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
Exports in April-November dip 17.84%, trade deficit narrows to USD 9.96 bn

By TIOL News Service

NEW DELHI, DEC 03, 2020: India's outbound trade declined by 17.84% during April-November this fiscal while imports contracted by 33.56%, said the Ministry of Commerce and Industry on Wednesday.

Exports contracted for the second months in a row, with a 9.1% fall to USD 23.43 billion in November 2020 as the pandemic hit consumer demand in Europe. Major export items that dragged down growth were segments such as petroleum products (-61.05%), leather and leather manufacturers (-29.8%), and cashew (-24.9%) while oil meals (70.54%), iron ore (68.15%) and rice (24.41%) saw positive growth.

Imports also contracted 13.3% in November to USD 33.39 billion, resulting in a trade deficit of USD 9.96 billion making India a net importer for the month. Items that drove imports include fruits and vegetable (66.81%), chemicals (36.08%) and vegetable oil (34.02%).

"In 2020-21, April to November, there has been a decline of 17.84% in our exports. If we exclude gems and jewellery and petroleum, then the declline is lower. In the sectors where economic activity is more meaningful in terms of value addition, there the decline is much lower," said Commerce Secretary Mr Anup Wadhawan at the Board of Trade meeting.

Commerce and Industry Minister Mr Piyush Goyal, who was also at the event, said that going forward, it is possible for India to achieve the export target of a trillion-dollar by 2025 as the economy is rapidly rebounding.