BATTLING US TARIFFS India offers duty cuts for exporters — GST incentives to follow soon

India is taking on the pressure from US's 50 per cent tariffs by offering businesses — especially those with exports to the US - multiple incentives.

- BY MANOJ NAIR

Early in September, there will be the much anticipated changes to the GST (Goods & Service Tax), further putting more money in the hands of businesses and consumers.

According to business sources, the Indian government has moved fast to counter negative vibes emerging from the US tariffs.

The Indian stock markets reacted adversely on Tuesday, with the Sensex and Nifty dropping over 1 per cent, while the Indian rupee is under pressure to drop to 24 against the dirham. (The Indian markets were closed yesterday on account of 'Ganesh Chaturthi'.)

First up, India has raised the duty 'drawback rates' for gold jewellery exports from Rs4,468 to Rs5,234 per 10 grams. (Duty drawbacks are essentially paying back exporters some of the sums they spent on customs duties.)