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Tough days for those involved in illegal transfer of money across the border: Arun Jaitley

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By NewsGram Staff Writer

Speaking at a Enforcement Day function in Delhi, Finance Minister Arun Jaitley said that it will be harder days for those who indulge in illegal and illicit transfer of money across the border.

“World is moving towards transparent regime making it difficult to hide an illicit transfer of money through internet or other modes,” Jaitley said.

The Finance Minister also said that the world economy has moved quite closer in recent years and the countries across the world have decided through G-20 and other international forums to cooperate and coordinate with each other in such cases.

Talking about the issue of black money, Jaitley said that the present government has taken various steps to squeeze the black money including undisclosed assets within and outside the country.

“Our focus is on reasonable tax rates and ease of doing business for incentivizing people to abide by laws and avoid evasion of taxes etc,” Jaitley said.

The government in March had introduced “Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015” which provides for heavy penalty and stiff punishment of up to 10 years for stashing unaccounted funds abroad.

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Import Duties On LED TV Panels Abolished, Says Finance Minister

Finance Ministry has abolished the import duty on open cell LED TV panels from 5 per cent to zero

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Finance Ministry has abolished the import duty on open cell LED TV panels from 5 per cent to zero. Wikimedia Commons

Finance Ministry has abolished the import duty on open cell LED TV panels from 5 per cent to zero, meeting a long standing demand of the industry.

According to market estimates, the prices of TV will come down by 3-4 per cent.

Panels are the most critical component used in LED TV manufacturing, accounting for 65-70 per cent of the total production cost. In fact, at price of Rs 90,000 LED high-end TV, the panel costs Rs 65,000.

The IT Ministry and the the Department for Promotion of Industry and Internal Trade (DPIIT) have also sought reduction of goods and services tax (GST) on large-screen LED televisions to 18 per cent from 28 per cent to revive demand in the festive season.

At present, televisions up to 32 inches attract 18 per cent GST but those with larger screens attract 28 per cent duty. The industry is seeking a tax cut in the GST Council meeting scheduled to take place in Goa this Friday.

TV, LED panels, Finance Minister, India, import duty
The industry can now revive LED TV manufacturing in the country, many of them including the largest TV maker Samsung had exited local TV production last year due to imposition of 5 per cent duty on open cell TV panels. Pixabay

IT Minister Ravi Shankar Prasad on Monday held a round table with electronics industry CEOs where higher duties were the main challenge from industry side. Revenue Secretary Ajay Bhushan Pandey was also present at that meeting.

In notification, the ministry said Open cell (15.6 inch and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels is made zero duty with immediate effect.

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The goods for use in the manufacture of Open cell of LCD and LED TV panels – Chip on Film, Printed Circuit Board Assembly (PCBA), Cell (glass board/substrate) will not attract any duty, it said.

The industry can now revive LED TV manufacturing in the country, many of them including the largest TV maker Samsung had exited local TV production last year due to imposition of 5 per cent duty on open cell TV panels. (IANS)