News Update

Deficits and fulfilling promises to States - A different viewCus - Procedure for rejection of declared value u/r 12 of CVR is mandatory in nature - the mandate of Rules 4 to 9 must be satisfied sequentially before invoking provisions of Rule 12: CESTATIFSCA Panel submits interim report on international retail businessST - Even if receipts under Club & Association service, earned by a society registered under Societies Registration Act are treatable as its income, no service tax is leviable on such amount: CESTAT46K villages in Bihar to be connected with OFC Internet by Mar 31, 2021Cus - It is a substantive right of the exporter to claim drawback; should not be denied on account of procedural irregularities: CESTATIEA, NITI Aayog launch Report on Sustainable RecoveryPenalty cannot be imposed for alleged breach of one limb of Sec 271(1)(c), if penalty proceedings were initiated for breach of other limb of Sec 271(1)(c): HCAssessment u/s 153A can be resorted to only if any material incriminating the assessee is found during Search operation conducted u/s 132: ITATReopening of assessment - AO cannot make additions in respect of any amount other than that amount for which such proceedings were resorted to: ITATGST - Removal of goods before supply - Time period for issue of invoice extended till Oct 31 + Date extended for GSTR-4 till Oct 31 + Waiver of late fee for GSTR-10 if return filed till Dec 31Cabinet gives nod for uptick in MSPs for all Rabi crops78 new routes identified under Phase 1 of UDAN 4.0CBIC launches single window module for processing of deputation applicationsCBDT notifies scope of faceless assessment with cut-off date of Aug 13Income tax officers compulsorily retired under Rule 56(j) - Representation - Govt constitutes Panel
Indian products deserve fair access to other countries on reciprocal basis: Goyal

By TIOL News Service

NEW DELHI, AUG 11, 2020: Mr Piyush Goyal, Ministry of Commerce & Industry, yesterday inaugurated first edition of five day long virtual FMCG Supply Chain EXPO, 2020.

Speaking on the occasion, Mr Goyal said that we have to accept the post COVID-19 pandemic reality. World has changed. World will learn and unlearn out of this Covid experience. “We'll learn to live in a hygienic manner & deploy technology to be efficient. We will learn to be more prudent, careful and conscious in our business activities”, he said. Mr Goyal added that all the new things in the new age world will help us redefine the future of India and be more caring citizens, be caring to the lesser privileged section of society.

Refuting the criticism by some for supporting the domestic industry and checking the imports, Mr Goyal said that we want to protect our industries so that they can get a fair play and access. He said that I ndia wants equal, fair and reciprocal trade with the world. We are moving towards balanced trade with many countries and regions. This is one the reasons why India chose not to join RCEP as it was completely unequitable arrangement Countries should, in a phased manner, look at sourcing from India, developing their products in India & then encash the large business opportunity that 1.3 billion Indian people offer. He said that those investing in India, should not just look at assembling the Semi-knocked down kits or availing import duty concessions, but must bring technologies, best practices and do value-addition

Mr Goyal said that Our Government will stand shoulder-to-shoulder with industries in their efforts to become more competitive & engage with the world on equal and fair terms. Quoting Mahatma Gandhi, Mr Goyal “when we demand equal and reciprocal trade with the world, we have to recall the face of the poorest and the weakest man whom you may have seen and ask yourself if the step you contemplate is going to be of any use to him.” PM Modi over the last 6 years has focused his attention on the underprivileged sections of the society. All his social welfare projects have been for the weakest and poorest in India.

Mr Goyal added that Prime Minister Mr Narendra Modi, in the last 6 years, has focused his efforts largely to a better quality of life for the marginalised sections of the society. Building 11 crore toilets & taking broadband to remotest corner of the country and taking other welfare reform measures have collectively been game-changers and completely transformed national landscape and prepared India to fight the worst of its kind pandemic, the world has ever seen. India has been helped in fighting the pandemic due to the massive effort that the nation carried out under PM's inspirational leadership, with strong inputs from industry associations. It is the first time nation has been able to keep people in their homes in the world's strictest lockdown and provide for food & other basic necessities to every citizen across the length and breadth of the country. Railways and Food & Distribution Department worked collectively in overdrive throughout the lockdown to ensure people got food, fertiliser, milk & other necessities.

Mr Goyal added that this initiative by FICCI India is being carried out on an indigenously built platform, in the true spirit of Aatmanirbhar Bharat. He Further added that the changes brought by the pandemic will bring in a lot of positive elements which help us take development to the remotest corners of India & involve people from across the country as we adopt technology and become a trusted part of global supply chains. “ As we adopt to change, we can take development & betterment of mankind forward. The work that we are doing will help us re-position India's growth in local & global supply chains”, he added. Mr Goyal reiterated that India can be a part of global supply chains, provide work opportunities to millions of people and enable the people to become a part of our growing engagement with the world

Mr Goyal said that Indian economy is on a fast revival path, as could be seen by various indicators. The rail freights and electricity consumption has reached the last year's levels, the exports in July this year are 91% of the last year's levels and the imports are also about 79%.

 Mr Goyal invited Indian industry to walk together, support each other and work towards a prosperous India in the long run and better future for the generations to come.