News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
India eyes boosting synergy with Belgium & Luxembourg in energy & aerospace

By TIOL News Service

NEW DELHI, SEPT 19, 2019: The 16th Session of the Joint Economic Commission (JEC) between India and Belgium Luxembourg Economic Union (BLEU) was convened here on September 17, 2019. The Session was co-chaired by Mr Anup Wadhawan, Commerce Secretary with Ms Sylvie Lucas, Secretary General of the Ministry of Foreign and European Affairs of Luxembourg. The session was attended by officials of Department of Commerce and Promotion of Industry & Industrial Trade, Ministry of AYUSH, New & Renewable Energy, External Affairs, Information and Broadcasting and Railways. The delegation from Belgium was led by Ms Anick Van Calster, Director General for Bilateral Affairs, Federal Public Service Foreign Affairs, Foreign Trade and Development Cooperation.

India and BLEU side reiterated the importance of the JEC towards the development of bilateral economic and trade relations through facilitating dialogue and enhancing cooperation on a wide range of issues of mutual interest, such as, transportation and logistics, renewable energy, aerospace and satellites, audio and visual industry, agro and food processing industry, life sciences, ICT, traditional medicine, Ayurveda and yoga, and tourism. The India and BLEU sides resolved that dynamic nature of commercial exchanges seen in the last few years is reflected in the increasing number of companies interested in establishing and gaining access to respective markets, and signing of MoU among the three Countries for cooperation in multiple fields of mutual interest.

JEC Sessions are convened based on an agreement signed in 1990 in New Delhi. This biennial event is organized in capital cities of the three countries alternatively, and is a main vehicle for discussing economic and commercial issues between India and BLEU. The bilateral trade between India-Belgium and India-Luxembourg in year 2018-19 was USD 17.2 billion and USD 161.98 million, respectively, registering growth of 41% and 150%, as compared to 2017-18. Cumulative FDI inflows to India from Belgium and Luxembourg during April, 2000 to June, 2019 were around USD 1.87 billion and USD 2.84 billion, respectively. While economic exchanges between India and BLEU remain satisfactory, they nevertheless still offer ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities.

Joint Economic Commission between India and Belgium - Luxembourg Economic Union (India-BLEU) was established in 1997 and is the main vehicle for discussing bilateral economic and commercial issues. The focus of bilateral relations has been on trade and investment. India is Belgium's second largest export destination and fourth largest trade partner outside the European Union with a significant contribution from the Indian diaspora.

The leading exports from Belgium to India are in the sectors of gem and jewellery (rough diamonds) chemical and chemical products and machinery and mechanical products. The major exports from India to Belgium are in the sectors of gem and jewellery (finished products), base metals and articles and chemicals and chemical products. There are around 160 Belgian companies in India. Several Indian companies particularly in the IT and software sectors like TCS, Infosys, Tech Mahindra and HCL have established base in Belgium to cater to the Belgian and European markets.


POST YOUR COMMENTS
   

AR not Afar by SK Rahman

TIOL Tube Latest

Shri Shailendra Kumar, Trustee, TIOL Trust, giving welcome speech at TIOL Awards 2023




Shri M C Joshi, Former Chairman, CBDT




Address by Shri Buggana Rajendranath, Hon'ble Finance Minister of Andhra Pradesh at TIOL Awards 2023