News Update

Goyal sanguine about achieving USD 400 bn export target26 COVID patients run out of breath at Goa hospital + black fungus infect 3 patients in MeerutSchool shooting in Russia - six children & a teacher killedCOVID-19: Oil & gas PSUs help in oxygen transportationCOVID-19: Centre asks States to allocate 70% vaccines for 2nd dosePM thanks Bhutan for support in wake of COVID-19 pandemicI-T - Department cannot adjust refund dues of taxpayer, without issuing separate intimation u/s 245 for adjustment of outstanding demands, which were already under stay by direction of Tribunals & High Courts: HCI-T - Reassessment will be invalid in absence of tangible matrial, if no addition was made by AO and query answered by taxpayer in original assessment proceedings stood accepted: HCIndia, BRICS bank to co-host seminar on social infra financing & digital techIndian variant fast turning out to be global concern; first cases detected in PhilippinesWHO disfavours use of Ivermectin for COVID-19 treatment1972 Batch IRS officer Asish Dasgupta passes awayGST - Promotional Products/Materials & Marketing items used by Appellant can be considered as 'inputs', however, GST paid cannot be availed as ITC in view of the provisions of s.17(2) and s.17(5)(h): AAARChina’s population grows beyond 1.41 billionGST - For operational convenience, the transporter would load lesser quantity last and larger quantity first: HCGST - Contention that for delivery of 14.30 tonnes at Hyderabad, the transporter would have to offload even 2.01 tonnes which is on top of the consignment in the goods vehicle and then reload it in Hyderabad is an utterly perverse view and shockingly ignores operational convenience of the transporter: HCNiti Aayog, Mastercard release report on digital financial inclusionVAT - Principles of natural justice are not contravened where Revenue discharges burden cast upon it to furnish relevant material sought for by assessee: HCOver 1 lakh tonne of free food grains distributed under PM-GKAYI-T - Premium paid for Keyman Insurance policy cannot be treated as business expenditure, without establishing nexus between business and such premium expense: HCLockdown clipping wings of Coronavirus - Daily number down to 3.3 lakh with 3900 deaths as per official tally + Global daily caseload number marginally down to 6 lakh but death count goes up to 10,600 in 24 hoursCalifornia declares drought emergency in 41 counties
Roadmap 2030: India, UK to enhance bilateral trade, defence ties

By TIOL News Service


NEW DELHI, MAY 05, 2021: INDIA and the UK on Tuesday adopted the ambitious ‘Roadmap 2030’ at a virtual summit, between Prime Minister Mr Narendra Modi and his British counterpart Mr Boris Johnson, to elevate bilateral ties in trade and economy, defence and security, climate action, health and people-to-people contacts.

India and the UK enjoy long standing friendly ties and share a Strategic Partnership underpinned by mutual commitment to democracy, fundamental freedoms and the rule of law, strong complementarities and growing convergences,” said Mr Modi’s Office.

The leaders also launched an Enhanced Trade Partnership (ETP) than envisages facilitating market access in specific sectors and doubling bilateral trade by 2030. To do so, they unveiled plans to frame a roadmap for pre-Free Trade Agreement (FTA) talks by end of this year, finalise an interim trade deal by mid-2022, and conclude the FTA “at an early date.”

The nations promised to reduce barriers to trade through a “balanced and beneficial market access package” under the ETP including on agriculture, healthcare, education, legal services, seafarers, marine, healthcare and social security.

A new bilateral Global Innovation Partnership was also announced to support the transfer of inclusive Indian innovations to select developing countries, starting with Africa.

Both sides agreed to enhance cooperation on new and emerging technologies, including digital and Information and Communications Technology (ICT) products, and work on supply chain resilience. The two countries also signed eight agreements, including a Memorandum of Understanding (MoU) on a migration and mobility partnership that will facilitate the movement of students and professionals and strengthen cooperation in combating illegal migration.

The other agreements covered telecommunications, digital infrastructure and data policies, logistics, and customs cooperation.

They also agreed to strengthen defence and security ties, including in maritime, counter-terrorism, cyberspace domains and in industrial collaborations. They also vowed to expand technology collaboration in developing combat aircrafts and complex weapons.

They reiterated their commitment to climate action to achieve the goals of the Paris Agreement and agreed to closely engage in the run up to the 26th Conference of Parties (COP26) hosted by the UK later this year. They agreed to step up collaboration on climate change and low carbon transition through a new partnership on renewables and power and to explore joint work on green hydrogen.

Both Prime Ministers also exchanged views on regional and global issues of mutual interest, including cooperation in the Indo-Pacific.

They affirmed their shared vision of an open, free, inclusive and rules-based Indo-Pacific region, “underpinned by respect for territorial integrity and sovereignty, rule of law, transparency, freedom of navigation and overflight in the international seas, unimpeded lawful commerce, and peaceful resolution of disputes.”