News Update

COVID-19: Global death tally inches close to 7.5 lakh including 48K in IndiaCBDT reconstitutes NeAC under Faceless SchemeTax Charter Launch - Taxpayer now assured of courteous behavior: PMCBDT directs Investigation & Central Charges not to send any Communication to assessees till further orderCBDT diverts 26 posts of CCIT + 129 posts of PCIT & 3 posts of CIT to National e-Assessment Centre AND re-designates posts diverted earlierCBIC reduces tariff value of gold and gold barsCBDT issues orders u/s 119 - International Tax & Central Charges assessment orders brought under Faceless Scheme + DG(Inv) to authorise all Surveys u/s 133APM says Govt trying for seamless, painless & faceless tax systemPM launches Income Tax ‘Transparent Taxation - Honouring the Honest’ Platform containing Taxpayers’ Charter & Faceless Assessment detailsChina retaliates; imposes anti-dumping duty on Indian fibre optic goodsIndia-China Faceoff - Do not keep quiet & take it on Chin! New Delhi needs to counter Beijing's Chequebook Diplomacy!CX - It cannot be said that notification 65/95-CE is unconditional and absolute - sub-section (1A) of Section 5A is not attracted - no irregularity in availment of CENVAT credit and payment of duty: CESTATCOVID-19 - Expert Group on Vaccine deliberates on delivery mechanismST - Intelsat, being a relay station itself, cannot be said to be a 'broadcaster'- charges paid by appellant to Intelsat not taxable under reverse charge: CESTATGovt allows registration of Electric Vehicles without batteriesCus - If issue is to be adjudicated by just reiterating the findings and decisions recorded in previous o-in-o which has been set aside by tribunal, then the AA has failed in task assigned to him for reconsideration of matter: CESTATCOVID-19 - Global tally surpasses 20.5 million, says Johns Hopkins UnivFormer President Pranab Mukherjee continues to be ventilator supportJammu to Delhi travel time will come to just about six hours: MoSMoney Laundering - Huge transactions in HK and US Dollars unearthedGST Data safe with GSTN - don't worry, there's a solution
Prof Raghavan favours use of CSR funds for R&D

By TIOL News Service

NEW DELHI, JULY 06, 2020: ABOUT 30 industry stalwarts, who are CII members participated in the two-day roundtable meeting and shared their views and suggestions for the new STIP 2020 and discussed how to create an R&D ecosystem in a sustainable way to solve social problems. The industry captains stressed on the need for more collaboration between industry & academia and also need to increase the investment in R&D as a percentage of GDP.
The deliberations focused on the need for more incentives and recognition to encourage industry to fund R&D and ways to leverage the use of CSR funds for the purpose. In the meeting, the industry leaders also discussed on the ways to use CSR funds to create a culture in industry, academia, and government for indigenous technology development and move towards self-reliance.

On the 2nd day of the high-level Industry consultation roundtable for the formulation of the new Science, Technology & Innovation Policy STIP 2020, Principal Scientific Advisor to the Government of India, Professor K Vijay Raghavan and DST Secretary Professor Ashutosh Sharma, focused on the need for more incentives and recognition to encourage industry to fund R&D and ways to leverage the use of CSR funds for the purpose.

In his introductory address, Professor K Vijay Raghavan highlighted that the regulatory system need to be reformed and the CSR mechanism broadened to leverage it in R&D activities.
Prof Ashutosh Sharma emphasised on need for a robust policy for the long term, which could attract industry investment in R&D & also for identifying weak links to connect knowledge generators with knowledge consumers.
In his opening remarks, Mr. Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), re-emphasized the critical facets of R&D that needs to be immediately strengthened such as importance of public funded research in academic system, focused R&D programmes, unlocking entrepreneurial ecosystem, IP valuation, cross-collaboration, and effective translational research amongst others.