GST collection marks 12.4% y-o-y growth in April 2024
For April 2024, the gross Goods and ServicesTax (GST) collections marked a remarkable 12.4 per cent year-on-year growth at Rs 2.10 trillion, the Finance Ministry said on Wednesday.
India on Wednesday extended the restrictions on the export of sugar beyond October 31 until further orders, a notification by the Directorate General of Foreign Trade said. According to the circular, raw sugar, white sugar, refined sugar, and organic sugar are under export restrictions.
The restriction is not applicable to sugar being exported to the EU and the US under the concession (CXL) and TRQ quota, as was announced last year.
The ban on the export of sugar was initially levied starting June 1 to October 31, 2022. This was later extended by a year till October 31, 2023. The government’s idea behind the sugar export restriction initially was to make prices of sugar stable domestically.
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India surpassed Brazil in the 2021-22 season to become the world’s largest sugar producer and second-largest exporter.
As production figures are under the cloud following erratic monsoon rains and inflation concern, the government aims to keep prices of the kitchen essentials under check.
It is to be noted that a tariff rate quota essentially is a quota for exports at relatively low duties. Once the limit is exhausted, a higher tariff applies to additional shipments.
According to the data released from the consumer affairs ministry on Tuesday, the all-India average retail sugar price was Rs 44.03 a kg, up nearly 2% month-on-month, 3.1% on year.
India also aims to produce 4.5 million tonnes of ethanol from sugar this season. This would necessitate higher cane diversion and thus lower closing stocks of the sweetener.
It may be noted that in July, India also prohibited the export of non-basmati white rice to check the domestic prices and ensure domestic food security.
While amending the export policy, DGFT maintained that the export will be allowed based on the permission granted by the government to other countries to meet their food-security needs and based on the request of their government.
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