News Update

The kernel of Trumponomics is tariff, tariff & tariff!Union Budget, 2025 - Another SVLDRS is the need of the hourI-T- Delay in verification of ITR and Form 10B merits being condoned in interests of justice, where there is no delay in filing audit report in Form 10B: ITATDRI's investigative insights instrumental in addressing gaps in policy making: CBIC ChairmanI-T - Contingent liability of import duty on capital goods liability will trigger only when assessee does not meet targeted earning of foreign exchange: ITATMinistry of Coal gears up to launch 11th Round of AuctionsI-T - Financing transactions relating to real estate between two sister concerns, born out of commercial expidiency, calls for no addition: ITATMGNREGA: 10K houses being constructed daily with reduced completion timelineI-T- Revisionary power cannot be exercised solely because PCIT disagrees with view taken by AO, more so where original assessment order is passed after making due enquiry: ITATNITI Aayog launches 'Trade Watch Quarterly' in New DelhiI-T - If there is no striking off either of limbs of Sec 271(1)(c) as to for what reason penalty is being proposed to be imposed, then notice issued u/s 274 r/w/s 271(1)(c) is invalid: ITATGST - CBIC amends Circular No 31 of 2018 to clarify on 'Proper officer under Ss 73 and 74I-T - Once interest on housing loan on acquisition of capital asset is allowed u/s 24(b), then same can't be allowed by adding to cost of acquisition of capital asset u/s 48, to compute capital gains: ITATG20 declaration - Taxing super-rich's wealth - Making Modi Govt. accountableI-T- Exemption u/s 10(23C)(vi)(via) cannot be denied where ambiguities arise in Form 10 due to discrepancies in the ITR and not due to any error on part of assessee: ITATEU quickens pace to ink trade deal with MercosurGST - Cancellation of registration - No reply was filed in response to SCN and the appeal against order was also filed after more than a year - Petitioner firm is not entitled for any relief on the ground of being lethargic in approach : HCGM to take hit of USD 5 bn on reduced value of Chinese JVGST - SCN issued in name of a company which ceased to exist on account of its amalgamation, is invalid: HCUnitedHealth CEO shot dead in NY 'targeted' attackDGFT - provisions of Section 28AA of the Customs Act cannot be applied to levy interest on repayment of duty credit scrip: HCTelangana recruits 44 transgenders as traffic assistantsGST - Commissioner to take appropriate measures to ensure that officials concerned are sensitised regarding passing of appropriate orders in accordance with law and not mechanical orders: HCCBI raids 10 places in Delhi in Rs 117 Cr international cyber fraud caseGST - Contents of the petitioner's reply have been scanned and re-printed; even the letter head of the petitioner has been printed in the said order - Respondent has not applied his mind - Order quashed: HCBritain bans daytime junk food TV ads including burgers and muffinsGST - Rectification - limitation for filing appeal would start from date of rejection of rectification application & not from date of original assessment order: HCMoscow, Pyongyang defence pact comes into forceST - Assessee was not given proper notice to clarify correct classification of services - Demand rightly quashed: CESTATFall-out of martial law: South Korean Defence Minister puts in papersCX - Negligence or doubt about duty obligations alone cannot trigger extended limitations; that assessee acted in bona fide belief of goods not being dutiable, does not invite invoking extended limitation: CESTATHard Left in France urges President Macron to hold early elections after govt voted outCX - Section 11D, applicable to exempt excisable goods, could not apply to Zinc Ash which was deemed non-excisable: CESTATRailways grants Rs 60K Crore subsidy on tickets annually: MinisterCX - As is trite law, if shortage is very negligible & there is no allegation of clandestine removal or even no proof of excess clearance of final products or inputs as such, availment of Cenvat credit by manufacturer is valid: CESTAT
 
Boost for Make in India - Integrated Manufacturing Cluster coming up at Gaya

By TIOL News Service

NEW DELHI, NOV 13, 2024: IN a landmark step towards accelerating industrial development in Bihar, National Industrial Corridor Development Corporation (NICDC), the Government of Bihar and the Bihar Industrial Area Development Authority (BIADA) have signed the State Support Agreement (SSA) and Shareholder Agreement (SHA) today for the establishment of an Integrated Manufacturing Cluster (IMC) in Gaya, a node under the Amritsar-Kolkata Industrial Corridor (AKIC).

In line with the government's 'Vikas bhi, Virasat bhi' (development along with heritage) vision, as highlighted by Finance Minister in her recent speech, this project is poised to drive economic growth while enhancing the cultural legacy of Gaya, a renowned destination for international pilgrimage and heritage tourism.

Driving industrial growth and investment for a 'self-reliant' India

IMC Gaya, located 39 kms south of Gaya International Airport, will cover 1,670 acres with a projected investment potential of INR 16,524 crore and a project cost of INR 1,339 crore. This ambitious project is expected to create approximately 1,09,185 jobs, providing an economic boost to the local community. IMC Gaya will be strategically developed to attract industries across multiple sectors, including building materials, agri-food processing, leather goods, readymade garments, furniture, handloom and handicrafts, engineering & fabrications and medical equipment.

Key project benefits and connectivity

The strategic location of IMC Gaya offers excellent connectivity and access to key transportation hubs as NH-19 (Golden Quadrilateral) is just 10 km away, while NH-22 is 2 km away, proximity to Gaya Junction (40 km) and the upcoming New Paharpur Railway Station under EDFC (45 km) makes access to rail easier.

Gaya International Airport is also 30 km away, Patna International Airport (135 km), and Ranchi Airport (150 km) with access to ports and terminals like Haldia Port in Kolkata (550 km), and Inland Waterways Authority of India (IWAI) terminals at Gaighat, Patna (145 km), and Ramnagar, Varanasi (210 km).

Three greenfield road projects have been proposed to further strengthen IMC Gaya's accessibility. This robust connectivity, including the Golden Quadrilateral and multi-track railway lines, is set to enhance the logistical efficiency for industries in IMC Gaya, making it an attractive hub for domestic and international businesses.

Planned infrastructure and facilities

The cluster will include extensive infrastructure like a 29.89 km internal road network, 220/33 KV and 33/11 KV electrical substations, 162 MVA assured power supply, and a 19 MLD water supply system along with a skill development center, fire station, administrative office, parking, and commercial space to support industrial operations and workforce needs.

The cluster will also have 'Plugn Play' infrastructure facilities like Common Effluent Treatment Plant, Sewage Treatment Plant, Water Treatment Plant, Solid Waste Management, Stormwater drainage, and green landscaping to ensure environmental compliance.

The signing of the SSA and SHA agreements by key officials, including Nitish Mishra, Hon'ble Minister, Department of Industries, Govt of Bihar, Bandana Preyashi, IAS, Secretary, Dept. of Industries, GoB, Alok Ranjan Ghosh, Director, Dept. of Industries, GoB, Kundan Kumar, Managing Director, BIADA and Rajat Kumar Saini, CEO & MD, NICDC marks a pivotal moment in Bihar's industrial landscape. The IMC Gaya is expected to catalyze economic growth, create vast employment opportunities, and establish Bihar as a vital industrial hub in Eastern India, further strengthening the 'Make in India' vision.


POST YOUR COMMENTS
   

TIOL Tube Latest

Conferment of TIOL Awards 2024. The event was held on October 1, 2024 at Taj Palace, New Delhi



Technical Session I - Ease of Doing Business: GST on Digital Economy