News Update

CIC decides proceedings not to abate even if complainant diesGovt sets up Panel to update Voluntary Guidelines on Social, Environmental & Economic Responsibilities of Business12 lakh pax electric cars sold in 2017; up by 58% from 2016: UNCommerce Department to get new homeI-T - Interest income earned by assessee on account of fixed deposits for maintaining infrastructural facilities is not liable to be treated as income for deduction u/s 80IA: ITATCentre invites views on draft CSR guidelinesCanada passes bill to legalise use of marijuana from Oct 17, 2018GST - Govt modifies procedure for interception of conveyances for inspection of goods in movement & confiscation of such goodsVAT - Writ Court cannot step into shoes of Appellate Authority when, assessee has failed to respond to revision notice and also to discharge its onus to prove that its registered business place was shifted to different venue: HCIncome Tax - Prevalent market rate of rent is by itself no basis to reject actual rate of rent property: ITATGovt appoints Mr M K Sinha as new Joint Secy - TRU-IIDrive Against Shell Companies - A cul-de-sac!Exercising emergency powers u/s 8A of CTA, 1975, Central government increases import duties on goods falling under Chapters 7, 8, 28, 38, 72 & 73Liquor licences: Undoubtedly Taxable before as well as after GST Roll outMSME - Commercial credit exposure highest in last five quarters: SurveyMCA invites comments on Draft on cross-border insolvencyCCI gives nod to acquisition of Monsanto by Bayer AGSmuggling racket busted - Delhi DRI nabs 8 persons & seizes gold worth Rs 2.1 CroreShillong is selected as 100th city under Smart City MissionCBDT notifies PFC & Railway Finance Corp 54EC Capital Gains BondsGST Metered (See 'JEST GST on GST Home Page')
 
India, US agree to take further steps to reduce trade deficits

 

By TIOL News Service

NEW DELHI, JUNE 13, 2018: UNION Minister of Commerce & Industry and Civil Aviation Suresh Prabhu visited USA between June 10-12, 2018. During his visit he held discussions with the US Trade Representative Robert E. Lighthizer, Secretary of Commerce Wilbur L. Ross and Secretary of Agriculture Sonny Perdue. He also had a joint meeting with the India Caucus Co-chairs Senator Mark Robert Warner and Senator John Cornyn. The meetings were held in a friendly and cordial atmosphere, with appreciation for each other's points of view. Discussions centered around bilateral trade and commercial relations between the two countries and focused on finding the way forward to address concerns of both sides.

In this context, it was agreed that Indian and US officials would meet at a senior level at an early date to discuss various issues of interest to both sides and carry forward the discussions in a positive, constructive and result oriented manner.

During the visit, Mr Prabhu also addressed business and industry leaders in meetings organized by US-India Business Council (USIBC) and US-India Strategic Partnership Forum (USISPF) and held meetings with other stakeholders. In these meetings, the Minister noted the encouraging growth in trade volumes through purchases of US-made civilian aircrafts by Indian companies and enhanced cooperation in the area of energy, including procurement of petroleum and LNG by India from the US. He also pointed out that India's rapid economic growth will create significant new market opportunities in these and other areas and added that these purchases have already led to reduction in bilateral trade deficit in 2017. Future sales will sustain this trend and create a balanced trade relationship between the two countries.


POST YOUR COMMENTS