High time to fix the minimum export price on minerals
Dear friends,
Being outside the country will give a different picture of the country. I have come across some scenarios, where few minerals are exported from India to UAE.
But, the paperwork is made as exported to Singapore at USD 80/ton and the receiver is receiving an invoice from Singapore for USD 185/ ton.
In this entire process India is losing tax revenue. My opinion India should fix the minimum export price for all the materials, in particularly minerals based on the international price, not the dummy invoices like the above.
Hoping for the best. If actioned, will give more inputs on these kind of corruptions.. more
Being outside the country will give a different picture of the country. I have come across some scenarios, where few minerals are exported from India to UAE.
But, the paperwork is made as exported to Singapore at USD 80/ton and the receiver is receiving an invoice from Singapore for USD 185/ ton.
In this entire process India is losing tax revenue. My opinion India should fix the minimum export price for all the materials, in particularly minerals based on the international price, not the dummy invoices like the above.
Hoping for the best. If actioned, will give more inputs on these kind of corruptions.. more
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Puneet, If we run behind the corrupt to catch.. this may not end for ever as they are doing illegal business in a legal way. My opinion is to stop the leakage by fixing the minimum export price or fixed tax for the exports of these kinds. more
Jun 18
Thanks Balaji for your inputs. I agree this may be a legal process, but if the govt. proposes the minimum price based on the international market, then everyone should comply automatically. more
Jun 12
Legally, the above procedure is valid as there is only one buyer who is from Singapore. If that buyer sells it at a higher price to another buyer, we cannot question the sale. It will be difficult to find a solution to such kind of sales where tax evasion takes place... more
Jun 12
