News Update

Income tax raids Pune-based builder; seizes Rs 10 Cr cashI-T - No TDS on roaming charges paid to other telecom operators: ITATCBIC notifies Customs exchange rates for import and export purposesFire breaks out in Serum Institute’s premises located in Pune SEZNon-constitution of GSTAT - Bench is unable to understand as to how the present petition would be maintainable as it does not seek any specific relief: HCWork being undertaken by Appellant is predominantly used for the main activity of govt. entity i.e. transmission (sale) of electricity, therefore, not eligible for GST @12% - AAR order upheld: AAARGST - Provisional attachment u/s 83 of cash credit account maintained with Bank is not sustainable in law: HCGST - Assessees being compelled to fill up form DRC-03 - Department is expected to proceed in accordance with law - Bench takes a very serious view - no coercive steps: HCST - For entertaining WP in the wake of alternate remedy, petitioner has to demonstrate that the order impugned was passed in defiance of fundamental principles of judicial procedure or in utter violation of principles of natural justice: HCIndia adds over 15,000 new cases as vaccination drive continuesFlipkart's 7.8 per cent acquisition of Aditya Birla Fashion and Retail gets CCI nodGST - Section 50 of Act - Period before amendment - Interest only on the net cash tax liability, as clarified by Press Release and CBIC Instruction: HCUnion Budget in zoonotic shadow of COVID-19 - Whether Wintry or Hot-wired?ST - O-i-O passed without granting personal hearing to assessee - matter remanded for fresh hearing within 3 months' time: HCI-T - A common order of approval cannot be passed by JCIT for passing assessment order for non-abated assessments u/s 153A for different assessment years : ITATGrow bags are correctly classifiable under CSH 3923 2990 and attract GST @18%: AARDistinct person - Transfer to branches located outside the State - Value to be adopted is in terms of rule 28 r/w s.15 of the Act, 2017: AARContention that DGGSTI investigation is 'generic' is not sustainable as the same is relating to 'class of products' supplied to Indian Railways - Application rejected: AARGST - Drilling of Bore wells in agricultural land is not 'Support Service for agriculture'; not entitled for exemption: AARGST - Compressor is not an agricultural machinery - Letting out the same is not a Support service for agriculture so as to be held exempted: AARIndia sends COVID-19 vaccine consignment to BangladeshPenalty u/s 271AAb cannot be levied even if there is no search u/s 132: ITATDeduction u/s 54EC & 54F can be granted when transfer of tenancy rights are assessed under head capital gains on grounds that no purchase price was paid for tenancy: ITATThe Uniform Accounting Standard for revenue recognition for ARCs recognize upside income if a non-charitable trust suffers shortfall of recovery over purchase consideration: ITATCX - If dutiable goods are not accompanied by proper invoices, onus lies on Revenue to determine who procured such goods & from where - Penalty u/r 26 of CER 2002 is unsustainable if imposed without any such investigation: CESTATCus - Import under EPCG license - DGFT issued EODC after raising duty demand for non fulfilment of export obligation - case remanded for re-consideration: CESTAT
Possible to meettrillion dollar exports target by 2025: Goyal

By TIOL News Service

NEW DELHI, DEC 03, 2020: INDIA is on track to achieve the USD1 trillion export target by 2025, said Commerce and Industry Minister Mr Piyush Goyal at the Board of Trade (BOT) meeting on Wednesday which discussed strategies to boost domestic manufacturing and exports for the new Foreign Trade Policy (FTP).

"The country is rebounding in a very rapid recovery phase. Industry has become more resilient, international global supply chains are looking up to India to provide an anchor for transparent and more open economies to engage with," said Mr Goyal adding that there was every possibility to achieve export target of a trillion dollars by 2025and the GDP target of USD 5 trillion.

In his opening remarks, he said that they identified 24 industry sectors which can add Rs 20 trillion worth of annual production manufacturing and appealed to the states to supplement the efforts of the centre and move beyond the traditional thinking on trade, which centres around government schemes.

He said that foreign direct investment (FDI) norms will be simplified further along with the ease of starting a new business.

"We are looking at a truly genuine single window which can help us expand the ease of doing business. People from all over the world should have confidence that they can come and buy land, get all the necessary approvals, do participate in trade and business in India, expand in the manufacturing side and their services networks in India," Mr Goyal said.

He said that trade should bank on "India's strengths of quality, cost competitiveness, economies of scale, and by leveraging our comparative advantages like labour."

The Board of Trade, under the Department of Commerce, comprises senior officials of key ministries, representatives of states and industry and trade promotion bodies.

Minister of State for Commerce and Industry Mr Hardeep Singh Puri said that the pandemic has impacted everyone in the world and also reinforced the risk in global supply chains of being dependent on a single source.

Mr Puri said that India provides a cost-effective alternative to the world as an active manufacturing hub with cutting edge technology, economies of scale, and as an attractive investment destination.