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Major News and Events of 10 October 2017

What Happened on 10 October 2017


State governments in India adopting GST at fast pace

According to Finance Minister Arun Jaitley, state governments in India, are adopting Goods and Services Tax (GST) at a fast pace. At an event jointly organised by CII and US India Business Council (USIBC) in New York, Jaitley said the global integration of Indian economy is happening at a time when other economies are becoming more protectionist. 

Finance Minister stated that India is now a better place to do business because of the series of steps taken by the government in the last three years. Finance minister also informed that India is now capable of taking big decisions and implementing them at a large-scale. He said as many as 250 highways projects are under construction. India is now having surplus power and capacity of Indian ports have been expanded, he said. 

Anti-dumping duty imposed on imports of steel wire rods from China

The Centre has imposed anti-dumping duty on imports of certain steel wire rods from China for five years. This has been done to safeguard the interest of domestic players from cheap in-bound shipments.The duty was imposed after the Commerce Ministry's Directorate General of Anti-Dumping and Allied Duties (DGAD) recommended duty on such imports. Earlier the DGAD had concluded that wire rod of alloy or non-alloy steel has been exported to India at below the normal value due to which domestic industry has suffered material injury.

In a notification, Department of Revenue said that the anti-dumping duty imposed shall be effective for a period of five years from the date of its imposition and shall be payable in Indian currency. These steel products are used in many sectors such as automotive components, railway, engineering and construction.

India has already slapped anti-dumping duty on certain cold-rolled flat steel products from four nations, including China and South Korea. Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry.




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