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Nexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of AgencyGST implications for Corporate Debtor under IBCI-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HCBrazil’s proposal to tax super-rich globally finds many takers in G20 GroupI-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITATCPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence MinisterI-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITATBiden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliersI-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITATUS Poll: Biden trumps Trump in money race by USD 75 mnI-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITATNetanyahu says Israel to decide how and when to respond to Iran’s aggressionI-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITATGoogle slays costs by laying off staffers & shifting roles outside USI-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITATHeavy downpours drown Dubai; Airport issues travel advisoryCus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HCHM pledges to make India completely Maoist-freeGST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HCMicrosoft to inject USD 1.5 bn in AI Group G42 of UAEGST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HCCanadian budget proposes more taxes on higher income groups & tax credits for EVsGST - Petitioner has an appellate remedy against the impugned order - As petition was filed within the original period of limitation, it is just and appropriate that petitioner be permitted to present statutory appeal: HCWorld leaders appeal for quick ratification of UN Ocean TreatyGST - Once the notification itself has been declared as ultra vires, applying it would amount to applying an illegal notification: HCUK House debates ban on smokingGST - Transfer of development rights is amenable to GST and cannot be brought within the purview of Entry 5 of Schedule-III: HCGlobal economy to grow at 3.2% in current year and also 2025: IMFGST - Challenge to notification 11/2017-CTR clarifying the aspect of transfer of development rights being attracted to GST/TGST is devoid of merits: HCGreat Barrier Reef in Australia suffers serious bleachingGST - Conclusions were recorded in the assessment order without providing a personal hearing - Order set aside and matter remanded: HCUS to impose fresh sanctions on Iran’s missile programmeCus - Mere fact that Commissioner of Customs has filed an affidavit would not denude an officer, otherwise empowered under the Act/Rules to issue and adjudicate a SCN even though the officer may be below the rank of Commissioner: HCDelhi Police nabs woman for thieving luxury SUVsCus - As wife of appellant has already been penalized for the offence related to importation of BMW M5 Car, no reason found to impose penalty against appellant for same offence: CESTAT
 
DGFT's COVID-19 Helpdesk resolving Trade related Issues

By TIOL News Service

NEW DELHI, MAY 10, 2021: IN view of the surge in COVID-19 cases, the 'Covid-19 Helpdesk' of Directorate General of Foreign Trade (DGFT) in the Department of Commerce has from 26.04.2021 onwards started collecting information on the difficulties being faced by exporting community so as to examine and resolve the irritants faced by the trade & industry expeditiously

Various issues relating to Department of Commerce/DGFT, Import and Export Licensing Issues, Customs clearance delays and complexities arising thereon, Import/Export documentation issues, Banking matters, Transport/Port Handling/Shipping/Air Movement issues and availability of manpower for running export units etc. are the key areas being examined by the Helpdesk. Trade related issues concerning other Ministries/Departments/Agencies of Central Government and State Governments are being collated and are being taken up for resolution with the concerned agencies.

Major areas which have been flagged through Helpdesk for support, include-

Import of Oxygen Concentrators/Oximeters/Covid Related Medical Devices - Regulations & relaxations requested;

Application Status of licenses incentives;

Banking related Issues - Shipping Bills not reflecting in RBI EDPMS system.

Customs Clearance issues

Documentation issues

Export Obligation extensions

Transport/Port Handling/Shipping/Air Movement

Within a period of 15 days, 163 requests have been received seeking support, policy clarity and relaxations etc., out of which 78 have been fully resolved. Major issues which got coordinated/ resolved during the period, include:

On 6th  May 2021, PESO relaxed the norms for registration of imports by way of simplifying online registrations without carrying out the physical inspection of production facilities of global manufacturers before granting registration and approvals for importing oxygen cylinders and cryogenic tankers/containers;

Issue of mandatory BIS and SIMS requirements for import of oxygen cylinders to India. This would reduce the compliance burden and will waive off the fees to be paid for SIMS registration;

DGFT took up with RBI issue regarding the Shipping bills not reflecting in the RBI-EDPMS system for the exporters to be able to get their data updated for availing benefits under the FTP;

DGFT took up the issue with DPIIT regarding the request of some industries for allocation of Oxygen supply for Industrial activities and the support requested for subsidies for establishing the Oxygen Manufacturing plant;

DGFT successfully addressed issue of lockdown in Karnataka impacting garment manufacturing industry.

Industry can approach the Covid 19 Helpdesk for support and register their issues on the DGFT website (https://dgft.gov.in) or email at  dgftedi@nic.in. Department of Commerce is committed to take up all such matters received on priority with other Ministries/Departments and State Governments/UTs.


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