SIGN IN SUBSCRIBE

News Update

GST Council needs to focus more on structural flaws rather than 'scalpelling'!Cus - Penalty imposed on steamer agent for exporting goods with cancelled LEO - export remittance was received, indicating that export indeed occurred; Customs website reflected goods as ready for shipment - penalty quashed: CESTATIndia-Australia Trade Agreement celebrates 3rd Anniversary of signingCus - Exemption under EPCG scheme cannot be denied solely on grounds that it was not claimed at the time of import of relevant goods; exemption can be claimed at time of de-bonding of the goods: CESTATIndia surpasses US and Europe by producing 1,681 LocomotivesST - Reimbursable expenses, operational surplus and freight brokerage are not taxable under CHA or Business Auxiliary Services: CESTATGovt spurs Chip Manufacturing with Fiscal SupportST - As is trite law, renting of immovable property by municipalities may not be subject to Service Tax as it may be considered a sovereign function; case remanded for reconsideration: CESTAT42 Organizations publish 1459 write-ups under Anubhav Awards SchemeCX - Disallowance of Cenvat credit availed on inputs - SCN not issued & no justification given as to how Assessee was required to clear goods under full exemption as per Notfn No 04/2006-CE; denial of credit not tenable: CESTATDFS Secretary chairs meeting on revamping of Central KYC RecordsI-T- Anonymous Donation Addition Under Section 115BBC Requires Proper Verification : ITATTrump’s ‘Liberation Day’ - 10% baseline tariff on all exporters + 34% on China + 26% on India; 25% on South Korea; 24% on Japan & 20% on EUI-T- Requirement to Consider All Grounds for Condonation of Delay in Appeals : ITATImpact of tariffs - Gold hits new high + bonds surge but stocks nosediveI-T - If difference between guidance value as per Sec 50C and market value is less than 10%, then sale consideration of immovable property considered for computation can't be treated as 'under valued': ITATCentre imposes President’s rule in ManipurI-T- Penalty u/s 271(1)(c) unwarranted where assessee promptly rectifies mistakes in ITR & where additional tax liability is negligible: ITATLS votes in favour of Waqf Amendment BillI-T - Trade advances, which are in nature of commercial transactions, would not fall within ambit of word 'advance' in section 2(22)(e): ITATTrump exempts oil imports from tariffsI-T- Assessment Order Can Be Revised Under Section 263 If Key Issues Remain Unverified : ITATTrump relents on friends - Just 10% tariff on UK and AustraliaI-T- Additions framed u/s 153A based entirely on conjectures and surmises, are not tenable, where they have no particular factual or legal basis: ITATSouth African coalition in peril after budget is tabled without partner’s consentI-T- No addition can be made on account of discrepancy in stock, if AO has neither disputed corresponding purchases/ manufacturing stocks made by assessee before sale, nor disputed quantum of closing stock: ITATIsrael decides to acquire more territory in GazaI-T- As per settled position in law, TDS is not to be deducted on payments being reimbursement of expenses : ITATWaqf Bill - No provision to appoint non-Muslim in Board, says HMI-T- Registration u/s 12AB cannot be granted to an organisation whose objectives did not focus on general public welfare as required by the I-T Act: ITATRajasthan HC tosses out Asaram bail applicationI-T - Once, identity, genuineness of transactions and creditworthiness of creditor is proved, then sum received from creditor cannot be treated as income of assessee u/s 68: ITAT
 
India, Vietnam team up to preserve Maritime History with NMHC in Lothal, Gujarat

 

By TIOL News Service

NEW DELHI, AUG 02, 2024: INDIA and Vietnam, two nations with a rich and intertwined maritime history, are joining forces to develop the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat. This partnership, rooted in centuries-old maritime connections, highlights the enduring bond between the two countries and their commitment to preserving and celebrating their shared heritage. Today, a Memorandum of Understanding (MoU) was signed between India and Vietnam at Hyderabad House in New Delhi, in the presence of Prime Minister Narendra Modi and the Prime Minister of Vietnam Mr. Pham Minh Chinh. This MoU marks a significant step forward in the collaborative efforts to bring the NMHC to life, further strengthening the strategic partnership between the two nations.

The collaboration on the NMHC will involve various aspects aimed at showcasing the maritime heritage of both nations. The complex will emphasize the historical and cultural ties between India and Vietnam, highlighting the closeness and longevity of their shared maritime history. Both countries will work together on the exchange and loan of artifacts, replicas, paintings, archival data, and other antiquities related to their maritime histories. In addition to artifact exchange, the collaboration will extend to sharing expertise in design, technological implementation, and maintenance. The aim is to create an educational and recreational space at the NMHC that utilizes the latest technology.

'The collaboration between India and Vietnam on the National Maritime Heritage Complex in Lothal marks a significant milestone in our shared commitment to preserving and celebrating our rich maritime history. This partnership not only highlights the deep-rooted connections between our two nations but also sets the stage for future cultural exchanges and strategic cooperation. Together, we are building a bridge that honors our past while paving the way for a prosperous future', said Union Minister of MoPSW Sarbananda Sonowal.

Vietnam and India will also collaborate on promoting international tourism focused on maritime heritage, sharing design know-how, and developing a Marine Heritage and Conservation Laboratory. The NMHC will serve as a hub for cultural exchange, research, and learning, with a strong emphasis on educational programs and exhibitions. This initiative will not only preserve the rich maritime history of India and Vietnam but also foster greater understanding and cooperation between the two nations, further strengthening their strategic partnership.

The Government of Gujarat has allocated 400 acres of land in the Saragwala village for NMHC and has also undertaken the development of external infrastructure for the project.

The construction of phase1A is in full swing and more than 55% physical progress already achieved. Project will be opened for public in the next year. The maritime complex will feature one of the world's tallest lighthouse museums, the world's largest open aquatic gallery, and India's grandest naval museum, making it a significant international tourist destination.

The project, which commenced in March 2022, is being developed at a cost of around Rs. 4500 crores and will include several innovative and unique features. These include a Lothal mini recreation to replicate Harappan architecture and lifestyle, four theme parks (Memorial theme park, Maritime and Navy theme park, Climate theme park, and Adventure and Amusement theme park), and fourteen galleries highlighting India's maritime heritage from the Harappan times to the present day. Additionally, there will be a Coastal States pavilion displaying the diverse maritime heritage of India's states and Union Territories.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Technical Session 1: Decoding New Income Tax Bill 2025

TOP NEWS


VISION 360






Technical Session 2 - Retrospective Taxation - Surge in GST Litigation - Possible Remedies.

TII LATEST

TIOLCORPLAWS LATEST