SIGN IN SUBSCRIBE

News Update

ST - Chit Funds - Tax was not paid under mistake of law but upon demand by tax authorities - Refund not having been filed within time was rightly rejected: HCGST - Without considering the reply on merits, proper officer, without applying his mind has held that the reply is filed is unsatisfactory and, therefore, he is left with no alternative but to create demand - Order set aside and matter remitted: HCGST - Cancellation of registration retrospectively - Show Cause Notice and the impugned order are bereft of any details, accordingly the same cannot be sustained: HCGST - Registration could not have been cancelled retrospectively for the period for which returns were filed and taxpayer was compliant: HCGST - Notfn 11/2017-CTR amended by 03/2022-CTR - Work contracts executed before 18 July 2022 - Petitioners should file refund claims before respondent authorities agitating their grievance and the same be examined and orders passed within four months: HCItaly imposes USD 10 mn fine on Amazon for unfair business practicesGST - Entire tax liability has been realised by appropriating the amount from the petitioner's bank account, therefore, Revenue interest stands fully secured - Since tax proposal was confirmed without participation of petitioner, order set aside and matter remanded: HCCaste Census is my mission, says RahulRight to Sleep - A Legal lullabyUS warns Pak of punitive sanctions against trade deal with IranI-T- Income surrendered before approaching Settlement Commission not covered u/s 115BBE, where this provision did not exist during relevant AYs: HCChinese companies decry anti-subsidy probe by EUI-T- Entire interest expenditure is allowable as deduction if loan funds is not diverted for non-income earning activities/personal purposes : ITATUK’s key water supplier, Thames Water, slips into financial quagmireI-T- Sale consideration cannot be considered as unexplained cash credit if sale takes place in online platform and sale consideration is received through stock broker in banking channels : ITATUK to send military aid package worth USD 619 mn to UkraineI-T- Section 69C includes expenditures reflected in account books, as well as those discovered during Search & Seizure for which no valid explanation is forthcoming from assessee: ITATUS regulator bans non-compete agreements by employeesI-T- Penalty imposed u/s 273B upheld where assessee unable to provide just cause for failure to file audit report within prescribed due date as per Section 44AB: ITATPalestinian PM unveils new reform packageI-T- Assessee cannot contest validity of penalty notice on grounds of irrelevant provision not being struck off, by highlighting such defect for the first time before ITAT itself: ITATAir India, Nippon Airways join hands for travel between India and JapanGovt receives 7 bids for giga-scale Advanced Chemistry Cell under PLI10 killed as two Malaysian Military copters crashI-T- Lower authorities erred in disallowing long term capital loss : ITATSC grills Baba Ramdev & Balkrishna in misleading ad case1351 candidates to contest in phase 3 of LS ElectionsI-T- Revisionary order u/s 263 invalidated where passed in ignorance of repeated factual submissions to prove that original assessment order is not erroneous or prejudicial to revenue's interests: ITATIndian Coast Guard, Oman Coast Guard to jointly combat transnational illegal activities at seaST - Department cannot retain any amount which is otherwise not payable by the Assessee; nothing acts as embargo on assessee's right to demand refund of tax paid under misaken notion: CESTATAFMS, ICMR join hands to undertake biomedical research for Armed ForcesCus - If noticee seeks Cross Examination of such persons, same should be granted, appellant will produce all documentary evidence before Adjudicating Authority in support of their claim that seized gold is part of their normally procured gold in course of their commercial transactions: CESTAT
 
India-UK FTA under negotiations aims at doubling trade by 2030

By TIOL News Service

NEW DELHI, JAN 13, 2022: MINISTER of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal, launched the Free Trade Agreement negotiations with the United Kingdom along with Anne-Marie Trevelyan, UK Secretary of State for International Trade in New Delhi today. The FTA is expected to facilitate the target of doubling bilateral trade between India and United Kingdom by 2030, set by the Prime Ministers of both the nations, Narendra Modi and Mr. Boris Johnson in May 2021.

Speaking on the occasion, Piyush Goyal said that both India and UK are vibrant democracies, with a partnership built on our shared history and rich culture. The diverse Indian diaspora in UK, who act as a "Living Bridge", adds further dynamism to the relations between the two countries, he added.

The Minister said that the FTA with UK is expected to provide certainty, predictability and transparency and will create a more liberal, facilitative and competitive services regime.

Goyal said that the FTA negotiations with the UK is expected to increase our exports in Leather, Textile, Jewellery and processed Agri products. He added that India is also expected to register a quantum jump in the export of Marine Products through the recognition of 56 marine units of India.

The Minister said that the Mutual Recognition Agreements (MRAs) on Pharma could provide additional market access. There is also great potential for increasing exports in service sectors like IT/ITES, Nursing, education, healthcare, including AYUSH and audio-visual services. India would also be seeking special arrangements for movement of its people, he added.

The Minister assured that subsequent to the unveiling of FTA, the two nations would proactively and regularly engage with each other, for deliberating on the scope and coverage of the trade deal. Observing that UK was a major trade partner of India with substantial bilateral volume of trade in goods and services, Goyal said that the cooperation extended across areas like tourism, tech, startups, education, climate change, etc. and that the two nations were looking forward to a mutually beneficial trade deal with balanced concessions and market access package in a wide range of sectors.

Calling for the enhancement of sectoral cooperation by addressing market access issues and removing trade restrictions, Goyal said that it would help generate direct and indirect employment in both nations.

The Minister said that the India-UK FTA will also contribute in integrating value chains and help augment our mutual efforts to strengthen the resilience of supply chains. Reminding that the leaders of both nations had envisioned launching the FTA Negotiations in early 2022, Goyal expressed his happiness at the successful conclusion of discussions in a timely manner to announce the launch of our FTA negotiations today.

The Minister also informed that it was also agreed to explore during the FTA negotiations, the possibility of an Interim Agreement to provide quick gains for benefitting businesses in both nations. Our endeavour is to deliver a comprehensive, balanced, fair and equitable FTA, to benefit our small, medium and micro-enterprises in both nations, he said.


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