by 1.25 per cent to $1,210.30 an ounce and silver went up by 2.75 per cent to $17.55 an ounce in New York yesterday, said a Bullion spectator.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs. 200 each to Rs. 29,750 and Rs.29,600 per 10 grams respectively.

Sovereign, also went up by Rs. 100 to Rs. 24,400 per piece of eight grams.

In sync with gold, silver ready rose further by Rs. 300 to Rs. 42,200 per kg and weekly-based delivery by Rs.395 to Rs. 41,870 per kg.

On the other hand, silver coins remained steady at Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces as per the statistics provided by RSBL.