Imported Inputs
Sri Lanka lifts import restrictions on 286 items as economic woes eases
Sri Lanka has lifted import restrictions on nearly 300 items with immediate effect, the Finance Ministry announced on Saturday, in a clear sign that the island nation is slowly but surely emerging from its worst economic crisis in decades. Last year, Sri Lanka plunged into its worst economic crisis since its independence in 1948 due to plummeting foreign exchange reserves that caused severe shortages of essential items and triggered massive public protests. In April 2022, Sri Lanka declared its international debt default due to the forex crisis. Sri Lanka's economic situation has improved after it secured a USD 3 billion bailout package from the International Monetary Fund (IMF) in March. The IMF lifeline helped Sri Lanka bolster its foreign exchange reserves and stabilise the spiralling inflation. With the economy stabilising, import restrictions on 286 items have been lifted from Friday midnight, the Finance Ministry said in a statement. Restrictions on 928 items will continue,
 "Sri Lanka lifts import restrictions on 286 items as economic woes eases")
Berger monitors cost, demand closely before taking price hike call
Berger Paints India Ltd on Tuesday said it was monitoring the cost pressure in the wake of crude price hardening but will take a call after tracking the demand scenario. With crude oil trading above USD 100 per barrel owing to Russia's invasion of Ukraine, cost pressure will mount if the geopolitical uncertainties continue for a few months. "We are monitoring the situation closely but not raising the price in a haste. We will take a call after monitoring the demand scenario also. Price rise impacts volume demand," Berger Paints MD & CEO, Abhijit Roy, told PTI. Berger had hiked prices in the last one year to offset input cost inflation, the company said. Roy explained that out of the four major ingredients of making paints, one is linked to crude. It is the solvent binder, which is a derivative of crude. However, its price is more affected by demand-supply issues than the price of crude itself, he said. Overall, solvent binder forms about one-third of Berger's raw material ...
 "Berger monitors cost, demand closely before taking price hike call")
Govt orders probe into 'unknown' imports, revenue dept to provide details
India's overall imports stood at $514 billion in 2018-19, up by 11 per cent from the previous year
 "Govt orders probe into 'unknown' imports, revenue dept to provide details")
'No duty on imported inputs if export goods produced in bonded warehouse'
Section 16 (1) of the CGST Act, 2017 allows you to take credit of GST paid on any inputs used or intended to be used in the course or furtherance of business, subject to prescribed conditions
 "'No duty on imported inputs if export goods produced in bonded warehouse'")
