News Update

Comments invited on standards for hydrogen propelled vehiclesCOVID-19 - Recovery rate goes up to 63%COVID-19 - Death Toll - 1.37 lakh in US; 71K in Brazil; 45K in UK; 35K in Italy & Mexico; 28K in Spain & 22K in IndiaSingaporeans vote back into power ruling party led by Lee HsienRBI Governor says medium-term outlook for economy is very uncertainWTO Panel debates how to factor in COVID-19 impact in Aid for TradeCOVID-19 - Govt gives nod for Emergency Use to ItolizumabGST - Refund - Petitioner cannot be asked to wait endlessly for respondents to challenge order of Commissioner(A) - non-functioning of GST Appellate Tribunal not an excuse: HCNDPS - Mixing of contents of packages (in one lot) and then drawing representative samples is not permissible since such sample would cease to be representative sample of corresponding package: HCNDPS - Procedure adopted for drawing samples neither conforms to procedure prescribed u/s 52A of NDPS Act nor under Standing Orders: HCGovt issues advisory against fake websites inviting registrationAdditions framed u/s 68 are unsustainable if the AO does not specify the nature of amounts received by assessee & without examining credits in books of accounts: ITATSC allows sending summons through Whatsapp, email or any other digital modeAdditions framed on account of client code modification as alleged bogus contrived loss merits being sustained where assessee is unable to disprove the illicit nature of such transaction: ITATNew Show Cause Notice cannot be issued where proceedings initiated through previous SCN are pending & have not yet been disposed off: ITATMinister releases White Paper on steps for 'Make in India' Post COVI D-19Deduction u/s 80IA cannot be denied on sole grounds that separate P&L a/c and balance sheet were not produced: ITATCOVID-19 - Global tally soars to 1.26 Crore with 5.63 lakh deaths + Brazil goes beyond 18 lakhs + Indian tally rises to 8.23 lakh + Peru swells to 3.2 lakh + Mexico touches 3 lakh markCX - Fiscal laws are to be interpreted as they are, regardless of consequences - no refund of MODVAT credit can be sanctioned u/s 11B if assessee fails to utilise it on account of cessation of manufacture activity: CESTATCX - Clearances of two Pvt Ltd companies cannot be clubbed where both are separate entities, manufacture different products, have separate power connections & use different raw material & where creation of both units is known to the Revenue: CESTATBamboo to propel Atmanirbhar Bharat Abhiyan in N-E: MoSProcessing of returns with refund claims beyond time limits - CBDT grants relaxation in non-scrutiny casesST - Activity of provision & transfer of information & data processing, in relation to depository operations, is covered under scope of Banking & Financial services and is taxable as such: CESTATCus - Rejection of transaction value u/r 12 of Customs Valuation Rules 2007 is not tenable, if no reasons are recorded for not proceeding sequentally as per the Rules & no grounds are stated for rejecting contemporaneous value submitted by importer: CESTATGovt seeks inputs on draft bill to replace over 90 year old Lighthouse ActIndustrial Production shows signs of recovery in May monthMetro Rail invites applications for post of Director, Finance on deputation basisSouth Korea second most powerful person, Seoul Mayor, Park Won-soon found deadImport of cut flowers ONLY through Chennai port nowAnti-dumping duty on import of phenol extended till Jan, 2021Rewa solar project to cut emission equivalent to 15 lakh ton of CO2 per year
 
India favours strengthening of WTO: Commerce Minister

 By TIOL News Service

NEW DELHI, JAN 17, 2020: INDIA strongly believes in multilateralism and will work for the strengthening of the WTO with other stakeholders said Union Minister of Commerce and Industry & Railways, Mr Piyush Goyal, in New Delhi yesterday. He was part of a panel discussion at the Raisina Dialogue being held in the National Capital on 14-16 January 2020.

India has been at the receiving end of unfair trade practices for a very long time and therefore believes in the creation of a far more reformed rules based trading system said the Minister.

He further stated that India also believes in the strengthening of the WTO and is one of the first four countries to pay all its dues to the World Trade Body.

Commerce and Industry Minister stated that it is the right time now to make trade policies that are people centric to be sustainable, to eliminate poverty and raise prosperity levels for all citizens.

Piyush Goyal informed that India has not imposed any curbs on imports from either Malaysia or Turkey or any other country and it believes in fair play and equal terms for all trading partners and if curbs are imposed, they apply to all countries.

On the issue of the import of goods in the 'others' category, the Commerce and Industry Minister clarified that one out of four items valued at USD 130 billion are in the 'others' category. Right classification of these imports under HSN code will only lead to greater transparency and establish fair trading practices and make India a fair place to do business and trade and also provide equal opportunity to all.

Commerce and Industry Minister also clarified that India allows e-commerce companies to work on the marketplace model where buyers and sellers are free to buy and sell and follow the rules of the marketplace and laws of the country which clearly say that FDI in multi-brand retail will only be allowed up to 49%. Surreptitious entry by e-commerce companies into multi-brand retail, that is being investigated by the authorities is welcome said the Minister.

Commerce and Industry Minister informed that India is in dialogue with EU and the US to sort out pressing trade issues and further expand engagement with them.


POST YOUR COMMENTS