SIGN IN SUBSCRIBE

News Update

Israel-Iran War: A close shave for Global Economy but for how long?I-T - If income from stock-in-trade are held as investments, then provisions of section 14A would apply to such income: ITATTRAI recommends on Infra Sharing, Spectrum Sharing & Spectrum LeasingI-T- Revisionary powers u/s 263 can't be exercised when AO has neither assumed facts incorrectly nor there is incorrect application of law : ITATTechnology Board okays funding of Dhruva Space's Solar Array ProjectI-T- Issue of interest is debatable issue on which two views are possible and AO accepted one of views for which PCIT cannot assume revisional jurisdiction: ITATHealth Secy visits Bilthoven Biologicals, discusses production of Polio VaccineI-T - Estimation of profit element from purchases should be done reasonably if assessee could not conclusively prove that purchases made are from parties as claimed, in absence of confirmations from them: ITATStudy finds Coca-Cola accounts for 11% of branded plastic pollution worldwideI-T- Triplex flats purchased are interconnected and can be considered as 'a residential unit'' as per definition of section 54F of Act : ITATDelhi HC says conspiracy against PM is a crime against StateI-T- AO omitted to probe issue of cash payments made over specified limit; revisionary power u/s 263 is rightly exercised: ITATBrazil makes new rules to streamline consumption taxesI-T-Power of revision unnecessarily exercised where AO had no scope to examine creditworthiness & genuineness of assessee's creditors: ITATBiden signs rules mandating airlines to give automatic refunds for delayed or cancelled flightsI-T-As per settled law, in absence of enabling powers, no disallowance can be made : ITATBYD trying to redefine luxury for new EV variantsGST - On the one hand, the order states registration is liable to be cancelled retrospectively and on the other hand mentions that there are no dues - Order modified: HCIsrael finally moving ahead with Rafah OperationsGST - Registration cancelled retrospectively on ground that physical verification revealed that the firm was non-existent - Petitioner had informed that they shifted business and had sought cancellation of registration - Order cancelling registration modified: HCNorway oil major boss says Europeans are not hard-working as compared to AmericansGST - Since registration was cancelled, petitioner could not access portal and view the SCNs and file replies - Order set aside and matter remitted: HCJio turns world’s top telco in terms of data trafficGST - Reply filed is a detailed one and if the proper officer was of the view that the same was unsatisfactory, he should have specifically sought further details - Matter is remitted: HCGadkari faints during campaign; Heat takes toll on his healthGST - SCN does not put petitioner to notice that the registration is liable to be cancelled retrospectively - Order set aside and registration restored: HCSC asks EC to submit more info on reliability of EVMsGST - Non-application of mind - Proper officer has merely observed that the reply filed is unclear and unsatisfactory and, therefore, the demand is confirmed - Matter remitted for re-adjudication: HCItaly imposes USD 10 mn fine on Amazon for unfair business practicesCommercial Tax - Judgment of High Court is in jeopardy once appeal is entertained by Supreme Court - Appeals shall remain pending before the Appellate Board, Bench at Indore, till the issue is decided by Apex Court: HCUS warns Pak of punitive sanctions against trade deal with IranST - As the job-work undertaken by appellant amounts to manufacture, service tax cannot be levied on them under both Heads 'Business Auxiliary Service' and 'Business Support Service': CESTATRight to Sleep - A Legal lullabyCX - Existence of corroborative evidence is essential in order to establish clandestine removal of goods and same cannot be merely based on assumptions and presumptions: CESTAT
 
Govt imposes stock limits on edibile oils till Mar 31, 2022

By TIOL News Service

NEW DELHI, OCT 10, 2021: THE Department of Food and Public Distribution in a landmark decision has imposed stock limits on Edible Oils and Oilseeds for a period upto 31st March, 2022.

The Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021 has been issued with immediate effect i.e. from 8th September, 2021.Future trading on Mustard Oil and Oilseeds was suspended in NCDEX w.e.f October 08, 2021.

The Centre’s decision will soften the prices of edible oils in the domestic market, thereby, bringing great relief to consumers across the country.

The high prices of edible oil in international market has a substantial impact on the domestic edible oil prices.Under the visionary leadership of Hon’ble PM Shri NarendraModi, Govt. of India has formulated a multi- pronged strategy to ensure that the prices of essential commodities like edible oils remain controlled. Measures like rationalization of import duty structure, launching of a web-portal for self-disclosure of stocks held by various stakeholders etc. had already been taken.

In a consistent effort to further cool down the domestic prices of Edible Oils, the Centre has issued the order which was shared with all States.

Under this order, the stock limit of all Edible Oils and Oilseeds will be decided by the respective States Government/Union Territories Administration on the basis of available stock and consumption pattern of the State/Union Territory with the following exceptions:

(a) an exporter, being a refiner, miller, extractor, wholesaler or retailer or dealer, having Importer-Exporter Code Number issued by the Director General of Foreign Trade, if such exporter is able to demonstrate that the whole or part of his stock in respect of edible oils and edible oilseeds are meant for exports, to the extent of the stock meant for export.

(b) an importer, being a refiner, miller, extractor, wholesaler or retailer or dealer, if such importer is able to demonstrate that part of his stock in respect of edible oils and edible oilseeds are sourced from imports.

In case, the stocks held by respective legal entities are higher than the prescribed limits then they shall declare the same on the portal (https://evegoils.nic.in/EOSP/login) of Department of Food & Public Distribution and bring it to the prescribed stock limits as decided by the State/UT administration where it is conducting its business, within 30 days of the issue of such notification by the said authorities.

It shall be ensured by the States Governments / Union Territory Administrations that Edible Oils and Edible Oilseeds stock is regularly declared and updated on the portal of this Department i.e. Department of Food & Public Distribution (https://evegoils.nic.in/EOSP/login).


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST