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GST - Via automated email and SMS on registered mobile number, SCNs were sent for all periods - Only for 2019-20, petitioner states that he did not receive copy and which is not possible to accept - Nonetheless, petitioner permitted to file appeal: HCGST - Respondent department has failed to assign any valid reason justifying the action of cancellation of registration and that too with retrospective effect: HCCus - Classification of product is a recurring and a legal issue - Court deems it appropriate to remand the matter to CESTAT, for a fresh adjudication on the classification issue itself: HCCus - T-3 IGI - Gold bangles weighing 50 grams seized - Since one year period has elapsed, no SCN can be issued - Detention impermissible: HCCus - Old iPhones seized - Whether SCN was delivered to petitioner within prescribed period is a question of fact - Reply to be filed and provisional release may be sought: HCGST and the tipping pointGovt amends quality control order for vinyl acetate monomerCX - Co-noticees cannot be held liable once the main noticees have resolved the matter under SVLDRS, as no further liability exists for them: CESTATGovt notifies 7.1% interest rate for Special Deposit Scheme for non-govt Provident FundsCus - The right to a fair hearing is fundamental and must be upheld even if procedural lapses occur on the part of appellant or department: CESTATGovt makes Aadhaar mandatory for receiving MSME benefitsST - Extended limitation - Department can request further documents or conduct an inquiry if duty escapes assessment; audit process should not be used as basis to assume suppression of facts: CESTATGovt revises procurement guidelines to give preference to domestically-manufactured iron and steelST - Department cannot invoke extended limitation on charges of evasion of tax, where it is aware of assessee's activities during relevant period: CESTATIndia delivers 625 MT of relief materials to quake-devastated MyanmarST - Allegations of suppression of facts with intent to evade payment of tax, do not hold where based on open-source documents & where issue involves interpretation of law: CESTATWorld waits with baited breath for Trump’s reciprocal tariff todayI-T - If AO had issued notice u/s 148A(b) which is much earlier to time-limit stipulated, i.e. within three years, then same can't be challenged on ground of limitation period: HCBatman, Val Kilmer, breathes last at 65India’s defence exports peaked to Rs 24K Crore in last fiscal: RMI-T- Re-assessment invalid where reasons therefor did not clearly identify any material facts that were not disclosed during original assessment: HCTrump freezes federal grants to Princeton UnivI-T - Mere production of books before AO from which material evidence could with due diligence were discovered by AO, will not necessarily amount to disclosure within meaning of 1st Proviso to Sec 147: HCChina brazenly stages military drills around TaiwanI-T- Stay on recovery proceedings rightly disallowed where assessee failed to make mandatory pre-deposit without sufficient evidence to justify its claim of financial stringency: HCTrump to take final call on TikTok proposal todayCBIC to introduce electronic processing of BoEs through personal carriage by air paxI-T-Protective Additions in Conduit Cases Unsustainable When Substantive Additions made through Identified Beneficiaries: ITATEPFO 3.0 will make EPFO as accessible and efficient as Banks: MandaviyaI-T - If loan has been used for business purpose, then in view of future prospective view of business, interest expenses should be allowed: ITATGovt has taken steps to build ship-building clusters: MinisterI-T - Statutory approval given by quasi judicial authority without due application of mind as contemplated u/s 153D, would be fatal to entire search assessment proceedings: ITATIndia becomes Chile's priority partnerI-T - Rejection of books of account of assessee ought to have been natural corollary to survey findings particularly when they alluded towards variations in stock and consequential profit of assessee: ITATRailways registers incremental loading of 1.68% across All CommoditiesI-T- Taxable Income determinable from Unexplained Deposits using Net Profit Ratios: ITATAPEDA boosts Millet Exports with trade fairs & global promotionsI-T- CIT(A) not required to call for remand report where evidence is already part of assessment record & AO had failed to substantiate his additions: ITAT
 
Over 700 Italian cos exploring investment opportunities in India; focus also on collaboration & job creation

By TIOL News Service

ROME, APR 15, 2023: THE Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles Mr Piyush Goyal elaborated on how a plethora of opportunities in India make it one of the world's most trusted business and investment destinations during his address at the CEOs Business Interactive session yesterday in Rome, Italy. He said that India is an open country with global linkages with the trade negotiations underway with EU and EFTA.

The Minister said that high targets must be set in the India-Italy partnership as there is a lot of new potential especially in light of the recently elevated Strategic Partnership. He said that India has witnessed 55% growth in the overall exports in the last 2 years. He said that there are about 700 Italian companies operating in India and this is the most opportune time to be in India. The Minister also mentioned that India will provide a very robust and forward-looking policy framework with retrospective changes.

The Deputy Prime Minister and Minister of Foreign Affairs, Government of Italy, Mr. Antonio Tajani also participated in the interactive session and addressed the industry captains. Mr. Tajani expressed that there is a need to work together to create a better line of next generation in both the countries by backing MSMEs and industry.

Mr Goyal deeply appreciated Mr. Tajani for the deep engagement and said that there is a tremendous potential for growth in the India-Italy partnership and through this visit new ideas have emerged. He said that the countries are connected by tradition, culture, shared values, rule of law and aspiration to achieve more and to work as one. He also expressed that India-Italy will grow together, achieve together, and conquer together.

The CEOs Business Interactive session was organised in Rome, Italy by the Embassy of India in Rome, Italy in association with the Confederation of Indian Industry (CII) and Confindustria. The session had participation from more than 70 CEOs from Indian and Italian companies.

The Italian business was represented by giants like Sparkle, Elettronica, Piaggio, Lamborghini, ITA, etc. The CEOs mentioned that India is an important economic player and it is time to step up the cooperation at both the government and industry level. They also mentioned that Italian companies are exploring various investment opportunities present in India.

Vice President CII and Chairman and Managing Director, ITC Limited, Mr. Sanjiv Puri, emphasised that signing of India – EU FTA could be a catalyst for further enhancing India Italy relationship. Further, Director General CII, Mr. Chandrajit Banerjee thanked Confindustria for their cooperation and suggested different areas of cooperation. President FIEO (Federation of Indian Export Organisations), Dr. A Saktivel mentioned that India has achieved US$ 770 billion export in 2022-23 due to the robust policy and Italian businesses should look at India as their export hub. He said that FIEO will ensure support to their establishments in India.

Ambassador Raffaele Langella from Confindustria said that India is in a very important economic phase, and it is time to step up the cooperation. Piaggio CEO Mr. Matteo Colaninno mentioned that both Governments are working fast to make Enterprises in both countries to explore opportunities. Mr. Jai Shroff, UPL expressed the strong linkages on Food Sustainability and the importance of collaboration on the same.

Mr Goyal during his visit to Italy had very productive one-on-one meetings with Italian CEOs of some prominent companies like SOL, SpA, Piaggio, CIBJO, Nayara Energy and Enel Green Power. He explained to them the investment climate in India, the policy reforms and the potential of investing and expanding in India. The CEOs informed the Minister that they were looking at expanding operations in India for catering to the Indian markets as well as exports. This will not only lead to production expansion and employment generation but also increase exports from India.

Mr Goyal met Executive Vice President, Danieli C SpA, Mr. Andrea Diasparro, whose company operates in the steel scrap and energy sector. The Minister also suggested to them that the Indian market is big with many opportunities and India wants to gradually move to Green Steel manufacturing where there will be a great potential for them to expand.


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