Economy News Notes

Pakistan on Friday added a dozen commodities to its list of items that can be imported from India, taking the positive list that Islamabad maintains for trade with India from 1,934 to 1,946.
officials are expected to address issues in which bilateral trade is mired in a new spirit of accommodation; induced by Pakistan's decision to grant the Most Favoured Nation (MFN) status to India ‘in principle' and India's offer of a Preferential Trade Agreement with Pakistan.
Pakistan is hoping for some concrete assurances from New Delhi on ‘Non-Tariff Barriers' to make further movement on the trade front sellable here. India's contention has been that these NTBs are not Pakistan-specific and many of these ``so-called barriers'' would be addressed once the Integrated Check Post at Attari gets fully commissioned.
Businessmen now purchase machinery needed for the textile industry from India, but ship them into Pakistan through another country due to existing regulations barring such imports.

The Confederation of Indian Industry (CII) will organise a seminar on Goods and Services Tax
The programme is being held with a view to estimating the preparedness of all the stakeholders with regard to transition to the GST regime.
The GST, one of the biggest tax reforms in India, is set to integrate State economies and boost overall growth. The GST will create a single, unified Indian market to make the economy stronger.
The implementation of the GST will lead to the abolition of other taxes such as octroi, Central sales tax, State-level sales tax, entry tax, stamp duty, telecom licence fees, turnover tax, tax on consumption or sale of electricity, and taxes on transportation of goods and services, thus avoiding multiple layers of taxation that at present exist in India.
It is estimated that India will gain $15 billion a year by implementing the Goods and Services Tax as it will promote exports, raise employment, and boost growth. It will divide the tax burden equitably between manufacturing and services.