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All types of footwear, most textile products to have GST of 12%Council decides to do away with inverted duty structure All footwear, irrespective of prices will attract Goods & Services Tax (GST) at 12 per cent while barring cotton, all textile products including readymade garments will have GST at the rate of 12 per cent. This will be possible as GST Council has decided to do away with inverted duty structure (IDS). It could result in rise in prices of low-priced products.An ‘Inverted duty structure’ means a higher duty on inputs and a lower levy on finished products. This results in a higher refund to industry which affects the cash flows for companies and revenue collections for the government. Also, consumers do not gain anything,In its meeting on Friday, the Council decided: “GST rate changes in order to correct inverted duty structure, in footwear and textiles sector, as was discussed in earlier Council Meeting and was deferred for an appropriate time, will be implemented with effect from January 1, 2022.” However, post the meeting, rates were not announced.Textile sectorAn official said that with the correction of inverted duty structure in textile sector the rate on cotton yarn will continue to be 5 per cent while it will be 12 per cent on mandmade fibre, yarn, readymade garment, fabric and dying. As of now for garments and made-up articles, rate is 5 per cent of the sale value not exceeding ₹1,000 per piece and 12 per cent for articles of sale value exceeding ₹1,000 per piece. Here on, all will have GST at the rate of 12 per cent.

Rupee depreciates against dollar, loses 27 paiseRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 27 paise at Rs 73.74 against the dollar. At the same time, on Friday, the rupee closed at Rs 73.48 with a strength of 4 paise against the dollar.Today the stock market opened with a fall.Today the BSE Sensex fell by about 383.15 points and opened at 58632.74 points. On the other hand, the Nifty of NSE opened with a decline of 159.00 points at the level of 17426.20 points.  

All India Weather Forecast for September 20, 2021Weather systems made across the countryThe Monsoon Trough now passing through the center of a low pressure area over Jaisalmer, East Rajasthan and West Madhya Pradesh, Sidhi, Daltonganj, Jamshedpur, Digha and then moving in a southwesterly direction towards Northeast Bay of Bengal. Is. A Cyclonic Circulation is persisting over Northwest Bay of Bengal. It is inclined towards southwest with elevation. It will move in the west direction. A trough is extending from Telangana to South Tamil Nadu across Rayalaseema at lower levels.Weather movement across the country during the last 24 hoursDuring the last 24 hours, isolated heavy to very heavy rainfall occurred at two places over southeast Rajasthan, western parts of Madhya Pradesh, sub-Himalayan West Bengal and Andaman and Nicobar Islands. Light to moderate rain over Northeast India, remaining parts of West Bengal, Jharkhand, parts of Odisha, remaining parts of East Rajasthan, parts of Gujarat, isolated parts of Chhattisgarh, Madhya Maharashtra, parts of Coastal Andhra Pradesh and Rayalaseema Hui. Light rain occurred over parts of Himachal Pradesh, Uttarakhand, Bihar, East Madhya Pradesh, parts of southwest Rajasthan, Coastal Karnataka, Kerala and parts of Tamil Nadu.Possible weather activity during next 24 hoursDuring the next 24 hours, light to moderate rain with isolated heavy falls at isolated places over Odisha, parts of Chhattisgarh, isolated parts of Gangetic West Bengal, Jharkhand, parts of South Rajasthan and Vidarbha and Telangana Might be possible. Light to moderate rain is possible over Sub-Himalayan West Bengal, Sikkim, Northeast India, parts of Bihar, Uttar Pradesh, Uttarakhand, Himachal Pradesh, Gujarat, Konkan and Goa, Andaman and Nicobar Islands and North Coastal Andhra Pradesh. Light rain is possible over Madhya Maharashtra, Rayalaseema, Coastal Karnataka and Kerala.

Abolish reverse charge mechanism on cotton: Harish RaoFinance Minister Harish Rao has requested the GST Council to take steps to abolish reverse charge mechanism on cotton.He wanted the GST Council to discuss the issue with other cotton growing States like Maharashtra and Gujarat and address the concerns with the fitment committee for fresh view. He made this request during the 45th GST Council meeting held in Lucknow on Friday.According to a release, the issue of bringing petrol and diesel into the GST fold was raised. The GST Council chairman clarified that the issue was brought into the agenda due to directions issued by the Kerala HC and it was decided to continue the present status.When Mr. Harish Rao informed the Council meeting about the IGST amount that was transferred into consolidated fund of India and Telangana yet to get ₹210 crore due, the chairman assured that the issue would be resolved at the earliest.The release said that the joint secretary Revenue made a detailed presentation on the revenue position and options and it was found that Telangana’s revenue gap was the lowest.

PAKISTAN COTTON MARKET UPDATEModerate trading activity on cotton marketThe local cotton market on Friday remained stable and the volume remained satisfactory.The Spot Rate remained unchanged at Rs 13250 per maund. The Polyester Fibre was available at Rs 222 per kg.The rate of cotton in Sindh is in between Rs 12400 to Rs 12500 per maund and the rate of cotton in Punjab is in between Rs 13300 to Rs 13500 per maund.The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 5800 per 40 Kg. The rate of Phutti in Punjab is in between Rs 5000 to Rs 5800 per 40 Kg. The rate of Banola in Sindh is in between Rs 1650 to Rs 1750 per maund. The rate of Banola in Punjab is in between Rs 1650 to Rs 1800 per maund. The rate of cotton in Balochistan is in between Rs 13100- 13200 per maund. The rate of Phutti in Balochistan is Rs 6000-6800 per maund."The exports report was pretty good, especially with more sales to China, but a stronger dollar index is not helping," said Jim Nunn, owner of Tennessee-based cotton brokerage Nunn Cotton.

ICE COTTON SUMMARYCotton heads for third straight weekly fall on firmer dollar"The dollar is on the rise again. But the demand has been pretty good, issue is merchants don't have their hands on the crop yet, and cotton at 90 cents is a rich price," said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi. "On the technical front, cotton prices have good support around 92 cents and we have strong resistance at 95 cents." The dollar rose to a near four-week high against its rivals, potentially limiting demand for the natural fiber by making it more expensive for buyers holding other currencies.On Thursday, the U.S. Department of Agriculture's weekly export sales report showed exports of 237,500 running bales (RB) of cotton, up 53% from the previous week. Sentiment on the Wall Street remained subdued as U.S. stock indexes slipped with major technology firms weighing the most, while uncertainty over higher corporate taxes and an upcoming Federal Reserve meeting kept traders to the sidelines.Total futures market volume fell by 8,392 to 11,842 lots. Data showed total open interest fell 724 to 272,662 contracts in the previous session.Certificated cotton stocks deliverable as of Sept. 15 totalled 63,515 480-lb bales, down from 64,455 in the previous session.

All India Weather Forecast for September 18, 2021Weather systems made across the countryThe Monsoon trough passing through the center of cyclonic circulation associated with Bikaner, Jaipur, Low Pressure Area is moving southeastwards towards East Central Bay of Bengal via Pendra Road, Bhubaneswar.A trough is extending from Northeast Arabian Sea to a cyclonic circulation associated with Low Pressure Area passing through Gujarat, South Rajasthan and West Madhya Pradesh.Weather movement across the country during the last 24 hoursDuring the last 24 hours, light to moderate rain with isolated heavy falls at isolated places over parts of Uttar Pradesh, North and West Madhya Pradesh, Andaman & Nicobar Islands, one or two parts of Gujarat, South Coastal Andhra Pradesh and Himachal Pradesh Hui. Light rain occurred at isolated places over Northeast Rajasthan, Konkan & Goa, Coastal Karnataka, Lakshadweep, Coastal Andhra Pradesh and Telangana.Possible weather activity during next 24 hoursDuring the next 24 hours, light to moderate rain with isolated heavy falls at isolated places is likely over East Uttar Pradesh, parts of Arunachal Pradesh, Meghalaya, Nagaland and eastern parts of Assam as well as Andaman and Nicobar Islands. Is. Light to moderate rain is possible over Northeast India, Bihar, Jharkhand, Rest of Uttar Pradesh, Chhattisgarh, Madhya Pradesh, East Rajasthan, Gujarat and Uttarakhand.Light rain is possible at isolated places over Himachal Pradesh, Jammu and Kashmir, parts of Odisha, Konkan & Goa, Coastal Karnataka, Kerala, Andhra Pradesh, Telangana and Tamil Nadu.

Today evening the rupee strengthened by 4 paise to close at Rs 73.48 against the dollar.Sensex fell, closed down 125 pointsToday the stock market closed with a fall. Today, where the Sensex closed at a level of 59015.89 points, down 125.27 points. On the other hand, Nifty closed at the level of 17585.20 points down by 44.30 points.  

Container prices soar as shortage hits exportersAverage prices up 18% and 37% for 20- and 40-ft boxes The average prices of containers rose by 18 per cent and 37 per cent for 20-foot and 40-foot dry containers (DC), respectively, at Indian ports between May and September, adding to the overheated container freight rates that has roiled India’s export-import (EXIM) trade.Hamburg-based Container xChange says that the continued surge in container prices and growing imbalance of container availability in India is negatively impacting and leading to supply chain slowdown, a problem which will continue to grow up until 2022 and beyond.Container xChange is an online platform that brings together all stakeholders of the container logistics industry to buy, sell and lease shipping containers.Data trends and analysis by the firm on the impact of global supply chain disruption on the Indian container logistics market indicates that there is further rise in the historically high prices of 20 - foot and 40-foot dry containers at Nhava Sheva, Mundra and Chennai ports.Rise in pricesCompared to May, in September, prices for 20-foot dry containers rose by 18 per cent while the prices for 40-foot containers increased by 37 per cent, according to the online platform.The average price of a 20-foot dry container in September is $2,462 (₹1,81,320.15), up from $2,078 in May. The pre-pandemic price was about $1,000 for 20-foot dry container and $2,000 for 40-foot dry container.The average price of a 40 - foot dry high cube container is $ 4,193.75 (₹ 3,08,859.20), a 37 per cent increase over the price in May which was $ 3,041.84 (₹ 2,24,023.91).The Container Availability Index (CAx) by Container xChange, a tool used to monitor inbound and outbound volumes of containers for ports globally, indicates that the inbound containers are at an all-time high since 2019 by about 4 times at Chennai port (and similarly other ports in India), indicating an all-time high imbalance of inbound and outbound containers at the port.“The growing imbalance of inbound and outbound containers being experienced in the Container Availability Index (CAx) at major Indian ports (including Nhava Sheva, Mundra and Chennai) is an indication of two key market conditions – exports are being impacted immensely (inspite of a record month in July for India’s exports) and imbalance of inbound containers over outbound containers is getting worse by the week,” Christian Roeloffs, CEO and Co-founder, Container xChange told BusinessLine.“The CAx values at major Indian ports are rising because exporters are facing hurdles to export their goods from India. The rising container freight and spot costs over the past months, containers stuck in other locations which delays their cargo and vessel capacity issues are some pain points,” said Johannes Schlingmeier, Co-founder and CEO, Container xChange.The costs have been skyrocketing since the beginning of the year 2021 and continue to soar higher every week. Therefore, the number of containers that could have taken off from India to its destination has slowed down, mirroring a trend observed in the global supply chain slow down, he added.

Rupee opens 6 paise stronger against dollarRupee opened strongly against the dollar in the foreign exchange market today. Today the rupee opened with a strength of 6 paise at Rs 73.43 against the dollar. At the same time, the rupee on Thursday closed at Rs 73.49 with a gain of 19 paise against the dollar.Sensex opened at record high with a gain of 337 pointsToday the stock market opened with a record high. Today the BSE Sensex rose by about 337.44 points to open at a record level of 59478.60 points. On the other hand, the Nifty of NSE opened with a gain of 95.20 points at a record level of 17724.70 points.  

PAKISTAN COTTON MARKET UPDATESpot recovers slightly in process of sizeable activityThe Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 50 per maund and closed at Rs 13250 per maund.The local cotton market remained stable and the volume remained satisfactory.The Spot Rate Committee of the Karachi Cotton Association on Thursday increased the spot rate by Rs 50 per maund and closed it at Rs 13250 per maund. The polyester fiber was available at Rs 222 per kg.The rate of cotton in Sindh is in between Rs 12400 to Rs 12500 per maund and the rate of cotton in Punjab is in between Rs 13300 to Rs 13500 per maund.The rate of the new crop of Phutti in Sindh was in between Rs 4500 to Rs 5800 per 40 kg. The rate of Phutti in Punjab is in between Rs 5000 to Rs 5800 per 40 kg. The rate of Banola in Sindh is in between Rs 1650 to Rs 1750 per maund. The rate of Banola in Punjab is in between Rs 1650 to Rs 1800 per maund. The rate of cotton in Balochistan is in between Rs 13100- 13200 per maund. The rate of Phutti in Balochistan is Rs 6000- 6800 per maund.